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.
The Resident Sales Opportunity With The Standard
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.
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.