The Resident Sales Opportunity With The Standard

March 27, 2019

The Standard is committed to providing hassle-free quality income protection to medical and dental residents. We combine one of the strongest income protection policies available with for-residents-only underwriting opportunities.

The Strong Platinum Advantage Contract for Residents

Platinum Advantage offers a rock-solid base contract with optional enhancements designed with physicians in mind. Your resident clients will especially like:

  • Own Occupation “specialty” coverage
  • The ability to increase coverage in the future to keep pace with rising income
  • Coverage while at work or returning to work

Opportunities for Residents Only

The Standard provides special underwriting opportunities to make Platinum Advantage even more attractive to residents. Please note, you must apply with TeleApp for the following:

Opportunity #1: Start Low and Go Big Later

Residents can save money by starting with a base policy with as low as $1,000 in monthly benefits. The policy will lock in eligibility to increase coverage later when they’re earning more.

How it works: To qualify for the Benefit Increase Rider, most applicants must accept at least 75 percent of the base coverage they're eligible to purchase. But we waive this rule for residents and fellows.

Opportunity #2: Apply for New-In-Practice Limits With No Income Documentation

New physicians can apply for income protection up to new-in-practice limits of $6,500 or $7,500, depending on specialty — with no income documentation. They’re eligible during the six months before they complete their training and also during their first two years of practice.

If they bought a policy earlier in their residency (see Opportunity #1) and have new employment in place, they can use the Accelerated Option under their Benefit Increase Rider to increase coverage up to new-in-practice limits.

Opportunity #3: Use Simplified Underwriting to Apply for New-in-Practice Limits with No Income Documentation or Medical Lab Tests

Use Simplified Underwriting to apply for an income protection policy up to new-in-practice limits ($6,500 or $7,500, depending on specialty) — with no income documentation and no medical exams. This is available to residents ages 18-45 in the six months before or after completing training.

New Platinum Advantage for Residents Flyer  

Share the Platinum Advantage for Residents flyer with your resident clients. This flyer shows how Platinum Advantage and special opportunities for residents provide high quality income protection at an exceptional value.

Don’t Forget the Residency Discount

You can offer your resident even more value with the Residency Multi-Life Discount. This discount allows most ACGME or AOA hospitals and medical centers, as well as CODA institutions, to establish a 10 percent discount on Platinum Advantage for residents, interns and fellows. The discount is established when we receive applications on at least three lives within a six-month period. Check out the details on the Residency Discount Institutions webpage or ask your General Agent for more information.