Now is the right time to take control of your future. An Informative Brochure by Standard Life and Accident Insurance Company PB-PORT02R07

Transcription

1 Now is the right time to take control of your future. An Informative Brochure by Standard Life and Accident Insurance Company PB-PORT02R07

2 Plan Well, Live Well, Retire Well Standard Life and Accident Insurance Company (Standard Life) has always worked diligently to maintain a strong financial rating and provide solid products that meet a vast array of insurance needs. Our products are sold by caring professionals with a strong commitment to service, who understand the needs and aspirations of our policyholders. Whether your goal is a comfortable retirement, preparation for final expense or the assurance that out-of-pocket medical expenses will be covered, you can be certain that Standard Life has the right product to fit your individual needs.

3 Life Insurance What is life insurance and why do I need it? Life insurance is an important financial tool that should be a part of everyone s plan to protect against financial loss in the event of death. In exchange for payment of premiums, an insurance company agrees to pay your beneficiary an amount of money based on the death benefit of your policy. There are many good reasons to purchase life insurance and the type of coverage you need depends on the amount needed to cover both anticipated and unanticipated expenses for your family and loved ones. Life Insurance can be used to pay funeral expenses, replace lost income, pay off debts or loans, create a fund for your children s or grandchildren s education, or care for dependents or loved ones with special needs. Final Expense Whole Life At Standard Life we believe that now is the right time to begin planning for the protection of your family s financial future, and we have developed our Final Expense Whole Life Insurance with your needs in mind. With a Final Expense policy from Standard Life, you and your family will have the security of immediate coverage, and the proceeds can be paid directly to your beneficiary, in most cases free of probate expense and delay. Since Social Security only pays a death benefit of $255*, which falls far short of the actual cost of basic funeral expenses, our Final Expense product can be used to ease the financial burdens involved in paying for a costly funeral. As long as your policy remains in force, Standard Life cannot cancel your policy, reduce your benefits or increase your premium at any time. Everyone plans for the future, but few plan for death and its effect on those left behind. For security and peace of mind, a Final Expense Whole Life policy from Standard Life is a smart, responsible addition to any financial portfolio. *Social Security Online, < (28 November 2006). Policy Form Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent. Juvenile Life At Standard Life, we know that a Juvenile Life policy is an easy and affordable way to ensure that your child or a younger family member has life insurance available to them later in life. Our Juvenile Life plan allows you to take advantage of the very attractive life insurance rates available to young people and guarantees life-long permanent insurance protection regardless of future health conditions. Key features include level lifetime protection for all qualifying individuals ages 0 through 25, low annual premiums and guaranteed cash values after age 30. It is never too early to provide financial protection for a loved one. Consider a Standard Life Juvenile Life policy for protection that can last a life time. Policy Form Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent.

4 Single Premium Whole life The Standard Life Single Premium Whole Life product has the desirable features of whole life insurance such as guaranteed cash values, guaranteed face amount and a tax-favored death benefit; plus living benefits for the insured. For a minimum single premium payment of $5,000, your beneficiaries can receive a legacy free from ordinary income tax and avoid the inconvenience of probate. Policy loans* are available to cover unexpected needs and the policy matures at the insured s age 121 eliminating any worry about outliving your insurance. In the event of confinement to an eligible extended care facility, your policy can provide you with a portion of the contract s death benefit as a living benefit. Our Single Premium Whole Life product also guarantees cash values throughout the life of the policy. It is nice to know that in the uncertainties of everyday living, some things do come with a guarantee. *Proceeds at death will be reduced by the amount of policy debt. Policy Form Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent. Single Premium Universal Life When planning for retirement it is important to consider products that help manage risks, protect your income, savings and estate, as well as future transferable assets to loved ones. It is equally important to consider the financial effects of possible health changes, which could result in the need for some form of extended care. The Standard Life Single Premium Universal Life product has accelerated death benefits should you require the services of a convalescent care facility or become terminally ill. In such events, the policy will provide you with 100% of the policy death benefit paid in four equal installments, one every six months over two years. Our Single Premium Universal Life product is also designed with a tax-free death benefit to seamlessly allow for the transfer of assets to your loved ones and heirs. Your beneficiaries receive a legacy free from federal income tax and the inconvenience of probate. 1, 3 The policy also has a 100% Money Back Guarantee. At any time you may surrender your policy and receive the greater of your entire initial premium or the policy surrender value. 2 Protecting the financial future of your loved ones is one of the most important things you will ever do. Purchasing a life insurance product ensures that protection with a company you can rely on. 1 Standard Life and Accident Insurance Company and its representatives do not give legal, accounting or tax advice. If you need such advice, consult your attorney, accountant or personal tax advisor. 2 Provided that you did not take any loans or accelerated death benefits from the policy during your lifetime. 3 Under federal law, proceeds are generally held to be tax free. Policy Form Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent.

