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Single Premium Whole Life

 

 

Standard Life and Accident Insurance Company

 

Standard Life’s Classic Elite is a Single Premium Whole Life product designed for your client age 50 to 80 who has significant liquid assets.  The policy death benefit will pass to your client’s chosen beneficiary with no ordinary income tax and usually outside of probate1.  In most cases, the new amount passing to heirs will be more that would be available from a bank account or annuity.

 

The Living Benefit2 - The Classic Elite policy provides benefits to your client while alive by allowing access to 75% of the death benefit when the client (1) is diagnosed as terminally ill, or (2) requires permanent confinement to, or services from:

 

· a skilled nursing facility

· an intermediate care facility

· a custodial care facility

· a home health care agency; or

· an adult day care facility

 

A wealth transfer point-of sale presentation is available.  This presentation focuses your client on the concept of wealth transfer and the use of single premium whole life insurance (such as the Classic Elite) as an ideal method to accomplish wealth transfer.  A script is also available with this presentation.  This point-of-sale presentation is available to contracted Standard Life agents as a tabletop flipchart or as a powerpoint presentation to run on your computer.

 

In addition to a competitive starting commission of 18 % at all ages, Standard Life rewards their agents with one of the most generous bonus lead programs in the industry.  For every $30,000 of submitted premium for the Classic Elite Single Premium Whole Life, Standard Life will pay for a 1,000 piece lead mailing.

 

For more details on the Classic Elite and the sales support materials available, review the Classic Elite documents available for download below.

 

· Classic Elite rate book, underwriting guide and pre-calculated death benefit tables

· Sample Classic Elite short-form application

· Standard Life contracting and commission schedule

· Classic Elite state approval chart

 

 

 

1Not intended as legal or tax advice. Standard Life and Accident Insurance Company, Galveston, Texas, does not give legal or tax advice.  All information, illustrations and examples reflect our understanding of current tax laws.  We recommend that any questions of a legal or tax nature be directed to a qualified tax attorney or tax advisor.  Policy loans available up to 100% of cash value, less outstanding indebtedness and loan interest due at the next anniversary.  Variable loan interest rate.

2The Accelerated Death Benefit Rider is not approved in all states.  Where approved by the state of issue, it will be automatically included with the policy.  Please refer to the rider for contractual descriptions of benefits available.

 

 

 

 

 

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Last revised: 04/22/09