The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
3 Reasons for Residents to Love Platinum Advantage
Physician residents see firsthand how often an injury or sickness can occur. And how an unexpected disability can have a devastating effect on a person’s income.
With this knowledge, resident clients may be thinking about ways to protect their own income. Make sure their income is insured if they’re unable to work for a prolonged period of time due to disability.
Start the Conversation With 3 Reasons
1. We built Platinum Advantage with physicians in mind.
These are some features residents will value if they ever need to make a claim.
- Two no-cost built-in increase riders let eligible policyowners increase their coverage in the future to keep pace with rising income.
- Residual riders offer coverage while at work or returning to work.
- The Student Loan Rider provides a benefit to cover student loan payments.
- And the Own Occupation Rider provides own occupation “specialty” disability coverage.
2. Residents can choose the benefit amount that’s right for them.
Start low: Residents can save money by starting with a base policy that includes monthly benefits as low as $1,000. Use a TeleApp so they can lock in eligibility to increase coverage later when they’re earning more.
Start mid-level: Apply for up to new-in-practice limits — $6,500 or $7,500, depending on medical specialty — with no proof of income required. They’re eligible during the six months before they complete their training and during their first two years of practice.
Cover it all from the start: Residents and fellows can get up to $20,000 with an employment contract. They must be within six months of starting their new job.
3. We make it easy for residents with Simplified Underwriting.
Take advantage of The Standard’s special Simplified Underwriting rules for residents. Residents within six months of completing training (before or after) can use Simplified Underwriting in two ways:
- Apply for up to new-in-practice limits with no proof of income or labs required.
- Does your client already have an employment contract? Physician residents can submit the signed contract or recent paystub with the application to secure a monthly benefit up to issue and participation limits. No labs required.
A TeleApp is required to use Simplified Underwriting. And don’t forget to use the Residency Discount to capture 10% savings for your resident clients.
Share the Income Protection for Residents flyer. It highlights Platinum Advantage’s strong contract provisions and flexible underwriting for residents.
Jared's Story: Time for Family
Age: 36 - Occupation: pediatrician - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.