5 Supplemental Health Insurance What is Supplemental Health Insurance and why do I need it? Supplemental Health Insurance policies are purchased in addition to your primary health insurance. They are designed to help alleviate the burden of unforeseen out-of-pocket medical and non-medical expenses not covered by your primary insurance. They pay a cash benefit to the insured or someone designated by the insured, and may mean the difference between a comfortable financial future and many years of debt due to health care costs. Some supplemental health insurance policies provide coverage for specific events or diseases such as cancer, accidental death, dismemberment, or confinement to a hospital. At Standard Life we have affordable plans to help manage your health care costs and ensure that you and your family are provided with appropriate health coverage. Supplemental Cancer Insurance What is Supplemental Cancer Insurance and why do I need it? Supplemental Cancer Insurance is disease specific insurance designed to help offset the cost of certain expenses not covered under your major medical insurance plan. Each year cancer affects the lives of more and more people and the figures are staggering. The American Cancer Society predicts that over 1,444,290 new cancer cases will be diagnosed in As the number of people afflicted with cancer continues to rise, so does the cost of care and treatment for the disease. The American Cancer Society also estimated the overall cost for cancer treatment in the year 2006 was $263.3 billion. 1 Sadly, in the year 2004, an estimated 16 million people, roughly 6% of those suffering with the disease, were unable to receive treatment due to lack of health insurance and other barriers. 1 Supplemental Cancer Insurance from Standard Life helps to cover many treatment related expenses such as deductibles and co-payments, the cost of transportation for the patient and family members, hotel expenses during treatment, as well as certain normal, incidental, day-to-day living expenses that we often take for granted until there is a loss of income. Recent studies indicate that reducing worry and stress have been shown to reduce the negative effects of cancer. 2 At Standard Life we want to help ease the stress of financial burdens associated with treatment so you can concentrate on winning the battle against cancer. 1 American Cancer Society, Cancer Facts and Figures M. D. Anderson News Release, 07/23/06 Policy Forms 2083, Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent.

