DISABILITY INCOME


PROGRAM OFFERED BY

Standard Insurance Company
1001 SW 5th Ave
Ste 1350
Portland, OR   97204

Approximately 8 million people across the country depend on The Standard for financial products and services to help them confidently pursue their dreams. But even more than their products, it is their recognized expertise, strength and singular focus on customers that inspire confidence.

PRESENTED BY

Northwest Employee Benefits, Inc.
4300 N.E. Fremont, Suite 260
Portland, Oregon 97213

PROGRAM HIGHLIGHTS

This offer includes the following base benefits:

  • 90 day, 180 day or 365 day elimination period
  • Age 66/67 or 5 year benefit period
  • Modified Own-Occupation definition to age 66/67
  • Presumptive Total Disability provision
  • Guaranteed Renewable
  • 12 month Pre-existing clause

The following optional riders are available:

  • Non-cancelable rider
  • True Own Occupation definition of total disability (with Non-cancelable)
  • Residual Disability Benefit rider
  • Catastrophic Disability Benefit rider (Not available in all states)

THE DISABILITY INCOME PROGRAM

  • Through the Multnomah Bar Association Disability Program underwritten by Standard Insurance Company, members of the MBA are able to obtain significantly enhanced benefits from those they can purchase as an individual. Highlights of the program include:
  • Up to the first $4000/month of coverage will be issued on a GSI basis for attorneys who meet the minimum eligibility requirements. This means that physicals, blood tests, and detailed medical histories are not required.
  • Premiums are discounted 10% and issued at unisex rates (same rates for both men and women). This is particularly important for women who normally pay higher rates than do men.
  • The policy is an Individual, Guaranteed Renewable policy, offered with a Non-Cancelable rider. This means that once purchased, the rates cannot be increased, the definitions cannot be changed or the policy canceled by Standard, except for nonpayment of premium. The policies are completely portable, meaning if you were to drop your membership in the MBA, the coverage remains in effect without any increases in premium or changes in benefit.
  • The policy includes an “own-occupation and not engaged” base definition and can be enhanced to a “true own-occupation” definition.
  • If you qualify for the GSI benefit, you also qualify for the Catastrophic Disability Benefit rider (Cat). The Cat rider offers up to an additional $8,000 per month of benefit if you lose the ability to perform 2 or more Activities of Daily Living (ADL’s) without assistance, or become cognitively impaired, or become presumptively disabled. This benefit is paid in addition to your DI benefit.
  • If you want coverage in excess of the GSI maximum ($4000/month), you can go through normal medical underwriting and apply for the maximum available based on your income. The excess coverage will include the 10% premium discount and will be issued at unisex rates.

QUALIFYING FOR THE GSI BENEFIT

To be eligible to participate in this plan, an eligible attorney must meet all of the following requirements at both the time of application and on the effective date of coverage:

  1. An eligible attorney must be an attorney licensed to practice law in the state of Oregon, and must have been continuous licensed to practice law for the prior 2 years.
  2. An eligible attorney must be working full time as an attorney. Working full time as an attorney is defined as working at least 30 hours per week as an attorney. The eligible attorney must have been working continuously on a full time basis, able to perform all the duties of their regular occupation without limitation due to sickness or injury for the prior six months. The practicing attorney must not have any licensing restrictions limiting the eligible attorney’s ability to practice law on a full time basis. Any licensing restrictions may result in an automatic decline.
  3. An eligible attorney must be a member in good standing of the Multnomah Bar Association.
  4. An eligible attorney must not have been previously declined disability insurance coverage by Standard Insurance Company, or have been previously declined disability insurance coverage by any other insurance company in the prior 12 months.
  5. An eligible attorney must be a United States citizen or a lawful permanent resident of the United States. However, if an eligible attorney is in the United States under a temporary Visa that allows the eligible attorney to work in the United States, Standard Insurance Company may agree to issue coverage to that eligible attorney subject to a foreign travel exclusion.
  6. An eligible attorney must not have been on claim or submitted a claim for disability benefits at any time within the prior three months, or be eligible for disability benefits due to a Presumptive Total Disability as defined in Standard Insurance Company’s policy.

Standard Insurance Company may, within Standard Insurance Company’s sole discretion, waive one or more of these conditions for individual attorney members of the Multnomah Bar Association at the time of the initial issue of coverage under this offer.

FINANCIAL UNDERWRITING

Any coverage applied for under this offer is subject to Standard Insurance Company’s issue and participation limits in effect at the time of that application for coverage, and these issue and participation limits will prevail in calculating an eligible attorney’s maximum benefit allowable for issue.

Because eligibility for coverage depends on the earnings of each eligible attorney from the practice of law, each eligible attorney applying for coverage must provide their prior calendar year’s business and personal tax returns, and any other financial documentation Standard Insurance Company reasonably deems necessary. Standard Insurance Company’s offer of coverage to an individual eligible attorney is conditioned upon the completeness and accuracy of any financial information provided. Standard Insurance Company reserves the right to decline to issue any coverage under this offer if the financial information submitted by an eligible attorney does not meet the enrollment requirements at the time of any application for coverage.

Required financial documentation will include, but is not limited to:

  • For the current calendar year: (a) All W-2’s, 1099’s and/or K-1’s.
  • For the prior calendar year:
    • (a) Pages 1-2 of IRS form 1040 tax return including copies of all W-2’s, 1099’s and/or K-1’s
    • (b) Complete copy of business returns (Schedule C, Partnership-1065, S-Corporation- 1120S and/or Corporation-1120)

REPLACING EXISTING COVERAGE

In most cases you are better off keeping existing Non-Cancelable DI policies rather than replacing them with the Standard program. In general, older quality Non-Cancelable DI policies have lower premiums and more liberal provisions. However, this is not always true, so it is always a good idea to review this coverage with the representative when he or she calls.

If you decide to replace an existing DI policy with the Standard product, this may require replacement forms approved by your state. Do not cancel the existing coverage until after Standard has underwritten and issued you new coverage. While this program offers non-medically underwritten coverage, you do need to meet certain criteria to qualify for the benefits. If you fail to meet these criteria, Standard will not issue you coverage.