So I’ve had feelers put out to me about possibly having input on a custom term policy developed by an insurer. My suggestions will be related to ‘value’ for policyowners rather than strictly price. Any thoughts on options/changes/additions to a term policy that will provide value to consumers without being overly impactful on premiums?

My initial thoughts are:

  • Small amount of Accidental Death.
  • Small amount of coverage for all children 21 days -18 years (like say $3K).
  • Best Doctors or some variant (Best Doctors provides a professional level database of medical .conditions and treatment, as well as offering professional second opinions on treatments).
  • Free templated will kits.

I’d love to hear what other’s thoughts and experiences are.

Built in rate reduction for improved health explained at quote. This is why you have this rate if you do these things this is what your rate will be.

If all the insureds can, and do, make the changes to their lives, that’s a win. But I’m not sure I’d like to hang on to the residual business if the healthy lives are actively being encouraged to go to a lower rate and the other ones stay behind.

automatic increase in deductible based on claim history


I don’t know what kind of features they already have, but in my opinion a repatriation benefit is really useful. It’s pretty low cost because it doesn’t get triggered very often, but when it’s needed it’s really helpful. Not just for the expense, but also the administration. Having someone handling it that knows what to do is valuable in and of itself. The insurer paying is icing on the cake, IMO.

Ok, icing on a crap cake of losing your loved one, granted.

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I know less about evacuation benefits but I’m guessing those also have low frequency but are quite useful when you need them. Not least because someone who knows what they’re doing will take care of things.