6 Hospital Indemnity Insurance What is Hospital Indemnity Insurance and why do I need it? If you have ever seen an itemized hospital bill you know how expensive hospital stays can be. From the fees of the doctors and specialists to the charges for individual aspirin, the cost of any item not covered by your insurance becomes a rapidly mounting financial responsibility. In some cases, hospital bills can take years to pay off. Hospital Indemnity Insurance is designed to assist with certain medical expenses and supplement many of the out-of-pocket expenses not covered by your primary health insurance such as coinsurance, deductibles, private room charges, in-room TV, expenses for travel and lodging, childcare, cell phones and other incidental expenses. At Standard Life we understand that hospitalization is stressful enough without the worry over payment. Our Hospital Indemnity Plan is designed to help alleviate some of the financial impact hospitalization and unforeseen expenses may bring. The plan pays you or the hospital* if you assigned benefits, a stipulated daily benefit during a covered hospital confinement in addition to any payment made by your primary insurance plan. You have the freedom to choose the benefit amount that best suits your situation and, spend the payment anyway you see fit offset unreimbursed medical bills, pay for non-medical expenses associated with hospitalization, or supplement daily living expenses. Don t let unforeseen expenses associated with hospitalization impair you or your family s financial future. For added protection tomorrow, consider a Standard Life Hospital Indemnity Plan today. *Hospital does not include certain facilities such as nursing homes, convalescent homes or extended care facilities. Policy Form Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent. Accidental Death & Dismemberment Insurance What is Accidental Death & Dismemberment insurance and why do I need it? Accidental Death & Dismemberment Insurance pays a cash benefit when you sustain bodily injuries, such as the loss of a limb or eyesight, or lose your life through external or accidental means. Statistics show that every year accidents claim thousands of lives, and the cost of accident-related expenses can range in the billions.* Unfortunately, many accident-related expenses may not be covered by a person s primary medical insurance such as advanced rehabilitative and physical therapies, and other non-medical expenses including normal living expenses, deductibles and copays. Some people are forced to dip into their life savings or dispose of assets to cover the costs. At Standard Life our goal is to help you prepare for the unexpected. Our Accidental Death & Dismemberment Insurance is specifically designed to protect you and your family, and provide benefits when the unexpected occurs. *Source: National Highway Traffic Safety Administration, Policy Form Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent.

7 Medicare Supplement Insurance What is a Medicare Supplement Insurance Policy and why do I need it? While Medicare provides a vital service to millions of senior citizens, assuring them a broad range of health care services, many medical costs are not covered by Medicare and become the personal financial responsibility of the individual. For many seniors, the unanticipated out-of-pocket expenses due to medical treatment or hospitalization could prove to be a tremendous financial hardship. For over 35 years, Standard Life has helped senior citizens cover expenses left by traditional Medicare coverage. Our policies, both traditional and SELECT (network restrictions apply), include features policyholders want in a Medicare Supplement plan, and Standard Life cannot cancel your policy regardless of any changes in your health or the number of times you are hospitalized. The plans pay regardless of any other insurance you may have, and the traditional plans cover health conditions immediately with no exclusion for pre-existing* conditions. Some plans cover Part A and Part B deductibles and coinsurance amounts for skilled nursing care confinement in a Medicare-approved facility. These are extremely important benefits for any senior citizen. Plan E even pays a per year benefit for items Medicare may not cover such as a physical examination, cholesterol screening, hearing or diabetes tests. With a Medicare Supplement insurance policy from Standard Life, you can help protect yourself from unexpected medical cost. *For example, if you choose the Medicare SELECT option, a pre-existing condition is a health condition for which you have received treatment or sought medical advice within 90 days prior to the effective date of coverage. Policy Forms Series 124, 125, 126, 128, 129, 130, 131. Not all plans, including SELECT, are available in all states. The policy has exclusions and limitations. For costs and details, call your agent. Standard Life is not connected with or endorsed by the U.S. Government or the Federal Medicare Program. The purpose of this brochure is solicitation of insurance. You may be contacted by Standard Life or one of our agents.... features policyholders want in a Medicare Supplement plan...

8 ... protect your life savings and investments... Recovery Care Insurance What is Recovery Care Insurance and is it important? Recovery Care insurance is short-term nursing facility insurance. It provides coverage for temporary confinement situations, less than one year, due to illness or injury in a short-term care facility such as a nursing home or an assisted living facility. As we already know, the cost of medical care is expensive. While you may never require long-term confinement in a skilled nursing facility, the impact of even a short-term stay for recuperation or rehabilitation can have a detrimental effect on your finances. Depending on where you live, a one year stay in a nursing home could range from $36,850 to $112,400.* If you do not qualify for Medicaid and are not covered by some type of insurance, you will have to pay out-of-pocket cost. At Standard Life, we have developed Recovery Care insurance to protect your life savings and investments from the financial impact of short-term care confinement. You select the daily benefit and the benefit period to help pay the expenses incurred during skilled, intermediate or custodial care in a nursing facility. You can also receive a portion of your selected daily benefit to help cover expenses for a short-term stay in an assisted living facility. Recovery Care insurance from Standard Life can give you assurance that an unforeseen temporary confinement will not undo a lifetime of hard work, planning and saving. *Insurance Information Institute, < (15 March 2007). Policy Forms 2087, Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent.

