Standard Life and Accident Launches New Group Term Life Product

LEAGUE CITY, Texas, March 27, 2014 /PRNewswire/ -- Responding to the needs of the more than 62% of Americans who prefer to purchase life insurance through their place of employment¹, Standard Life and Accident Insurance Company (Standard Life) has launched its newest product, Group Term Life Insurance aimed at smaller companies with as few as 10 employees.

With cost and ease of understanding the product being deciding factors for most non-buyers of life insurance², Standard Life looks to bridge the gap by offering a term life product with affordable premium in an uncomplicated worksite format. In order to best accommodate the budget structures of both employers and their employees, our plans are available in both Voluntary and Basic. Basic plans are 100% employer paid while offering employees the option to purchase additional coverage. The two plan structures further benefit employers by affording them the option to determine the level of cost sharing that is right for their company.

In addition to competitive rates, Standard Life Group Term Insurance offers:

• Coverage from $10,000 – $250,000
• Guaranteed and simplified issue
• Coverage for spouse and children
• Terminal illness accelerated death benefit rider included at no additional cost in base benefits
• 2 convenient optional riders: Accidental Death, Dismemberment and Paralysis, Waiver of Premium
• Portability available on Voluntary coverage

According to Debie Knowles, Vice President, Marketing "in an age where most Americans believe in the importance of life insurance, but nearly 40% have not purchased it³, Standard Life wants to make purchasing life insurance as affordable and uncomplicated as possible. We have two goals: to bring product awareness to those who may have misconceptions about the need and affordability of the product, and to meet the needs of both employer and their employees by making this most important form of protection accessible to everyone."   

Contact

To learn more about group term life plans from Standard Life and Accident Insurance Company, please contact Debie Knowles, Vice President, Marketing at [email protected] or call 888-290-1085.

1. Life insurance – an integral part of every benefits program. http://www.lifebenefits.com.
2. To Buy or Not to Buy Life Insurance: Buyer and Nonbuyer Differences, LIMRA, 2011
3. LIMRA's Life Insurance Barometer Study 2013 http://www.lifehealthpro.com/2013/08/30/the-shocking-statistics-behind-the-life-insurance?page=2, The shocking statistics behind the life insurance coverage gap

*Policy Form SLA-GTL12-P, SLA-GVTL12-P and Riders SLA-ADB12-R, SLA-ADBTI12-R, SLA-WAIV12-R(GTL) may not be available in all states.

SOURCE Standard Life and Accident Insurance Company