Lower Rates, Larger Discounts
Effective Oct. 5, 2023, Standard adjusted their rates and increased discounts for their fully underwritten Platinum Advantage. They reduced Platinum Advantage rates for many occupations. You will see more competitive rates for men ages 41 and up for non-medical classes (5A, 4A, 3A, 2A, B and A). Plus they are introducing state-specific pricing. Rates will decrease by an additional 5% in 18 states and will increase in 6.
State-Specific Rate Changes
5% Lower: CT, DE, GA, IA, IL, IN, KY, MA, MD, MN, NC, NE, OH, PA, SC, TN, TX, WI
5% Higher: NV, OR, RI, WA
10% Higher: AZ, NY
Note, these changes are not yet available in NY, FL, CA, SD, ND, WY, MT or SC
Additionally, they have increase rates for the Cost of Living Adjustment (COLA) rider and 3D occupation classes.
New and Bigger Discounts
Standard increased the Preferred Occupation Discount to 20% to enhance competitiveness for professional and executive occupations.
They have added a 5% eApply Discount. This new discount provides 4% off Platinum Advantage when applicants use both the eApp and Electronic Medical Questionnaire (EMQ).
Applicants can now combine discounts for up to 50% off Platinum Advantage.
Discounts
Employer-Based Multi-Life Discount provides a 10% gender-distinct discount when applications on three or more lives from the same employer, or as few as two business owners, are submitted within six months. This is also available to contract (1099) workers sharing a common worksite.
Preferred Occupation Discount provides a 20% gender-distinct discount to some 5A occupations, including but not limited to executives earning at least $75,000 a year, attorneys, CPAs and doctorate scientists.
Residency Multi-Life Discount provides a 15% gender-distinct discount to residents, interns and fellows at most ACGME and AOA hospitals and medical centers. This discount is also available to those in postdoctoral dental education programs accredited by the Commission on Dental Accreditation.
Multi-Product Discount provides a 5% gender-distinct discount on Platinum Advantage if the insured is also approved for and accepts a Business Overhead Protector® or Business Equity ProtectorSM policy.
Business Owner Discount provides a 10% gender-distinct discount on Platinum Advantage for qualifying business owners.
eApply Discount provides a 5% discount when applicants use both The Standard’s eApp and Electronic Medical Questionnaire.
Discounts by Product
Platinum Advantage: Employer-based Multi-Life, Preferred Occ Discount, eApply Discount, Residency Multi-life, Business Owner Discount, Business Owner Upgrade
Business Overhead Protector: Employer-based Multi-life
Business Equity Protector: Business Owner Upgrade
**Discounts are stackable
Combine Discounts
for Great Savings!
5% Multi-Product
+
10% Business Owner
+
5% eApply
_____________________
=20% Total Discount
10% Multi-Life2
+
20% Preferred Occ
+
5% eApply
_____________________
=35% Total Discount
5% Multi-Product
+
20% Preferred Occ
+
10% Multi-Life2
+
10% Business Owner
+
5% eApply
_____________________
=50% Total Discount