Residents: Low Buy-In for Top-of-the-Line Coverage

There’s a lot about Platinum Advantage for residents to like:

  • Own Occupation “specialty” coverage? Check.
  • Ability to increase coverage to keep pace with rising income? Check.
  • Coverage while at work or returning to work? Check.

But residents will really love the low buy-in with the ability to increase coverage later.

Physician residents and fellows can buy base policies with as low as $1,000 in monthly benefits and increase coverage later when they’re earning more.

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. This means residents and fellows can start with a small policy but lock in eligibility to increase coverage later. When they’re ready to use their BIR, they’ll submit a short application and financial documentation to increase coverage.

Also special for residents and fellows only: In the six months after completing their training, they can use the Accelerated Option under their BIR to increase coverage. They'll have two options for increasing protection to match their new income:

  • They can increase their monthly benefit up to $6,500 or $7,500 (depending on specialty) using new-in-practice limits, or
  • They can increase up to normal issue and participation limits with financial documentation.

Your resident and fellow clients will have access to these increase opportunities — as long as you use TeleApp to apply.   

Residents also love value.

Offer more value to residents with the Residency Multi-Life discount. Check out the Residency Discount Institutions page for established discounts. Institutions are added often. For more information about Residency Discounts, please refer to The Standard's online product guide. For questions about an institution, reach out to your regional director.

For Producers Only

More About Updates
We're adjusting our Platinum Advantage rates and extending discounts to more states. These adjusted rates and discounts for The Standard’s fully underwritten Platinum Advantage product are now available in all states except South Carolina.
The Standard’s Electronic Medical Questionnaire is now available in all states except New York and South Carolina.
Our new sales consultants have extensive individual disability insurance experience and will report to Joe Boland, our new manager, sales operations.
We’ve lowered rates on Platinum Advantage, increased the Preferred Occupation Discount to 20% and launched a new 5% eApply Discount.