This information is intended only for insurance producers and not for the general public.
Preferred Occupation Discount Expansion
These transition rules apply to fully underwritten Platinum Advantage policies only.
Effective July 8, 2020, the Preferred Occupation Discount is available to more Platinum Advantage applicants. Now 5A executives earning at least $75,000 a year in the last two years, and who have been in the same job for three years, will be eligible for the discount.
Please note, the Preferred Occupation Discount is currently not available in the following states:
- Washington D.C.
- Applications pending an underwriting decision July 8, 2020. We’ll add the discount, if eligible.
- Policies pending delivery. If requested, we’ll apply the discount to the eligible policy.
- Policies accepted with an effective date on or after June 8, 2020. If requested, we’ll add the discount to the eligible policy as of the policy effective date. We must receive the request in the home office by Aug. 8, 2020. The change will be effective as of the policy effective date and compensation will be adjusted accordingly.
- Policies accepted with an effective date before June 8, 2020. The discount can't be added. To get the discount, the policyowner must complete a new application. It will be processed as a cancellation/replacement at attained age.
The Preferred Occupation Discount will be available on a Benefit Increase Rider increase if it is on the base policy. This discount is only available on Platinum Advantage policies. It’s not available on Platinum Advantage policies issued as an increase option on other products.
Please see the Premium Discounts section of The Standard’s IDI Online Reference Product Guide for more information about the Preferred Occupation Discount.