Similar to stored value cards in the retail industry, the Standard SecureCard will offer a more convenient option than either paper checks or electronic funds transfer, its creator claims. Carrying the VISA logo, the SecureCard will look and function like a debit card, negotiable for access to cash at ATMs nationwide and retail or online purchases.
Standard is promoting the SecureCard as the first and only offering of its kind in group disability insurance. The company will partner with a banking intermediary to provide financial transactions and services for the SecureCard's stored value functionality. Available in all states except New York, this alternative payment option will be offered to disabled employees insured under long-term disability policies that Standard issues on or after January 1, 2001. The company expects implementation of the SecureCard program to take little if any administrative effort and cause no increase in premiums for employers,
Standard will also offer the SecureCard option to eligible employees, automatically crediting monthly payments to the card on their regular benefit payment date.
As the SecureCard program develops, Standard plans to negotiate value-added discounts at selected retailers.
