4 Ways BIR Can Help You Sell Now

April 29, 2020

Updated May 18, 2020

Platinum Advantage’s Benefit Increase Rider is a no-cost rider that lets policyowners apply for more coverage every three years with no medical information. It’s automatically added to all eligible policies. Here are four ways the BIR can help you sell — all the time and during the COVID-19 pandemic:

1. Applicants can buy policies that meet their current needs with the option to increase coverage later through the BIR. We’ll issue the BIR to eligible applicants age 50 or younger who accept 75% or more of the maximum benefit amount they qualify for. Policyowners can apply to increase their coverage every three years. They can apply earlier if they have a 30% increase in income or involuntarily lose their group Long Term Disability insurance.

Temporary COVID-19 accommodation: We’re reducing the 75% requirement to 50%. Eligible applicants who sign the application on or before July 31, 2020, can accept 50% or more of the maximum benefit amount they qualify for to add the BIR to their policies.

2. BIR option dates give you a reason to stay in touch. Every three years, clients who are age 55 and younger can apply to raise monthly benefits and renew the rider for another option period. This gives you a recurring reason to stay in touch with clients and potentially uncover new opportunities as their needs evolve.

Temporary COVID-19 accommodation: To keep the BIR active on the policy, the policyowner is required to apply for an increase during the option period and accept 50% of the maximum increase amount they qualify for. We’re waiving these requirements — and automatically renewing the BIR — for policies with BIR option dates from March 1 to July 31, 2020. Share the good news!

3. It's a win-win for you and your clients. Your clients can make sure their coverage will keep pace with their salary growth. Plus, you gain from any premium increases when they do increase coverage.

4. We support you. The Standard helps you and your agencies make sure the BIR process runs smoothly. We alert producers to upcoming BIRs. And we send a letter and short application to policyowners 60 days before their option date. This is just one way we help you continue to provide excellent service to your clients.