Announcing Student Loan Rider Expansion to More Occ Classes
The Student Loan Rider will no longer be just for physicians and dentists. Starting June 27, the rider will be available to any clients in occupation classes 5A, 5P, 4A, 4P, 4S, 3A, 3P or 3D.
The monthly benefit options will be more flexible too. Applicants can choose a monthly student loan benefit as low as $100 and as high as $2,500 for 5P, 4P, 4S, 3P and 3D and $1,500 for occupation classes 5A, 4A and 3A.
Agencies may request to add or change the Student Loan Rider for applications in process, approved policies pending delivery and active policies with effective dates on or after May 27, 2018. Requests must be made by July 13, 2018. See the full transition rules.
Issue and Participation Limit Changes
Thanks to changes affecting issue and participation limits, starting June 27 your clients will be able to buy more IDI coverage than previously available. We’ll consider 70 percent of employer-paid group LTD when determining benefit amounts for individually-paid IDI. Before, we considered 75 percent of employer-paid group LTD. We also updated our issue and participation limits by income.
Applications pending approval will automatically be issued the new issue and participation limits for which they qualify. Agencies may request consideration of a higher benefit amount, if eligible, for approved policies pending delivery and active policies with effective dates on or after May 27, 2018. Requests must be made by July 13, 2018. See the full transition rules.
These changes will take effect June 27. Updated marketing materials, including The Standard’s IDI Online Reference Product Guide, will reflect these changes. You'll also see the changes in The Standard's Illustration Software.
For Producers Only