Built-In Riders
Benefit Increase Rider
This rider provides the opportunity to purchase additional coverage up to $15,000 (subject to existing disability coverage and I&P limits), every three years on the policy anniversary, without providing medical information. This is a no-cost rider. All policies are issued with a BIR, except policies issued to individuals 51 and older.
To exercise the Benefit Increase Rider
- Request a quote.
- Complete the increase application (Form 11357), 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 General Agent and producer.
Please note that a BIR rider will terminate on the policy anniversary following the policyowner’s 55th birthday. Additionally, reducing the policy's base benefit will result in the termination of the BIR.
To keep the rider in force, the policyowner must submit an application and income documentation during each benefit increase application period and accept at least 50% of the increase qualified for. We’ll send BIR notices to policyowners 60 days before their Option Date.
The BIR will not require increases while the policyowner is in residency or fellowship. At the first three-year anniversary, the producer or policyowner must email The Standard’s home office attesting that they are still in residency or fellowship. Please be sure to provide the expected completion date of the program.
Accelerated BIR Increase
Applicants who have experienced an involuntary loss of group long term disability insurance or a 30% increase in total compensation will be eligible for an accelerated (off anniversary) BIR increase. Accelerated BIR increases must be requested within the 90 days after the qualifying event. All BIR executions are subject to financial underwriting guidelines.
Special Accelerated Option BIR Rules
Medical residents and fellows can apply for an accelerated benefit increase during the 12 months after they complete their training. They can apply for an increase up to $15,000 with proof of income. (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% 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% fewer hours and suffers at least a 20% 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).
- A monthly benefit will be paid in proportion to the monthly income loss.
The Family Care Benefit is not available in California, Connecticut or New York.
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% or by the change in the Consumer Price Index for all Urban Consumers, whichever is less.
Individual-Optional Riders
Catastrophic Disability Rider
In the event a policyowner were to suffer an injury or sickness that prevented them from performing two or more activities of daily living (e.g., bathing, dressing or eating) without assistance, or if there is severe cognitive impairment, the Catastrophic Disability Benefit Rider would pay a monthly benefit, in addition to the total disability benefit, which can help offset the cost of additional expenses or care.
Three Catastrophic Disability Benefit options are available. 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 (CAT) 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 can’t 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 removed, they will not be able to reinstate the CAT rider.
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.
The Catastrophic Disability Rider is not available in Connecticut. In California, a Catastrophic Disability Benefit will be paid only if the insured individual is presumptively disabled.
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 $100 and a maximum of $2,500 monthly. See the Student Loan Rider flyer.
The Student Loan Rider is not available in Connecticut or New York.
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.
