Protect the ones you love by making sure they will have the resources they need to carry on should the unexpected occur.
Life Insurance is a key component of any comprehensive financial plan. By including Life Insurance as part of your plan, you help to protect the economic well being of your loved ones in the event of your passing.
Why You Need It
The average cost for funeral expenses in 2012 was $7,045.1
It’s not pleasant to think about, but your death could potentially leave your family unable to meet existing and unplanned financial obligations. In addition to paying the every day bills, there may be unexpected expenses such as end of life medical care. A Life Insurance benefit can be used to:
Replace a lost income
Pay for a child’s education
Eliminate household debt
Address funeral and medical expenses
How You Get It
You can apply for up to $400,000 of coverage at any time by providing satisfactory proof of good health.
In some circumstances you may be eligible to apply for coverage with no health questions asked. These opportunities include:
Newly Hired Members
During your first 180 days of new employment you have a one-time opportunity to enroll in up to $200,000 of life insurance.
Members Who Change Districts
During your first 180 days of transferring your employment to a new district you have the opportunity to continue your coverage at its current level or you can apply for up to $200,000 of Life Insurance under the new hire opportunity described above.
Within 60 days following the date of a family status change, such as birth/adoption, marriage/domestic partnership, divorce/dissolution, loss of spousal employment, or other qualifying event, you may add or increase your coverage to up to $200,000.
Phoenix Group Holdings is in advanced talks to buy Standard Life Aberdeen Plc’s insurance unit for about 3 billion pounds ($4.2 billion), people with knowledge of the matter said, as the company seeks to bolster growth through acquisitions.
Phoenix plans to raise about 1 billion pounds of capital to help pay for the deal, which could be announced as early as Friday, the people said, asking not to be identified as the discussions are private. Standard Life is set to receive a 20 percent stake in Phoenix as part of the cash-and-share deal, the people said.
No final agreement has been reached, and the talks could still fall apart, the people said. Representatives for both firms declined to comment.
«Both sides are the winners if this deal is done on a constructive basis at the right price,» said Trevor Moss, a London-based analyst at Berenberg Bank.
Phoenix is set up to make acquisitions. And Standard Life wants to focus on asset management, so it doesn’t make sense for the company to carry legacy insurance assets, Moss said.
The companies already have a relationship after Standard Life agreed in 2014 to buy Ignis Asset Management from Phoenix, and it helps manage certain assets. The purchase of the insurance business is likely to bolster that relationship, the people said.
The discussions come after Lloyds Banking Group Plc and Standard Life ended talks over merging their insurance businesses after they disagreed over control of the combined entity, a person with knowledge of the matter said at the time.
Phoenix bought Deutsche Bank AG’s Abbey Life Assurance Co. and Axa SA’s U.K. pension and protection business in 2016 as it seeks to grow through deals. Phoenix is a Jersey, Channel Islands-based consolidator of blocks of life insurance. Companies still collect premiums and pay claims on such contracts, even if they are not issuing new policies.