Standard Unveils Disability Annuity Option

A West Coast insurer has come up with new retirement savings feature for sponsors of group long-term disability insurance programs.

Standard Insurance Company, Portland, Ore., a unit of StanCorp Financial Group Inc., says the new Annuity Contribution Benefit feature can help group LTD insureds who are disabled for 3 or more years.

If the claimant’s employer has purchased the annuity benefit feature, Standard will set up and begin funding an individual annuity in the employee’s name, Standard says.

The disabled employee will own the annuity, even though Standard is funding the annuity, Standard says.