Standard Life

Let me offer you a short review of Standard Life’s insurance policies as a beginning to a short series of insurer reviews. In particular, I will talk about the company’s Term and Universal Life policies.

The Universal Life plan:
Standard Life’s Universal Life policy is accessible to insureds up to 80 years of age. Perspecta – as this planis being traded – has a plethora of nice features to offer, among which are the following: multiple death benefit, flexible monthly premiums and also cost of insurance options.

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Perspecta’s investment account is a well-diversified one, including chiefly the following: indexed accounts (including Strategic Asset Allocation accounts), active accounts and mutual funds, long-term deposits and a daily compounded account. Moreover, Perspecta includes a Shelter Optimizer and Account Optimizer, which enhance the return from premium investments by maintaining that they are exempt from taxation. The policy features client bonus payments during later policy years to further augment value accumulation.

To enhance the policy, you can choose from plenty of optional riders, such as: 10 and 20-year convertible and renewable term riders, critical illness riders for both adults and children, accidental death benefit, the benefit of guaranteed insurability, term riders for children and a disability waiver benefit which relieves the client from paying premiums in case of a disability.

Unfortunately, Standard Life insurance (which used to have industry-leading rates on their Universal Life plan) came with an increase in its rates in 2005. Through this increase, the insurer lost the edge it had over their competitors – especially for certain age categories. On the plus side, Standard Life is one of the handful companies in Canada to allow preferred rates on both their Universal and Term Life plan.

As an example, a 45-year-old non-smoking male applicant who applies 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 monthly.

Term Life:
The term life policies of Standard Life are dubbed Term 10 and Term 20. Both policies can be bought as soon as age 18, and the applicant can take on the Term 10 plan up to 70 years of age. For Term 20, the maximum starting age is 65 years of age. Both policies can be renewed up to age 85 and the client is allowed to convert them as long as they are 65 or younger. The policies also let you to add a wide selection of riders, like was the case with Universal Life (mentioned above).

The term plan’s beneficiary can be an individual, or the plan can become payable on a joint first-to-die basis.
Should you have a very good health record (backed by your family’s above-average health record), you may be awarded preferred rates. What is more, those in distinctly exceptional health can get the super-preferred rate. On the downside, if you are looking to purchase a term life plan with Standard Life, you better be able to pay for a face amount of $100~000 or more. Some groups may be repelled by this fact if affordability is a vital criterion.