What to Know about Life Insurance


Kentucky Life Insurance Facts

Life insurance can help you protect the people you care about most by providing them with a financial safety net when you are no longer around. It is never too early to start thinking about buying a policy. The younger and healthier you are when you purchase your policy, the less your coverage will cost you. There are many different kinds of policies available for you to choose from, so you can buy the type of life insurance coverage that offers the best fit for your life and financial situation.

More Kentucky Life Insurance Facts

  • Kentucky has the 6th lowest life expectancy in the US at 75.8 years.
  • The 5 leading causes of death in KY are heart disease, cancer, chronic lower respiratory disease, accidents, and stroke.
  • Kentucky has the highest cancer mortality rate in the US and the 17th highest rate of firearm deaths.
  • In Kentucky, the average amount of coverage per life insurance policy is $68,000.

Average Cost of Life Insurance in Kentucky

Many factors go into calculating insurance costs. Prices can be influenced by the type of policy you are buying and the amount of coverage you want. Other factors that can affect rates are your age, weight, occupation, health history, and family health history. Also, if you smoke cigarettes or use tobacco products, your premium rates can be as much as 300% higher than if you don’t. An independent insurance agent can help you decide what type of life insurance policy is right for you and can assist you with finding a competitively priced policy that meets your coverage needs.

Cost of Life Insurance in Kentucky: Term vs. Whole Life Insurance

Why Choose an Independent Insurance Agent?

  • Independent insurance agents live and work in your community.
  • These agents can shop around to help you find the best policies.
  • Your agent can provide one-stop shopping for all your insurance needs.

Find an Independent Insurance Agent

TrustedChoice.com was first place we decided to check for insurance. We've used them in the past, and they have always been reliable. Our Agent got us the coverage we needed and he was able to deliver the quote in a timely manner.

five star review Candice of Somerset, KY Consumer Affairs

What Are the Different Types of Life Insurance Policies?

When you are ready to purchase a life insurance policy, you will discover that there a different types of coverage available to you. Each has its own advantages and disadvantages, so when deciding which to purchase, you have to weigh how well each policy fits your particular life situation. The main policy types you will encounter are:

  1. Term life insurance: This type of policy is in effect only for a certain length of time, or term. You can typically purchase anywhere from a 5-year to a 15-year term. Pros: These policies cost a lot less than permanent insurance so you can get a lot of coverage at a  low price. Cons: These policies eventually expire, and at that point, it may be difficult to get a new policy.
  2. Whole life insurance: This type of policy is permanent. Pros: You can lock in a low rate for life by buying in while young. These policies also have cash value, so you can use them as an investment and you can borrow against them if you are experiencing financial difficulties. Cons: These policies cost a lot more than term life insurance policies.
  3. Universal life insurance: Also called “adjustable life insurance,” this type of policy is permanent. Pros: The policies are flexible and allow you to increase or lower your death benefit and premiums at any time. Cons: The growth of the cash value of your investment is dependent on interest rates. Also, you may pay a surrender charge if you withdraw from its cash value.

In addition to the policy types listed above, there are other, more specialized policies. You can purchase a life insurance policy that covers only against accidental death, or you can opt for a policy that provides coverage right away if you are diagnosed with a terminal illness. An independent agent can help you review all of your options so that you can choose the policy type that is right for you.

Top Insurance Companies that Support Independent Agents in Kentucky

There are currently 331 independent insurance agencies in Kentucky that are ready to help you find the best life insurance policy to meet your personal and financial needs.  Your agent can contact several different insurance providers on your behalf to help you find a competitively priced policy that is well-suited to your life and family circumstances. Talk to an agent near you to start comparing customized life insurance quotes.

Why go Independent

Why Go Independent When Looking for Life Insurance?

  • One call, multiple quotes
  • Pay less for more coverage
  • Expertise in your community