As part of my short series on Canadian insurers, I am going to present to you Standard Life offer today. Let's dive into Standard Life's Term and Universal Life plans.
Universal Life:
Clients up to 80 years of age are eligible for Standard Life's Universal Life. Their Universal Life policy, dubbed Perspecta, offers flexible premiums, multiple death benefits and range of pricing options.
The policy's portfolio includes a cocktail of actively managed and unmanaged (indexed) accounts, long-term deposit accounts and one daily interest account. The Perspecta plan also includes a Shelter Optimizer and Account Optimizer which are designed to maximize the investment component of the policy, ensuring the policy retains its tax-exempt status. If you have had this policy for a while, so-called client bonus payments will apply to it, which is another way to augment the creation of cash.
Applicants can add the following (and more!) to the policy:
- 10 and 20-year term riders which are renewable and convertible
- children's term riders
- critical illness riders for adults, as well as children
- accidental death benefit
- guaranteed insurability benefit
- benefit which relieves you from paying premiums in case of a disability
To be fair, Standard Life (which used to have industry-leading rates on their Universal Life policy) came with a rate increase back in 2005. Because of that, particular age groups will be prompted to turn to other providers because of this increase. This, however, is offset by their preferred rates, available to clients with exceptional personal and family health history.
As an example, a 45-year-old non-smoker male applicant applying for $250,000 of Universal Life coverage is going to pay a minimum premium (i.e., the premium to keep the plan alive) of $211.95 per month.
Term Life plans:
The term insurance policies of Standard Life are dubbed Term 10 and Term 20. 18- to 70-year-old applicants can sign up for the Term 10 policy, whereas the Term 20 policy is available only until age 65. The plans are renewable up to age 85, but the insured can convert them only up to age 65. Similar to the Universal Life policy, the Term plans allow the clients to add a variety of additional riders.
A prospective applicant can also decide to sign up for an individual or first-to-die benefit (e.g. with a spouse).
Those in good health and with a good family health history may qualify for preferred rates. As a bonus, if your health happens to be superb, you could be eligible for a super-preferred rate. If you are inclined to reach for these juicy benefits, you should be aware that $100,000 is the minimum face amount you can purchase. If you do not have enough spare income, this fact may become a significant issue.
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