Built-In Riders
Benefit Increase Rider
This rider provides the opportunity to purchase additional coverage every three years on the policy anniversary, without providing medical information. This is a no-cost rider. All Graduate Offer policies are issued with a BIR, except policies issued to individuals 51 and older. The BIR for Graduate Offer policies will be offered with $2,500 or $5,000 base benefit amounts.
The BIR will not require increases while the policyowner is in residency or fellowship. However, we do require policyowners in residency or fellowship to submit an application during the BIR option period. This will inform us that the policyowner wishes to keep the rider and that the policyowner is still in residency or fellowship. If the policyowner doesn't submit the application, we will terminate the policy's BIR.
Individuals 51 and older at the time of the original application are not eligible for the BIR. Instead, these individuals may purchase a higher base policy benefit amount of up to $6,500. Individuals older than age 51 are not eligible to exercise a BIR increase.
Applicants who have experienced an involuntary loss of group long term disability insurance or a 30 percent increase in total compensation will be eligible for an accelerated (off anniversary) BIR increase. Accelerated BIR increases must be requested within 90 days of the qualifying event. All BIR executions are subject to financial underwriting guidelines.
To exercise the Benefit Increase Rider:
- Request a quote.
- Complete the increase application (Form 1135), and required non-medical authorizations, located in the Application for Policy Increase and Benefit Renewal packet (SI 18471). State-specific versions will include form numbers indicating that state (e.g. SI 18471-ME).
- Submit the completed increase application with income documentation.
- The Standard will send an approval notice to the Master General Agent or Managing Partner and producer.
Please note that a BIR applicant must be under 50 years of age as of the option date. Additonally, reducing the policy's base benefit will result in the termination of the BIR.
First-Year Policy Increase Option
From July 1 to December 31, all Graduate Offer policies issued in the previous nine months will be offered a one-time accelerated option to increase the base benefit amount to reflect postgraduate increases in incomes for an initial base policy benefit amount of up to $15,000, subject to issue and participation limits. Exercise of the GME First-Year Policy Increase Option will count as the policyowner's BIR accelerated (off-anniversary) option increase. (See Policy Increase Options.)
One-Step Option
Physicians who purchase a Graduate Offer policy and submit an executed employment contract with the initial application are eligible for an initial base policy benefit amount of up to $15,000, subject to issue and participation limits. (See Policy Increase Options.)
Family Care Benefit
The Family Care Benefit helps insured individuals pay the bills if their income is reduced by at least 20 percent because they've taken time off from work to care for a family member's serious health condition due to injury or sickness. This benefit is actually not a rider but is part of the Platinum Advantage for GME base policy. It is included with no extra cost.
How It Works
- The policyowner does not have to be disabled to receive this benefit.
- The policyowner will be eligible for the Family Care Benefit if he or she works at least 20 percent fewer hours and suffers at least a 20 percent loss in income to care for a family member who has become seriously ill.
- A family member is a parent, spouse, domestic partner or child (including an adopted child, stepchild and child of a domestic partner).
Institution-Optional Riders
Indexed Cost of Living Rider
A GME institution may elect to include the Indexed Cost of Living Rider in the GME program. If this rider is chosen, after one year on claim, disability benefits are increased each year by 3 percent or by the change in the Consumer Price Index for all Urban Consumers, whichever is less.
Individual-Optional Riders
Catastrophic Disability Rider*
Three Catastrophic Disability Benefit options are available. Graduate Offer policy applicants can select CAT benefits of $10,000, $5,000 or $0 at the individual level by selecting the benefit amount on the application.
All eligible applicants will be required to complete a Catastrophic Disability Benefit Application Supplement featuring three medical underwriting questions, in addition to the policy application. Any applicants answering “yes” to any question will not be issued the rider.
Caution your customers to carefully choose the CAT Rider amount. The amount cannot be increased for the life of the contract. After the policy has been issued, the policyowner can only decrease benefit amounts or remove the rider entirely.
If an application shows a discrepancy between the submitted sold case illustration and the application, The Standard's case manager will contact the producer for clarification regarding the amount.
Student Loan Rider
Under the Student Loan Rider, The Standard will reimburse the policyowner for the amount of monthly student loan expense paid under a student loan agreement, subject to the maximum monthly student loan benefit. This rider is available to physicians ages 18-45 for a 10-year term and ages 18-40 for a 15-year term. The student loan benefit is limited to a minimum of $500 and a maximum of $2,000 monthly. See the Student Loan Rider flyer.
Endorsements
Policy Limitation for Pre-Existing Conditions — for Increases Only
This policy endorsement is issued with all Platinum Advantage increases to address the 3/12 Exclusion for Pre-Existing Conditions on Platinum Advantage policies.
This endorsement allows for the 3/12 Exclusion to be satisfied by the original base policy as long as there has been no break in coverage since the original policy was issued.
For Increases Exercised From a Protector+ or Protector Platinum Base Policy
If your client has a Protector+ or Protector Platinum base policy, FPO increases will be issued on Platinum Advantage — as long as Platinum Advantage is approved in their state — and include the endorsement.
For Increases Exercised From a Platinum Advantage Base Policy
Similarly, clients exercising the BIR on a base Platinum Advantage policy will be issued an increase on Platinum Advantage and include the endorsement. In this situation, the only portion of the 3/12 Exclusion for Pre-Existing Conditions that will apply to the increase is the time that remains in the original policy. This means that if the base policy is more than 12 months old, there will be no pre-existing exclusion on the increase.
For example, if your client bought the base policy three months before, nine months of the 3/12 Exclusion for Pre-Existing Conditions will remain on the increase. If your client purchased the base policy 11 months before, one month of the exclusion will remain on the increase.
Please note: a Graduate Offer policy is not considered an increase to a Starter or In-Program Offer policy. It is a new policy. Starter or In-Program Offer policyowners who purchase a Graduate Offer policy will be issued a new policy with the 3/12 Exclusion for Pre-Existing Conditions. Any increase will follow the guidelines as outlined.
* The CAT Rider is not available in some states and is not available with the In Program policy.
