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Monthly premiums are based on five factors age, health, Tobacco use, gender, and coverage amount.
There are three plans that you may qualify for depending on your health. Chesapeake Life does not have any formal
health exams, however you will have to answer health related questions as part of a "field underwriting" in the
present of your agent in order to qualify.
Level: The highest rated plan and offers an immediate full Death Benefit, that offers multiple riders
as well as the lowest premium available.
Graded: For non-accidental death, if death occurs during the first policy year the benefit is paid at
30% of the full Death Benefit. If death occurs during the second year the benefit is paid at 70% of the full Death Benefit.
The full Death Benefit will be paid for accidental death in all years.
Modified: for non-accidental death, the benefit during the first 2 policy years will be a premium
refund plus 10% interest. The full Death Benefit will be paid for accidental death in all years.
RIDERS:
- Accelerrated Death Benefit rider- This rider allows the beneficiary to receive up to 50% of the Death
Benefit if you are diagnosed as having a terminal medical condition with a life expectancy of 12 months or less.*
- Accidental Death Benefit rider- This popular low cost rider is optional and available only on Level and
Graded plans. It will pay the beneficiary DOUBLE your Death Benefit if death occurs of an accident, and it TRIPLES
your Death Benefit if the accident occurs from riding as a fare-paying passenger on a common carrier such as a commerical
airliner, train, bus, taxi, boat or ship or ferry, subway or streetcar.
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