The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
Help Business Owners Protect Themselves & Their Businesses
Business owners have a lot to protect.
First, there’s personal income. Personal income finances their lives – their homes, their cars, their lifestyles. Next, they need to protect their businesses and make sure they can cover their expenses every month. Many business owners also have employees who rely on the business for their incomes.
A long absence could disrupt it all: personal income, the business and their employees’ livelihoods. The Standard offers business owners three products to help if they become seriously sick or injured and have to take time off work:
Business Overhead Expense Insurance. Business Overhead ProtectorSM reimburses for overhead expenses, helping the business continue to operate.1
Buy/Sell Agreement Funding Insurance. Business Equity ProtectorSM helps fund a buy-sell agreement, so business partners can buy out an owner's interest.2
Business Owner Perks
Want to offer your business-owner clients more coverage at competitive rates? You can combine discounts, the Business Owner Upgrade and the Earned Income Enhancer.
Lots of Discounts
There’s the 10 percent Business Owner Discount.3 And, as few as two joint business owners can qualify for the 10 percent Multi-Life Discount. Add a Business Protection policy too, and they’ll get another 5 percent Multi-Product Discount. That adds up to 25 percent off an income protection insurance policy!
Business Owner Upgrades
We upgrade qualifying business owners one occupation class for both Business Protection products. And first-time applicants for Business Overhead Protector can be upgraded two occupation classes.4
Earned Income Enhancer
Sometimes the amount of income earned may not accurately reflect the amount your client needs to protect. The Earned Income Enhancer allows business owners to increase their insurable earnings by 20 percent. This can result in up to $2,000 more in monthly benefits, capped at issue and participation limits. To qualify, the business must have had two successful years in a row. And the applicant must own at least 20 percent of the business.
Coverage for New Business Owners
Did your client start the business in the last year? New business owners may still be eligible for income protection insurance if they worked for three or more years in the same profession. They must also be actively involved in operations and generating revenue for the new business. And new business owners can also qualify for up to $10,000 of Business Overhead Protector coverage with documented expenses.
To help your clients make the most of these rewards, refer to Business Owner Rewards or the New York version, plus The Standard's IDI Online Reference Product Guide. Also, you can read up on how Platinum Advantage appeals to business owners.
1 Business Overhead Protector is not available in Massachusetts or New York.
2 Business Equity Protector is not available in New York.
3 The Business Owner Discount is 15 percent for only Protector Platinum in California.
4 Not available to physician and dentist occupations nor to those working in financial services, real estate or entertainment.
You are leaving Standard.com to visit a website hosted by ImagiSOFT, our partner for illustration software.
You can currently run Index Select Annuity and Focused Growth Annuity illustrations. For CA versions, other products or SPIA illustrations, please call 800.378.4578.
Jared's Story: Time for Family
Age: 36 - Occupation: trial attorney - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.