First Cherokee State Bank

Term Life Insurace Policies - Charts

A term life insurance policy promises to pay a death benefit to a beneficiary only if the insured dies during a specified term. The contract makes no promise to pay anything if the insured lives beyond the specified term. Generally, no cash values are payable under a term life insurance contract, and the most common policies are for 10, 15, 20, 25, and 30 years. If the insured survives the specified term, the contract expires and provides no payment of any kind to the policy owner.

We believe that some of the most important characteristics to review before purchasing are:

1. Premium guarantees. Make sure that the premium illustrated is guaranteed for the entire length of the term period.

2. Conversion privileges. These are designed to allow the existing term policy to become a permanent policy, if necessary, without any new medical underwriting. There is no additional charge associated with this privilege.

3. Unique features. Items such as premium waivers in the event of disability and return of premium at the end of the term can be added with minimal cost.

All of these factors, in addition to a competitive premium, should be evaluated to determine the policy with the best value. Experience tells us that a quoted price alone should not be the sole determining factor in evaluating the term life insurance marketplace. We believe that by evaluating the items previously referenced, a pre-screening of the insurance company's medical criteria, and a review of the financial strength of the issuing insurance company will provide the best outcome for clients in need of a term policy.

The charts provide a sample of the guaranteed term rates that are available at the best underwriting classification. These rates are for individuals who medically qualify and are typically in the top 5 -7% of people applying for insurance. The APEX Underwriting Advocate will provide an informal underwriting quote from our listing of highly rated insurance companies.

Term $500,000 Male - Preferred Best Non Smoker - Guaranteed Annual Premiums

Age10 Year15 Year20 Year25 Year30 Year
40$235$255$360$575$645
45$360$487$636$900$1,010
50$518$770$975$1,375$1,566
55$870$1,154$1,505$2,480$2,365
60$1,385$1,864$2,561$4,200
65$2,438$3,418$5,020$7,515

Term $500,000 Female - Preferred Best Non Smoker - Guaranteed Annual Premiums

Age10 Year15 Year20 Year25 Year30 Year
40$208$251$311$455$532
45$313$371$491$665$790
50$438$525$705$1,010$1,075
55$654$745$1,126$1,700$1,532
60$939$1,199$1,742$2,935
65$1,509$2,080$3,189$4,940

The charts provide a sample of the guaranteed term rates that are available at the best underwriting classification. These rates are for individuals who medically qualify and are typically in the top 5 -7% of people applying for insurance. The APEX Underwriting Advocate will provide an informal underwriting quote from our listing of highly rated insurance companies.

Member FDICEqual Housing Lender