Lead With the Student Loan Rider to Attract New Professionals

May 26, 2021
Student Graduates

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.

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