Standard Life and Accident Insurance Company (Standard Life), a leading provider of Medicare supplement and voluntary benefits insurance, now offers limited medical plans to provide health coverage for individuals, families and small business owners – market segments that may be without the benefit of employer sponsored major medical insurance.
While there is still much uncertainty about the full effects of PPACA on the health insurance industry, there is currently a broad window of opportunity for agents to provide affordable coverage to these underserved markets. For example, in 2011, 48.6 million Americans were uninsured1, and according to a recent report, of the 42% of Americans that have some type of financial plan in place for emergencies, 22% say that health insurance is not a part of their plan.2
In addition, because many carriers are redefining or downsizing their health product offerings, agents who may be concerned about the future of selling health products will find that adding Standard Life limited medical plans to their portfolio can increase profitability by appealing to a range of prospective new clients, and may also be a good fit for many existing ones.
Standard Life offers five plan levels that combine a core package of inpatient and outpatient benefits for common occurrences including doctor/wellness visits, daily hospital room, surgery, diagnostic and ambulance service. The plans pay limited, cash benefits for accidental death, fracture, burn and critical illness, and there are no deductibles.
The underwriting is simplified and applications may be submitted by phone, fax or online through Standard Life's convenient, new Scanit portal which allows applications to be downloaded, filled out, scanned and submitted electronically – directly to underwriting. Scanit provides a faster and more efficient way to process applications resulting in faster commission payments.
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