Platinum Advantage Discount Details

January 4, 2017

Your producers can leverage four premium discounts to help encourage Platinum Advantage sales. The Residency Multi-Life Discount, for Platinum Advantage only, has been added to three previously available discounts: the Employer-Based Multi-Life Discount, the Multi-Product Discount and, with some modifications, the Business Owner Discount.

Residency Multi-Life Discount

The Residency Multi-Life Discount, new with Platinum Advantage, will allow most ACGME or AOA hospitals and medical centers to establish a 10 percent discount on Platinum Advantage for residents, interns and fellows when applications on three lives or more are submitted within a six-month period. This discount will also be available to dental post-doctorates in dental education programs accredited by the Commission on Dental Accreditation.

How It Works

When three or more qualifying applications from an eligible hospital, medical center or dental education program are received at the same time, each policy is issued with the discount. When fewer than three applications are received, the resulting policies will initially be issued without the Residency Multi-Life Discount. When The Standard receives the third qualifying application, accompanied by a Producer Information Report identifying the names and policy numbers of the prior two policies as part of a residency multi-life group, the previously placed policies will receive the multi-life discount rates effective on the policies' next premium due dates.

To maintain the discount for that institution, five qualifying applications must be submitted each year.

Institution Eligibility

A small number of institutions are not eligible for the Residency Discount. To determine if an institution is eligible, visit the Residency Discount Eligible Institutions webpage. Please contact your case manager to inquire if your eligible institution has a currently active Residency Multi-Life Discount.

Please note: It is important to list the other qualifying applicants on the Producer Information Report when applying for the Residency or Employer-Based Multi-Life Discounts. Failure to provide this information may delay the application process.

Business Owner Discount

The Business Owner Discount provides a 10 percent discount on Platinum Advantage to qualifying business owners.


To be eligible for the Platinum Advantage Business Owner Discount, the qualifying business owner must:

  • own at least 20 percent of the business.
  • employ at least one full-time equivalent W-2 employee.
  • have been financially successful for at least the last two years under the current business arrangement, as determined by The Standard based on appropriate business income documentation.

The Business Owner Discount on Platinum Advantage is not available to medical or dental occupations (2P, 3P, 3D, 4S, 4P and 5P occupation classes), financial advisors, financial planners or insurance producers, those listed under Financial Services, Entertainment Industry or Real Estate or as occupation classes A, B or 'NO' in The Standard's Occupation Classifications listing in the online reference product guide.

A Business Owner Discount of 15 percent is available on Protector PlatinumSM policies in states where Platinum Advantage has not yet been approved.

Share the Premium Discounts flyer to educate your producers about The Standard’s stackable premium discounts.

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