Better Rewards for The Standard's Business Owner
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Wednesday, August 21, 2013

The Standard’s Business Owner Rewards Are Now Further Enhanced.  The Business Owner Rewards Program has incentives for business owners that can help you tap into the lucrative business owner market.

The Standard Is Pleased To Announce One More Reward

Newly self-employed business owners with work experience in the same professional capacity now have the opportunity to apply for individual disability income insurance based on their historical
W-2 earnings.

Below are the details of this new reward, as well as an overview of all the Business Owner Rewards available at The Standard.

Some Business Owner Rewards may not be available to specific occupations or occupation classes and some discounts cannot be combined. For complete details, please see The Protector SeriesSM Online Reference Product Guide, form 9251REF.

Newly Self-Employed Business Owners With Work Experience In The Same Professional Capacity

Newly self-employed business owners with work experience in the same professional capacity may be eligible for individual disability income insurance coverage based on their historical W-2 earnings. Insurable income is determined based on 75% of each individual’s final, annual earnings rate as a non-owner employee in the same profession as his or her new business.

This is available to occupation classes 5A, 4A, as well as to 4P, 3P and 2P physicians.* Maximum individual disability income Issue & Participation Limit is $10,000 for 5A and 4A occupation classes, and as published for 4P, 3P and 2P occupation classes in The Protector Series Product Guide.

Other occupation classes may also be eligible, with a maximum IDI Issue & Participation of $1,000

The following conditions apply, if the business owner:

• Established a new business within the past 12 months;
• Is actively involved in the operation of the business;
• Is actively generating revenue at the time of underwriting;
• Has been employed in the same professional capacity for at least the past three years as a non-owner employee immediately before becoming an owner, earning at least $50,000 annually;
• Has provided documentation of two years’ prior income. Bonus income may be included depending on occupation, bonus history, and how the bonus was generated. Fluctuating income may be averaged.

The Standard reserves the right, on a case-by-case basis, to request additional financial information or modify its underwriting approach. This program is not available to those listed as “No” in the Occupation Classification section of the Product Guide.

Individuals who are newly self-employed in a field or profession unrelated to their prior employment may be eligible for coverage after the new business has existed for two years, subject to business tax returns and minimum income requirements.

For more detail and an overview of other Business Owner Rewards, please click here.

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