Standard Life's new plan offers financial protection from uncovered medical expenses

New to the Standard Life and Accident Insurance Company (Standard Life) portfolio is a Critical Illness product for both individual and worksite markets.

A Critical Illness plan from Standard Life is an affordable plan that offers financial protection from uncovered medical and other out-of-pocket expenses that result from an illness. The plan pays a lump sum directly to the policyholder upon diagnosis of a covered illness, and there are no coinsurance payments, deductibles or coordination of benefits. The money can be used at the sole discretion of the client; therefore, it can be used to help cover an unpaid leave of absence from work during a recovery period, or everyday expenses like mortgage, rent, groceries or car payments.

The real standout feature, however, is a unique benefit that may be a cut above waiver of premium. The Standard Life plan pays the selected benefit, plus an additional lump sum of cash to qualifying clients.

While waiver of premium is a standard feature in most critical illness policies, the client must usually be on claim or disabled to receive the benefit; in addition to the added burden of monthly proof of disability. Standard Life eliminates this hassle by automatically paying six months of premium – up front in one lump sum – to each client who qualifies for a full benefit under the policy.

Another plus for the producer is the applications that are carefully designed to streamline the process. The simplified issue application is designed specifically to allow the producer to know without the underwriting process, whether or not their client qualifies for the product. Face amounts for this plan range from $10,000 - $50,000. There is also a fully underwritten application, for clients who want more coverage, with face amounts up to $100,000.

The Critical Illness plan is among the latest in a new line of product offerings from Standard Life that raise the bar and set a new standard for the company. According to Debie Knowles, Vice President, CMO, "We're expanding and developing more products that redefine our image as a company. One thing, however, remains paramount. The needs of our producers and their clients are important to us. They demand quality products that can be used in real-life; and also fast, excellent customer service. If we've achieved this, then we've done our job."