Doctors can't afford to settle for just any disability insurance policy.
With a decade of education and training under your belt and hundreds of thousands of dollars in debt to show for it, you need the best income protection available.
Many will find this in the Platinum Advantage disability insurance policy offered by The Standard. Learn more about its key provisions and options below in our 2020 Standard disability insurance review.
The Standard disability insurance policy basics
Platinum Advantage is issued by Standard Insurance Company.
Does it have an own-occupation provision? Standard offers own-occupation as a rider on the policy. It is defined as the inability to “perform the substantial and material duties of your regular occupation” and being under the regular care of a physician.
This applies to a physician or dentist who has limited their regular occupation to a single specialty recognized any of the following organizations:
- American Board of Medical Specialties (ABMS).
- American Osteopathic Association Bureau of Osteopathic Specialists (AOABOS).
- American Dental Association (ADA).
Is the policy non cancelable or guaranteed renewable? The policy is guaranteed renewable to age 67. A rider is available to make it non-cancelable.
What is the maximum benefit period? To age 67. You can also choose benefit periods to age 65 or a benefits period of two years, five years, and 10 years.
What elimination period are available? You can purchase coverage with 60-day, 90-day, 180-day, and 365-day elimination periods.
Does the policy pay benefits for mental disorders? Standard offers unlimited mental disorder/substance abuse coverage in the base contract for all occupations.
Cost-of-living adjustment (COLA) rider
Each year following the start of disability, a cost of living adjustment will be made to the monthly benefit based on the Consumer Price Index. The benefit is increased on a compound basis. You can select between a 3 percent or 6 percent maximum.
Residual disability rider
Platinum Advantage has a basic residual disability rider that pays a residual benefit if you have at least a 20 percent loss of duties or time, AND at least a 20 percent loss of income.
The benefit amount will be least 50 percent of your policy’s basic monthly benefit for the first six months. After that, the benefit amount will be proportional to your loss of income. However, if your loss of income is more than 80 percent, the benefit amount will equal your policy’s full basic monthly benefit.
This rider also includes a recovery benefit. If you return to work in your regular occupation for at least as many hours as you worked before your disability but, solely because of your injury or sickness, you have a loss of earnings of at least 20 percent, you may receive a recovery benefit.
Additional policy benefits
Automatic Increase Benefit Rider. The rider provides a 4 percent compounded increase in the base monthly benefit, without evidence of insurability, that is renewable every five years. If you refuse the benefit in two consecutive occurrences, you will forfeit all future increases.
Benefit Increase Rider. With this rider, your increases in income can qualify you to purchase increased coverage at three-year intervals, subject to issue and participation limits — without having to provide medical information.
Catastrophic Disability Rider. This rider provides additional benefits in the event you experience a catastrophic disability, meaning:
- You are unable to perform at least two of the six activities for daily living;
- Or you require “substantial supervision due to severe cognitive impairment.”
Family Care Benefit. If you take time away from work to care for a family member with a serious health condition, are working at least 20 percent fewer hours and lose at least 20 percent income, you can receive a monthly benefit based on your loss of income. Family members include your spouse/domestic partner, parents and children (including adopted children, stepchildren and children of your domestic partner). You may claim this benefit up to two times and receive a total amount (for all claims) equal to six times your policy’s basic monthly benefit.
Premium Waiver Benefit. The Standard will waive all premiums due under your policy while disability benefits or recovery benefits are payable.
Presumptive Total Disability Benefit. The policy will waive your elimination period if you sustain a total loss of at least one of the following: sight in both eyes,hearing in both ears, use of both hands, use of both feet, use of one hand and one foot. The loss is not required to be permanent and the elimination period would be waived even if you are able to work.
Student Loan Rider. This rider will pay an additional benefit equal to your monthly student loan expense during your disability period.
Survivor Benefit. The policy will pay a survivor benefit for three months beyond the date of your death if you die while disability benefits or recovery benefits are being paid under this policy.
Ready to dig deeper? Check out:
The Ultimate Guide to Physician Disability Insurance in 2020