Standard Life and Their Policies
I would like to present to you several Canadian insurance companies in a few short articles, and I’d like to commence with Standard Life. In particular, I will talk about the company’s Term Life and Universal Life policies.
The Universal Life policy:
Standard Life’s Universal Life policy is open to clients up to the age of 80. Their Universal Life policy, traded as Perspecta, has flexible premiums, multiple death benefit and cost of insurance options.
The Perspecta investment account is a well-diversified one, including the following: indexed accounts (including Strategic Asset Allocation accounts), active (managed) accounts and mutual funds, long-term deposits and a daily compounded account. To augment the efficiency of the policy’s investment component, it features a special Shelter Optimizer and Account Optimizer which warrant that the policy stays exempt from taxation. To increase the speed of the creation of cash, the policy introduces so-called client bonus payments a few years into the policy.
The plan has a lot of available riders: 10 and 20-year renewable and convertible term riders, critical illness riders for both children and adults, children’s term riders, the benefit of guaranteed insurability, accidental death benefit, and a disability waiver benefit which relieves you from paying premiums in case of a disability.
On the downside, Standard Life insurance (which used to have some of the cheapest Universal Life policies out there) has been charging a lot more on the policies since 2005. Through this rate increase, the company lost the edge it had over their competitors - especially for some age categories. As one of a few insurance companies in Canada, Standard Life still offers preferred rates available on their policies, which somewhat offsets their currently higher rates overall.
For example, a 45-year-old non-smoker male applicant applying for $250~000 of Universal Life coverage will pay a minimum premium (i.e., the premium to keep the plan alive) of $211.95 per month.
Now, let’s look at Term Life:
Standard Life offers Term Life Insurance policies dubbed Term 10 and Term 20. Both policies can be bought as soon as age 18, and the client can apply for the Term 10 plan up to 70 years of age. For Term 20, the limit is 65 years of age. The policies are renewable up to age 85 and they can be converted up to age 65. The policies also let the client to add a wide selection of add-ons, as was the case with Universal Life (as described above).
The term life insurance policies are available on an individual or joint first-to-die basis.
Applicants in good health and have a good family health history can become eligible for preferred rates. If you are lucky to be in distinctly exceptional health, you may even qualify for a super-preferred rate from the company. On the downside, if you are looking to purchase a term policy with Standard Life, you best be ready to pay for a face amount of $100~000 or more. This fact may be critical for senior applicants in case they are a limited budget.
Stay tuned for more insurance company profiles, or please check out the LSM Insurance website.
The Universal Life policy:
Standard Life’s Universal Life policy is open to clients up to the age of 80. Their Universal Life policy, traded as Perspecta, has flexible premiums, multiple death benefit and cost of insurance options.
The Perspecta investment account is a well-diversified one, including the following: indexed accounts (including Strategic Asset Allocation accounts), active (managed) accounts and mutual funds, long-term deposits and a daily compounded account. To augment the efficiency of the policy’s investment component, it features a special Shelter Optimizer and Account Optimizer which warrant that the policy stays exempt from taxation. To increase the speed of the creation of cash, the policy introduces so-called client bonus payments a few years into the policy.
The plan has a lot of available riders: 10 and 20-year renewable and convertible term riders, critical illness riders for both children and adults, children’s term riders, the benefit of guaranteed insurability, accidental death benefit, and a disability waiver benefit which relieves you from paying premiums in case of a disability.
On the downside, Standard Life insurance (which used to have some of the cheapest Universal Life policies out there) has been charging a lot more on the policies since 2005. Through this rate increase, the company lost the edge it had over their competitors - especially for some age categories. As one of a few insurance companies in Canada, Standard Life still offers preferred rates available on their policies, which somewhat offsets their currently higher rates overall.
For example, a 45-year-old non-smoker male applicant applying for $250~000 of Universal Life coverage will pay a minimum premium (i.e., the premium to keep the plan alive) of $211.95 per month.
Now, let’s look at Term Life:
Standard Life offers Term Life Insurance policies dubbed Term 10 and Term 20. Both policies can be bought as soon as age 18, and the client can apply for the Term 10 plan up to 70 years of age. For Term 20, the limit is 65 years of age. The policies are renewable up to age 85 and they can be converted up to age 65. The policies also let the client to add a wide selection of add-ons, as was the case with Universal Life (as described above).
The term life insurance policies are available on an individual or joint first-to-die basis.
Applicants in good health and have a good family health history can become eligible for preferred rates. If you are lucky to be in distinctly exceptional health, you may even qualify for a super-preferred rate from the company. On the downside, if you are looking to purchase a term policy with Standard Life, you best be ready to pay for a face amount of $100~000 or more. This fact may be critical for senior applicants in case they are a limited budget.
Stay tuned for more insurance company profiles, or please check out the LSM Insurance website.
Source...