Standard Life and Accident Finds New Niche in Critical Illness Plans for Small Groups
LEAGUE CITY, Texas, Nov. 12, 2012 /PRNewswire/ -- Standard Life and Accident Insurance Company (Standard Life), a leading provider of medicare supplement and voluntary benefits insurance, introduces critical illness plans for groups ranging from a minimum of 2 lives to 1000+ .
According to Debie Knowles, Vice President, CMO of Standard Life and Accident Insurance Company, while critical illness insurance is becoming more of a household name to both the general public and the insurance industry, and is now being offered by more carriers, Standard Life distinguishes itself by extending coverage to small groups. "Yes, we love the 'little guy'. Sadly, in the voluntary benefits market, groups of less than hundreds of lives are often seen as not being large enough to be profitable." To the contrary, Standard Life has specifically developed its product to fit a range of group sizes and budgets.
Small businesses have the same concerns as large companies, among them is the ability to provide health insurance to their employees. Critical illness plans can alleviate some of the concern since they can be offered as voluntary benefits at little to no cost to the employer. For employees of small companies who may not have paid vacation or sick days, critical illness insurance offers a financial cushion in the event of an illness that prevents them from working. And with 61% of workers living paycheck-to-paycheck*, leaving them unprepared financially for a serious medical problem, clearly there is a need for the product.
Agents who may be concerned about the future of selling health products due to carriers that are redefining or downsizing their health product offerings, will find that adding Standard Life critical illness plans to their portfolio, and including or transitioning to the voluntary benefits market, can increase profitability by appealing to a wider range of prospective new clients.
About Standard Life and Accident Insurance Company
Standard Life, a prominent force in the insurance business for over 70 years, has built its reputation on the quality of its products and excellent customer support. Rated A (Excellent) by A.M. Best Company, and A- (Strong) by Standard and Poor's.
* "Majority of US Workers Live Paycheck-to-Paycheck", http://www.marketingcharts.com/topics/behavioral-marketing/majority-of-us-workers-live-paycheck-to-paycheck-10452/
SOURCE Standard Life and Accident Insurance Company