The insurer said that the new IDI insurance product has exclusions and limitations and terms under which the policy may be continued in force or discontinued. Optional riders will be subjected to underwriting and reinsurance availability, and may increase premiums.

According to The Standard, the features of Protector Essential will include: guaranteed renewable; regular occupation coverage; no limitation on coverage for mental disorder and/or substance abuse; rehabilitation benefit; residual disability benefit; lump sum recovery benefit; and ability to customize coverage with optional riders including cost of living and catastrophic disability benefit.

Commenting on the launch, The Standard second vice president of individual disability insurance sales, Steve Brady, said: "Protector Essential provides access to income protection for first-time IDI buyers and price-sensitive customers, a market need based on input from master general agents and producers.

"Customers electing Protector Essential receive The Standard’s superior claims service and expertise as well as the company’s commitment to a quality individual disability insurance product," Brady added.

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