Help Graduates Stress Less With the Student Loan Rider

This year’s graduates have been through a lot. While they focused on their schooling, the COVID-19 pandemic affected every part of their lives. And now as they enter the work world, the employment market may be favorable for job seekers, but skyrocketing inflation and turbulent markets indicate an uncertain economy.

Plus, most college students are graduating with considerable student loan debt. In fact, 55% of 2020 college graduates left school with an average student loan debt of $28,400.¹ Those completing graduate or medical programs have even more student loan debt.

How can you ease their stress? With an income protection policy that helps ensure their student loan bill will be paid even if a sickness or injury keeps them from earning their usual income.

Tell them about the Student Loan Rider available with Platinum Advantage. This rider will help cover their student loan payments if they become totally disabled. And because it’s in addition to issue and participation limits, this rider won’t affect your client’s monthly benefit amount.

Did You Know?²

Total U.S. Student Loan Debt: $1.75 trillion

Total U.S. Student Loan Borrowers: 45 million

Student Loans in Default: $110.5 billion (5 million borrowers)

Here's how it works:

• The Student Loan Rider pays a monthly benefit, in addition to the basic monthly benefit, to reimburse student loan payments — up to the monthly amount bought.
• It’s available to occupation classes 5A, 5P, 4A, 4P, 4S, 3A, 3P and 3D.
• The coverage period can be 10 or 15 years.
• The minimum benefit allowed is $100.
• The maximum benefit varies by occupation:
  • Medical occupations (P/S/D occupation classes): $2,500
  • Non-medical occupations: $1,500

You can help your clients match their coverage to their budgets. Even a $200 Student Loan Rider benefit can provide an extra cushion to ease their minds.

Ready to start a conversation? Share ready-made posts from our Social Media Toolkit and our Student Loan Rider flyer.

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