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. Now, let me examine Standard Life’s Term and Universal Life plans.
The Universal Life policy:
You may apply for the Universal Life up to your 81st birthday. Perspecta - as this policyis being traded - has several nice things to offer, including multiple death benefit, flexible monthly premiums as well as cost of insurance options.
The Perspecta investment accounts include the following: managed accounts, indexed accounts (including Strategic Asset Allocation accounts), term deposits, and one daily interest account. What is more, Perspecta has a Shelter Optimizer and Account Optimizer, which maximize the return from premium investments by maintaining their tax-exempt status. The policy features client bonus payments in later policy years to further enhance value accumulation.
Applicants can add the following add-ons (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 and a 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 plans out there) came with an increase in its pricing in 2005. Now, some age groups will be forced to switch to other insurance providers because of this increase. On the plus side, Standard Life is one of the handful companies in Canada to offer preferred rates on both their Term and Universal Life policy.
As an illustration, a 45-year-old non-smoking male will sign up to $211.95 monthly at least, as this is the minimum payment that keeps the policy alive.
Standard Life offers two term life policies in its portfolio - Term 10 and Term 20. You can sign up for the Term 10 policy at any time between age 18 and 70, Term 20 ends at 65. The plans are renewable to age 85 and they can be converted up to age 65. The Term policies also offer many different riders which are like those coming with the Universal Life policy.
The 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 have a good family health history may be able to qualify for a preferred rate. As a bonus, if you are extremely healthy, you might qualify for a super preferred rate! On the downside, these term life plans are not available at face amounts under $100~000. This can prove crucial for senior applicants in case they are a constrained budget.