9 Annuities What is an Annuity and what can it do for me? An annuity is a long-term, interest-paying contract that is offered through an insurance company or financial institution. There are several types of annuities with varying structures and interest rates, and the type of annuity you purchase will depend on your long-term financial goals. An annuity can also be an important part of a financial portfolio as a complement to your life insurance policy. While life insurance protects you and your loved ones in the event of death, an annuity provides funds over the long-term for a comfortable retirement in the event of longevity. At Standard Life we know that retiring well means planning well, and an annuity from Standard Life can be the cornerstone of smart retirement planning. Our annuities allow all of your money to work for you all of the time. They provide interest accumulation, guaranteed annuity income rates, freedom from the inconvenience of probate and are tax deferred. 1 With the advantage of tax deferral, you do not pay income taxes until withdrawal. 2 All of your earnings are put back into the annuity, and your money has the opportunity to grow faster. Standard Life offers three types of annuities to fit your budget and lifestyle: Multi-Year Guarantee Annuities, Flexible Premium Annuities, and Fixed Indexed Annuities. An annuity from Standard Life can be the cornerstone of smart retirement planning.

10 Flexible Premium Annuity The Flexible Premium Annuity from Standard Life offers the exciting benefits of tax advantages, liquidity, lifetime income and the convenience of checkbook access to your policy s values after the first year. You can choose from five different annuities, each offering a different first-year interest rate. After the first year, your annuity s value will earn a market rate of interest, with a guaranteed minimum set in your policy at issue. Multi-Year Guarantee Annuity Our Multi-Year Guarantee Annuity is a serious money plan that offers six different guarantee periods 5, 6, 7, 8, 9 or 10 year allowing you to lock in a competitive fixed rate for the period of time that fits your needs. Fixed Index Annuity 3 Designed specifically to address the concerns of individuals desiring a potentially higher earning vehicle with no risk to principal, Standard Life s Indexed Annuity has potential as a solid growth option for those ready to explore the upside potential on the performance of a market index. Standard Life guarantees the safety of the premium you keep in your account. Few products on the market can compare with the flexibility, security and growth potential of this product. For safety of principal in a potentially high earning vehicle, the Standard Life Indexed Annuity may be the right product for you. 1 Consult your tax advisor to confirm your state s tax laws. As long as the owner s estate is not the beneficiary, the proceeds are generally not subject to the inconvenience of probate. 2 Withdrawals of earnings are generally subject to income tax. For withdrawals prior to age 59½, a 10% federal tax penalty may apply. Withdrawals from the annuity will affect both the contract value and the death benefit. Special rules may apply to policies purchased as a tax qualified IRA, TSA, SEP or as a part of another qualified retirement plan. 3 Purchase of this annuity does not buy an ownership interest in any stock or index. Interest earnings are paid at a rate that is related to the performance of the S&P 500 Index. The S&P 500 Index does not reflect dividends paid on the stocks underlying the index. Past performance of the Index is no guarantee of future results. If the Index loses value over the indexing term, interest will not be received except as provided under the contract s minimum guaranteed surrender value provision. Indexed Interest-Interest will only be credited to the annuity at the end of the term period. Policy Forms 2012, 2013, 2020, 2021, 2030, 2031, 2035, Not available in all states. The policy has exclusions and limitations. For costs and details, call your agent.

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12 Now is the right time to take control of your future.

13 Visit our web site at ST-1087 R0107