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.
5 Reasons Platinum Advantage Is So Good for Residents
Interested in expanding your IDI sales to medical residents? These future high earners are often aware of the need to protect their incomes. But they may be too busy to look for coverage. With Platinum Advantage, you can make it easy and compelling. Offer a discount, plus coverage tailored to fit them now and grow later. Check out five advantages for residents:
1. Open doors with a 10 percent residency multi-life discount. This feature can help you establish valuable relationships and ongoing sales. Most hospitals and university medical centers accredited by ACGME, AOA or CODA can establish a discount program with The Standard. Residents can qualify for a 10 percent discount if we receive at least three applications within a six-month period.
Want help spotting prospects? Explore the list of approved institutions to find which programs already qualify for a 10 percent discount. Or check with your General Agent to see if one near you qualifies.
2. Skip the 75% coverage rule. With Platinum Advantage, you can offer residents an affordable policy now, with access to higher benefits later. The policy includes our Benefit Increase Rider. Typically, to qualify for the BIR, most applicants must accept 75 percent or more of the base coverage they're eligible to purchase. But physician residents and fellows can start with as low as a $1,000 monthly benefit and still be eligible for the BIR. Just make sure they apply with The Standard's TeleApp process.
3. Offer protection for student loan payments. Lighten residents' worries with the Student Loan Rider. Explain how it can help cover student loan payments if they become too sick or injured to work. The rider is available for 10- and 15-year terms and reimburses up to $2,500 per month, based on their loan payments. To keep premium costs low, residents can select a benefit that's less than their loan payments. The extra income support can still help them stay on track.
4. Provide more peace of mind with MDSA and Own Occ. Platinum Advantage offers unlimited mental disorder and substance abuse coverage for higher occupation classes, including physicians and surgeons. Be sure to point that out to the residents you talk to. The base policy provides benefits up to the maximum benefit period when a mental disorder or substance abuse causes or contributes to a disability.
Plus, residents can add the Own Occupation Rider. It offers the strongest definition in the industry for medical professionals who can't perform the duties of their regular occupation due to a disability.
5. Pay it all off with The Standard's track record. Since residents are looking ahead to long careers, they'll want a carrier who can go the distance with them. Reassure your clients with The Standard's financial strength and disability expertise. With Platinum Advantage, your clients can feel good about this big decision.
Start conversations. Introduce residents to the need for income protection with this flyer. Then use our Consumer Brochure to show them why Platinum Advantage stands out.
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.