Enhance Value for Your Clients and Build Sales
August 6, 2019
Please check our IDI Online Reference Product Guide for any changes after this date.
We offer premium discounts to help you solicit multiple applications.1 The types of discounts available for fully underwritten policies are Multi-Life, Business Owner and Multi-Product.
Employer-Based Multi-Life Discount
The Employer-Based Multi-Life Discount is available for as few as two lives if those participating:
- Are each at least 20% owners of the same business
- Purchase policies with combined pre-discounted annual premium of at least $5,000 (or less, if both applicants purchase the maximum benefit on both policies)
- Meet all other provisions related to timing for the Employer-Based Multi-Life
The Standard generally defines multi-life groups as three or more lives employed by the same employer. To qualify a group for a multi-life discount, we must receive three or more IDI applications on unique lives requesting multi-life rates within a period of six months. When we receive three or more applications at the same time, we’ll issue each policy with the multi-life discount.
When we receive fewer than three applications, we’ll initially issue the policies without the multi-life discount. When The Standard receives the third application, accompanied by a Producer Information Report identifying the names and policy numbers of the prior two policies as part of a multi-life group, the eligible previously placed policies will receive the multi-life discount rates, effective on the policies’ next premium due dates.
All applications must meet the minimum qualifications for a valid application, including meeting income, hours and underwriting standards. Withdrawn or closed applications due to incomplete underwriting requirements will not be considered a qualifying life.
Employer-Based Multi-Life Discounts are available with Platinum Advantage, Protector Platinum and Business Overhead ProtectorSM.2 Contract (1099) employees who share a common worksite address, supported by documentation, are also eligible for the multi-life discount. All other contract employees, medical residents and students are not eligible for the discount.
Requirements for Maintaining the Discount
Once established, the Employer-Based Multi-Life Discount will remain active for two years. After two years, The Standard will review discounts established for each employer to confirm a minimum of two unique lives are in force in order for the discount to continue for new applications. If there are fewer than two lives in force, the discount must be re-established as if it’s new, with three applications submitted within a six-month period.
Multi-Product Discount
The Multi-Product Discount provides 5% savings on Platinum Advantage and Protector Platinum for individuals who apply for and purchase two or more new products at the same time from The Standard.
The Multi-Product Discount is available with approved Platinum Advantage and Protector Platinum policies when the applicant also applies for and accepts coverage under Business Overhead ProtectorSM or Business Equity ProtectorSM.3 At least two policies must be approved and accepted by the client to qualify for the discount.
Business Owner Discount
The Business Owner Discount provides a 10% discount on Platinum Advantage and a 15% savings on Protector Platinum on gender-distinct rates to qualifying business owners. For savings available to business owners with other products from The Standard, see the Business Owner Upgrade.
To be eligible for the Business Owner Discount, the business owner must:
- Own at least 20% of the business
- 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
Business Owner Discount on Platinum Advantage
The Business Owner Discount with Platinum Advantage is 10%. In addition to meeting the requirements listed above, applicants must also employ at least one full-time equivalent W-2 employee.
With Platinum Advantage, the Business Owner Discount is available to all occupations in classes 2A, 3A, 4A, and 5A, except for financial advisors, financial planners or insurance producers, or those listed under financial services, entertainment industry or real estate.
Business Owner Discount on Protector Platinum
The Business Owner Discount with Protector Platinum is 15%.2 With Protector Platinum, the Business Owner Discount is available to all occupations in classes B, A, 2A, 3A, 4A, and 5A, except those listed under financial services, entertainment industry or real estate.
More Details on Discounts
1. Except with Platinum Advantage or Protector Platinum, discounts cannot be combined.
2. Protector Essential is not available with discounts.
3. Discounts may not be available in all states and/or the discount amount may vary from state to state.
4. Some discounts may be added to in force-policies. In this case, the discount will be added as of the policy’s next month anniversary.
5. Clearly indicate the type of discount requested (as well as the number of lives) in the Producer Information Report in the application packet.
Residency Multi-Life Discount
The Residency Multi-Life Discount is available with Platinum Advantage only and allows most ACGME or AOA hospitals and medical centers to establish a 10% discount for residents, interns and fellows when we receive applications on a minimum of three lives within a six-month period. This discount is also available to dental post-doctorates in dental education programs accredited by the Commission on Dental Accreditation.
When we receive three or more applications from an eligible hospital, medical center or dental education program at the same time, we’ll issue each policy with the discount. When we receive fewer than three applications, the resulting policies will initially be issued without the Residency Multi-Life Discount.
If The Standard receives a third application within six months of the date of the first application, the policies will receive the multi-life discount rates effective on the policies’ next premium due dates. The third application must be accompanied by a Producer Information Report identifying the previously placed policies.
Multi-Life Discount for Other Employees at the Same Institution
Once an institution establishes a Residency Multi-Life Discount with The Standard, employees other than residents and fellows — such as attending physicians or administrators — will be eligible for the 10% Employer-Based Multi-Life Discount.
See Residency Discount Institutions to find established residency discounts, as well as ineligible institutions.
Requirements for Maintaining the Discount
Once established, five applications per year must be submitted to keep the Residency Multi-Life Discount active for new business.
Premium Discount Percentages
| Employer-Based Multi-Life Discount4 | ||
|---|---|---|
| Products | Pricing | Discount |
| Platinum Advantage | Gender Distinct5 | 10% |
| Protector Platinum2 | Gender Distinct5 | 10% |
| Business Overhead Protector | Gender Distinct5 | 10% |
| Residency Multi-Life Discount | ||
| Products | Pricing | Discount |
| Platinum Advantage | Gender Distinct5 | 10% |
| Business Owner Discount | ||
| Products | Pricing | Discount |
| Platinum Advantage | Gender Distinct5 | 10% |
| Protector Platinum2 | Gender Distinct5 | 15% |
| Multi-Product Discount | ||
| Products | Pricing | Discount |
| Platinum Advantage | Gender Distinct5 | 5% |
| Protector Platinum2 | Gender Distinct5 | 5% |
Business Owner Rewards
The Standard offers several tools to help you tap into the lucrative business owner market. You’ll find all the details in our Business Owner Rewards Flyer (New York version).