Types of Life Insurance
Please keep in mind that definitions may vary slightly from company to company and from state to state:

Term insurance
Term is the simplest form of insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy.  Premium may be guaranteed at the same rate for 10 to 30 years.  There is no cash value to this policy.

Whole Life
Similar to term, but you purchase the policy to cover your "whole life" not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer "a relatively low guaranteed rate of return," but in reality pay at a rate in excess of the guarantee.  The policy builds cash value.

Universal Life
You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build. With some policies, sometimes called Type I or Type A, the cash account goes toward the face value of the policy on the death of the policyholder. With a second variety, sometimes called Type II or Type B, the beneficiary receives the face value of the policy plus all or most of the cash account. While Type II is meant to provide a partial hedge against inflation, it demands higher premiums as you get older than Type I.  A variation of a universal policy, often called universal variable life, allows policyholders to choose investment vehicles.

Variable Life
With a variable policy, there is usually a wider selection of investment products, including stock funds. As with a universal policy, returns on investments can offset the cost of premiums or build in the account. And depending on the type of policy, the beneficiaries will either receive the face value of the policy or the face value plus all or part of the cash account.

Class or Rating Tiers
Your life insurance premiums will depend upon multiple factors such as age, sex, health, height & weight, tobacco use, lifestyle, driving record, travel, and amount of coverage to name a few.  Cincinnati Life sorts applicants into six rating classes which determine premium.

Common Insurance Riders

Accelerated Benefit Rider provides advanced partial payment of death benefit if insured is diagnosed with a terminal illness that will result in death in less than 12 months.  Available upon request at no charge.

Children’s Term Rider is available for primary insured’s present or future children, step-child or legally adopted child until the policy anniversary nearest each child’s 25th birthday, and is available for ten thousand ($10,000), or twenty thousand ($20,000) dollars worth of coverage.

Payment Mode
Payments made other than annually will incur an increase due to the additional cost of collecting periodic premiums. 

Semi-Annual                     51.5%
Quarterly                          26.5%
Monthly EFT                     8.8%