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.
Lead With the Student Loan Rider to Attract New Professionals
It’s that time of year again. Students are looking forward to graduating and starting their professional careers. With the economy rebounding after a tough pandemic year, graduates may be feeling more optimistic about their job prospects this year. But they may also be feeling the burden of large student loans.
Did you know all U.S. student loan debt totals $1.71 trillion? For those graduating in 2021, the average debt per borrower is $36,900.1 For medical students, it’s even more. The average debt for those graduates in 2019 was $201,490.2
If you have clients who are graduating or completing their training this year, ease their student loan worries with Platinum Advantage’s Student Loan Rider.3 It can reimburse all or a portion of student loan payments if the insured individual becomes totally disabled and can’t work.
How the Student Loan Rider Works
- The Student Loan Rider pays a monthly benefit, on top of the basic monthly benefit, to reimburse student loan payments.
- The benefit is available in addition to issue and participation limits.
- It’s available to most occupation classes: 5A, 5P, 4A, 4P, 4S, 3A, 3P or 3D.
- The coverage period can be 10 or 15 years. Coverage starts on the effective date and ends 10 or 15 years later, depending on the period chosen.
- The smallest benefit available is $100.
- The largest benefit available varies by occupation:
- Medical occupations (P/S/D occupation classes): $2,500 a month
- Non-medical occupations: $1,500 a month
Help your clients determine the student loan coverage amount that makes sense for them. For example, if an applicant owes $100,000 in student loans and pays approximately $1,000 a month, recommending a 10-year term may be the best option.
Use the Student Loan Rider flyer to talk to recent graduates about how Platinum Advantage can help them pay student loans if they become unable to work due to sickness or injury.
Appeal to Graduating Medical Residents With More Features
In addition to the Student Loan Rider, Platinum Advantage offers many features that appeal to graduating medical residents, such as:
- A 15% Residency Multi-Life Discount.
- No medical exams required for any amount of coverage, during the six months before and after training completion.
- No proof of income required for up to $7,500 monthly benefits, if within six months before completing training or within first two years of practicing.
- Benefit flexibility. Residents can buy a policy with as low as $1,000 in monthly benefits up to issue and participation limits. They’ll be required to submit a signed employment contract to apply for monthly benefits higher than $7,500.
- Built-in riders to increase coverage later. Policyowners can upgrade to increase coverage up to issue and participation limits using the Benefit Increase Rider. Medical residents have a special opportunity to increase coverage within 12 months of completing training and every three years after that, with proof of income.
- Take time for family. The Family Care Benefit allows policyowners to collect benefits if they take time away from work to care for a family member with a serious health condition.
- An easy online process. You can get a quote, submit an application and deliver a policy online for a quick, seamless experience.
Share Platinum Advantage for Residents to showcase how The Standard makes it easy for them to get tailored coverage to protect their income.
1 EducationData.org, accessed May 18, 2021
2 Association of American Medical Colleges, Medical Student Education: Debt, Costs, And Loan Repayment Fact Card, October, 2019
3 The Student Loan Rider isn’t available in New York or Connecticut.
Confidence and Compassion
A Note from Greg Ness, Chairman, President and CEO
At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.
This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.
The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.
Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.
To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.
We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.
In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.
And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.
Be safe and well, and stay connected.
Jared's Story: Time for Family
Age: 36 - Occupation: pediatrician - 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.
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