Standard Insurance Company has launched its latest individual disability insurance ("IDI") products in Florida.
The Standard said in a statement that the new products "provide individuals in Florida with the opportunity to maintain their quality of life after experiencing a disabling illness or injury."
Dawn McMaster, vice president of individual disability insurance at The Standard, said, "An income protection plan helps clients prepare for the unexpected loss of earnings when they become too sick or injured to work." The company's two new products were "designed to meet the unique needs and income of each policyholder, regardless of whether coverage is purchased individually or offered by an employer."
According to The Standard, the new products are the only IDI products on the market to offer a "family care benefit." This feature, included in each policy at no additional cost, pays a monthly benefit to policyholders who have a loss of earnings due to time away from work to care for a child, parent, or spouse with a serious health condition, the company said.
Both products "include strong core benefits with comprehensive definitions of disability," with optional residual disability riders, a noncancelable policy rider, an own occupation rider, an indexed cost of living benefit rider, and a catastrophic disability benefit rider, according to The Standard.
Learn more: www.standard.com/di.