News

U.S. Bank, Standard Insurance introduce stored value card for disability payments

April 23, 2006

MINNEAPOLIS -- People who receive long-term disability benefit payments fromStandard Insurance Companycan opt to receive and use their disability payments via a new stored value card introduced byU.S. Bankand The Standard.

Those who choose the new Standard SecureCard will have monthly payments automatically credited to the card on their regular benefit payment date. The card can then be used for purchases or ATM withdrawals at any location where VISA is accepted. The card is reloaded with each payment, eliminating the need to deposit and withdraw the money from a checking or savings account.

SecureCard customers will receive monthly statements showing their transaction history. Users may also transfer funds by phone to a checking or savings account.

"The Standard SecureCard provides a valuable and important advantage to eligible employees while requiring little if any administrative effort and no increase in premiums for employers," said Mike Skiens, assistant vice president of employee benefits marketing at The Standard.

Available in all states except New York, the  cardwill be offered to disabled employees insured under long term disability policies that The Standard issued on or after January 1, 2001.