The New Product Is Here. Here's What You Need to Know.


January 31 marks the last day for Protector Essential and Protector Platinum applications to be signed in California (they may be submitted to our office by February 27—click here for full transition rules). This means Platinum Advantage is now the go-to disability insurance product from The Standard. Let’s look at what’s changing, transition rules, and California-specific restrictions.

According to The Standard, Platinum Advantage stands out in two main ways:

  1. “Provides a strong base contract that meets the needs of professionals, executives and physicians.

  2. Offers flexibility with more options, such as the Own Occupation and Noncancelable Policy riders.”

There’s also a new discount for CA applicants: “the Preferred Occupation Discount. Many 5A professionals can combine this 10% discount with other discounts to get up to 35% off premium rates.”

However, there are some important restrictions to note for California:

  • The Family Care Benefit is not available in CA, CT, or NY.

  • In California, a Residual Disability Rider is required. The type of rider is determined by occupation class.

The above image shows Platinum Advantage’s core benefits on the left and optional riders on the right. Core benefits include:

  • Benefit for Total Disability

  • Regular Occupation Definition of Disability

  • Guaranteed Renewable Feature

  • Family Care Benefit (not available in CA)

  • Rehabilitation Benefit

  • Automatic Increase Benefit Rider

  • Benefit Increase Rider

  • Survivor Benefit

  • Transplant Surgery Disability Benefit

  • Waiver of Premium Benefit

Optional riders include:

  • Noncancelable Policy Rider

  • Own Occupation Rider

  • Residual Disability Rider (mandatory in CA, type determined by occ class)

  • Indexed Cost of Living Benefit Rider

  • Catastrophic Disability Benefit Rider

  • Student Loan Rider

If you’re familiar with the previous product, Protector Platinum, here’s a great comparison of how the features of PP differ in the new product, Platinum Advantage. Please let us know if you have any questions or comments about this change. We’re here to help!