Standard Life Term 10 and Term 20 Life Insurance Solutions

Posted on November 17, 2011 and updated December 12, 2019 in Canadian Life Insurance Companies, Insurance Types, Life Insurance Canada News, Standard Life Assurance Company, Term Insurance 2 min read

(Effective January 1, 2012, Standard Life will no longer sell individual life insurance and critical illness policies).

Standard Life offers Term 20 and Term 10 life insurance solutions.

The plans are renewable to age 85 and convertible to a Standard Life permanent policy — both without a medical. The conversion feature is a valuable option to applicants whose health may have changed within the term of the policy because it allows the applicant to obtain his or her original policy classification, regardless of his or her health at the time of conversion, without further medical evidence.

For example, an applicant who applied while she was in good health and subsequently developed diabetes would be able to convert her coverage at the same rates she had during his or her first application, when she had perfect health.

The following is an example of $1 million in Term Life coverage at standard rates for a 40-year-old, male non-smoker:

The annual premium for $1 million of Term 10 coverage with Standard Life is $795 per year.

$1 million of Term 20 coverage from the company costs $1,375 per year.

For more details on life insurance in Canada, please contact us at 1-866-899-4849 or visit our Term Life Insurance Instant Quote Page.