Philanthropist Pays Off Student Loans for Grads. Who’ll Help Your Clients?

June 26, 2019

Morehouse College graduates received good news on their graduation day. Robert F. Smith, a billionaire investor and philanthropist, promised to pay off their student loan debt. For all 400 of them, that adds up to about $40 million.1

Unfortunately, the rest of the 44.7 million Americans with student loans probably won’t receive such a gift.

The Facts

The statistics are sobering:

  • 44.7 million Americans owe a collective $1.56 trillion.2
  • 68% of seniors graduate with student loan debt.2

And for medical students, loan amounts can be staggering. The median loan amount for 2018 graduating medical students was $200,000.3

It’s clear that student loan debt can be a stressful burden for new graduates as they start their careers.

How You Can Help

Lessen your clients’ worries by adding the Student Loan Rider to Platinum Advantage. Not only will your clients still have an income if they're totally unable to work due to sickness or injury — they’ll also help shield themselves from the possibility of defaulting on their student loans.

Most non-medical applicants can choose a monthly student loan benefit as low as $100 and as high as $1,500. Physicians and dentists are eligible for up to a $2,500 monthly student loan benefit.

Here’s How It Works

The Student Loan Rider pays a monthly benefit, in addition to the basic monthly benefit, to reimburse student loan payments. An added bonus: applicants may qualify for this benefit on top of normal issue and participation limits.

Eligible Occupation Classes

5A, 5P, 4A, 4P, 4S, 3A, 3P or 3D

Coverage Period

Applicant can choose 10 or 15 years, starting on the policy effective date

Minimum Student Loan Benefit


Maximum Student Loan Benefit

$2,500 for P/S/D occupation classes

$1,500 for non-medical occupations

Customize the Rider for Each Client

We designed Platinum Advantage so that you can tailor income protection to exactly what your unique client needs. The same is true for the Student Loan Rider.

With a choice of monthly benefit and rider coverage periods, you can make sure your clients apply for only what they need. For example, if an applicant has a total student loan debt obligation of $100,000 and pays approximately $1,000 a month, recommending a 10-year term may be the right choice.

Use the Student Loan Rider flyer to talk to recent graduates about how Platinum Advantage can help them handle student loan payments if they become unable to work due to sickness or injury.


1 Morehouse commencement speaker to pay off Class of 2019’s student loans, Atlanta Journal-Constitution, May 19, 2019.

2 Student Loan Debt Statistics In 2019: A $1.5 Trillion Crisis,, Feb. 25, 2019

3 Medical Student Education: Debt, Costs and Loan Repayment Fact Card 2018, accessed June 17, 2019.




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