The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
How to Help Clients Cope With Student Loan Debt
$1.52 trillion — total student loan debt in America.3
2nd largest category of consumer debt is student loans — trailing only mortgages at $9 million.3
58% of graduates from the Class of 2017 had student loan debt.3
$28,288 — average debt per borrower for Class of 2017 graduates.3
$190,000 — median debt for medical school graduates.4
A new trivia game show called “Paid Off” showcases the hold that student loan debt has on Americans. Contestants compete for the chance to get their debt paid off.1
With total student loan debt topping $1.52 trillion in 2018, there's a lot to worry about. For people who've invested in higher degrees and have higher debt, the risk to their future income is big. Even physicians face challenges repaying debt.2
Lead With Our Student Loan Rider
If debt is on your clients' minds, offer some relief. Tell them about the Student Loan Rider available with Platinum Advantage.
The Standard expanded this rider in June 2018 to cover non-medical occupations. We also expanded the range of coverage. The minimum benefit is now $100. That makes it easier for your clients to buy protection to help cover their student loan payments if they become totally disabled.
Here's how it works:
Social Media Toolkit
Connect With Clients Who Have Student Loans
It's easy with these ready-to-share posts.
- The Student Loan Rider pays a monthly benefit, in addition to the basic monthly benefit, to reimburse student loan payments. It’s based on the amount of coverage purchased and monthly student loan bills.
- Available to occupation classes 5A, 5P, 4A, 4P, 4S, 3A, 3P or 3D.
- Coverage period can be 10 or 15 years.
- Minimum benefit allowed is $100.
- Maximum benefit varies by occupation:
- Medical occupations (P/S/D occupation classes): $2,500
- Non-medical occupations: $1,500
You can help your clients match their coverage to their budgets. Even a $200 Student Loan Rider benefit can provide an extra cushion to ease their minds.
Another advantage: The Student Loan Rider benefit is in addition to issue and participation limits.
1 New York Times, The New Toll of Student Loan Debt in 3 Charts, July 11, 2018, nytimes.com/2018/07/11/your-money/student-loan-debt-parents.html
2 New York Times, I’m a Doctor and Even I Can’t Afford My Student Loans, nytimes.com/2018/08/20/opinion/medical-school-student-loans-tuition-debt-doctor.html
3 LendEDU, Student Loan Debt by School by State 2018, Aug. 8, 2018, lendedu.com/blog/average-student-loan-debt-statistics
4 Association of American Medical Colleges, 2017 Education Debt Manager, Jan. 2018, members.aamc.org/eweb/upload/Education%20Debt%20Manager%20for%20Graduating%20Medical%20School%20Students--2017.pdf
Jared's Story: Time for Family
Age: 36 - Occupation: trial attorney - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.