The Standard Announces Increased Issue Limits

The Standard Is Pleased to Announce:

The Standard is pleased to announce that existing owners of The Protector+SM and The ProtectorSM individual disability income insurance policies whose coverage includes a Future Purchase Option (FPO) Rider, may now exercise one off-anniversary FPO increase per calendar year.

This announcement provides additional information about your customers' enhanced opportunity to request FPO increases subject to the terms and conditions below:

The policy owner must be the insured, and must not be disabled and/or is not receiving benefits from The Standard at the time the off-anniversary increase is exercised.
In the 90 days preceding the request for additional coverage, the policy owner must have experienced at least one of the following events:

A significant increase in earned income due to events such as a job change, promotion or establishment of a medical practice*.
A loss of group long term disability (LTD) coverage.

The minimum off-anniversary FPO increase is $500 per month of additional benefit or the remaining FPO option pool balance, if the pool balance is less than $500.
The maximum off-anniversary FPO increase is subject to maximums outlined in the existing policy or those previously communicated on January 2009.
All Qualifying FPO increases are subject to underwriter approval, and FPO increase amounts are subject to The Standard's current Issue and Participation limits.
Where an FPO increase is requested based on a qualifying increase in earned income, income documentation is required from the policy owner. Examples of documentation include tax returns, pay stubs and employment contracts.
Where FPO increases are requested based on a loss of group LTD, in addition to income documentation, written proof of loss of LTD coverage is required. Examples of proof of loss include a letter from current employer or an employment contract.
There is a limit of one off-anniversary FPO increase per calendar year.
The Increase Option Application Packet, must be used to apply for the FPO increase. Please select the form for the appropriate state from the New Business Forms choices at www.standard.com/di under Find Forms.
FPO increases may not be requested during the same month and year as the base policy's inception.
The effective Option Date outlined in the policy may change subject to an off-anniversary FPO increase. This change will occur only at the policy owner's request. All other terms and conditions of the FPO Rider apply. The effective date of off-anniversary FPO increases will be the same day of the month as the base policy's anniversary.

For example, if the base policy's anniversary is September 8, and off-anniversary FPO increase is in March, the effective date of the FPO increase is March 8 of the current year

*Prior to this announcement, a one-time off-anniversary FPO increase was available to select Students and New Professionals within the 36 months after graduation or completion of a residency or fellowship. That is still available if it is more favorable than the terms outlined in this announcement.

Effective immediately
The changes announced above are effective now, so your customers can reap immediate benefits. The Protector SeriesSM product guide will reflect these changes in the future.

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