Platinum Advantage Discount Details
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.
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.
Confidence and Compassion
A Note from Greg Ness, Chairman, President and CEO
At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.
This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.
The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.
Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.
To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.
We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.
In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.
And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.
Be safe and well, and stay connected.
Jared's Story: Time for Family
Age: 36 - Occupation: pediatrician - 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.
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