What is Term Insurance – Term Insurance insurers the life of the insured when premiums are paid for a set term and fixed coverage.
Term Insurance is the simplest form of Life Insurance, premium is usually the lowest amongst all forms of insurance and remains fixed for the duration of the policy.

Why Term policies are so cheap – Term policies will insure only the policyholder, so all risk calculations are made based on the sex, age and other health factors like Smoking, Weight, BMI. Life expectancy is increasing every year and that in turn is driving down the risk Insurers face. Lower the risk, lower the premium.
Reach out to us to get the lowest premium policy. We compare quotes across multiple carriers. Contact us.

Medical Tests – Medical Tests for Term Policies are not required by all Insurers and it largely depends on the policyholders risk factors like Smoking, BMI and also on the benefits of the policy. Recently, some insurers use any prior medical tests/ doctors report to determine if further tests are required.

Living Benefits – Some carriers we work with like Nationwide, CoreBridge, Ethos offer living benefits for Term Policies. A portion of the death benefit can be accessed for certain conditions. These are –
Chronic Illness Rider – This benefit is paid out if the Policyholder is diagnosed with severe cognitive impairment requiring substantial supervision that is expected to be needed for the rest of the insured’s life OR
Inability to perform 2 out of the 6 activities of daily living (ADLs) without substantial assistance that is expected to be needed for the rest of the insured’s life.
Critical Illness Rider – The policyholder can claim benefits under this rider upon being diagnosed with any of the following Sudden cardiac arrest, Cancer, Heart Attack, Heart Valve Replacement, Kidney Failure, Major Organ transplant, Paralysis, Stroke, Sudden Cardiac arrest.
Terminal Illness Rider – Terminal illness with a life expectancy of 12 months or less.

Conversion to whole life – Some carriers offer conversion of the Term Policy to a whole life policy within certain duration and age. This is especially useful if the policyholder wants to extend coverage but does not want to undergo any medical tests at the end of the Term Coverage.

How much coverage is needed – The recommendation is to get coverage equal to 10 to 15 times of Annual Salary. However, there are other factors like Mortgage, dependents, Years before retirement and so on. Reach out to us so that we can guide you to get the best level of coverage for your needs, nothing excess nothing short.

What is the typical cost of Term Life Insurance – Here are sample premiums from a major Insurance carrier for the state of KY –

*Premiums are for Non Smoking, Preferred Plus category. Coverage of $1 million, 20 year term. Premiums are based on monthly payment plan, Annual premiums are lower.
Reach out to us to get a customized quote – Contact Us.