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Life Insurance

 

What is Life Insurance?

 

Life insurance can be an effective way to protect your loved ones from financial loss following your death. In fact, it should be a part of everyone’s plan to secure peace of mind and a better future for those left behind.

 

At your death, your beneficiary will receive a lump-sum of money that can be used to pay for funeral, burial or other final expenses. It can also be used to cover any of your unpaid medical bills or other debts or financial obligations.

 

However, there is more than just debt and funerals to consider. For surviving loved ones, the life insurance benefit can also be used to meet financial needs like funding education for children or grandchildren, paying off a mortgage or to help care for dependents or loved ones with special needs. The possibilities are pretty much unlimited.

 


 

What type of Life Insurance does Standard Life offer?

 

Standard Life offers two kinds of life insurance:

 

1. Whole Life. No one intends to leave an emotional and financial burden to their family and loved ones. Whole life insurance allows you to plan and pay for your final preparations during your lifetime, instead of leaving the responsibility to your loved ones at a time when it may be stressful to make such decisions or come up with the finances.

 

2. Term Life. Term life insurance provides coverage at a fixed premium rate for a specific length of time. At the end of the term, anywhere from 1 to 30 years, the coverage at the initial premium rate may either expire or will continue at different premium rates and under new terms. Many policies will offer the option to convert the term policy to whole life insurance at some point during the term of the policy.

 


 

Why do I need Life Insurance? 

 

Social Security only pays a death benefit of $255 to qualified individuals, and yet funerals and other final preparations can cost thousand of dollars. Without insurance to cover these charges, some people could go into debt to come up with the money.

 

There are many uses for life insurance in addition to paying for final preparations. Life insurance can be used to replace lost income, especially in the death of the main wage earner. With one less income, bills and debt left behind could affect your family’s ability to maintain their standard of living. That’s why it’s important to have the right amount of coverage.

 


 

Standard Life Whole Life Insurance benefits include:

 

  • The proceeds are paid directly to your beneficiary, in most cases free of probate expense and delay.
  • Three Underwriting Classes: Standard, Substandard, and Graded Death
  • Face amounts range from $2,000 - $75,000; Graded Death $25,000
  • Maximum issue of Level Death Benefit is $50,000
  • Issue ages are18-85; Graded Death 80
  • Children Term Rider
  1. - Face amounts from $1,000 - $25,000
  2. - Issue ages 15 days - 18 years

 

Policy Form Series LDB12SL, GBL13S, CTR12SLAX may not be available in all states. Face amounts vary by age.

 


 

Standard Life Term Life Insurance benefits include:

 

  • Five Coverage Term Options:
  1. - Annual Renewable Term (ART), 10, 15, 20 and 30 years
  • Level Death Benefit up to age 951
  • Living Benefits: Critical, Chronic and Terminal Illness
  • Children’s Term Rider
  • Underwriting Classes: Preferred Plus, Preferred, Standard Plus, Standard and Substandard
  • Face amounts range from $50,000+
  • Issue ages: 18-702
  • Children Term Rider3
  1. - Face amounts from $1,000 - $25,000
  2. - Issue ages 15 days - 18 years

 

1ART has a level death benefit up to age 75.

 

2Maximum age is 65 for 15 years and ART, 60 for 20 year, 50 for 30 year.

 

3Available to Primary Insured up to age 55.

 


 

Policy Form Series ART12SLAX and Riders CTR12SLAX, ABR12SLAX CT, ABR12SLAX CH, ABR12SLAX TM may not be available in all states.

 

For more information about life insurance, please see our Life Insurance FAQ.