Frequently Asked Questions
How much does Life Insurance Cost?
If you are under 60, you can get an instant quote and apply for coverage that can start right away. Give it a try!
The true answer is... It depends on personal factors, the product, and the company.
Here are the major factors:
Your particulars: Age, gender, health history and current medical status, build, family history, and lifestyle factors such as smoking or high risk hobbies (ex. Scuba diving, rock climbing, private aviation, skydiving, etc.).
The plan: The amount of insurance coverage, whether you add certain features ("riders"), and the type of policy are all important price factors.
The main types of insurance are are term (lower cost, less complicated) and permanent (more flexibility, unique advantages). When you purchase a term life insurance policy, the insurance company has agreed to keep you insured for the length of your policy no matter what happens with your health without raising the price (assuming you keep up your payments).
So, a 10-year term is a 10-year commitment on their part, and a company will charge less than they would for a 20 or 30-year term. And, of course, a permanent policy would cost even more. (Though there are other reasons to purchase permanent insurance, including the opportunity to build cash value over time)
The company: All companies agree that they are taking a greater risk by insuring people who are older, have health issues, are smokers, etc. They all agree that they need to charge more for people that they consider to be riskier.
However, when assessing how much risk there is (and thus, how much more it will cost) companies can be quite different. Someone can apply for the same type of plan from multiple companies and be charged much differently based on how they are assessed (this is measured through a process called "underwriting").
Fortunately, you don't need to go through the application process to find out how a company is likely to assess you. We get opinions from companies ahead of time by providing an anonymous profile with your specifics and get an idea of how much insurance will cost you. This is particularly useful for screening certain medical conditions or when there are multiple things to consider.
For example, some companies consider infrequent marijuana use to be uninsurable, others charge smoker rates, and a few don't increase rates at all.
We will work with you to help you make sure you have the coverage you need without overspending.
What if I have questions about Medicare?
The HIQS Group regularly provides Medicare guidance to people who have questions about their policies. If you're approaching 65 years of age or already have Medicare coverage, just give us a call. We'll be happy to explain everything so you can get the most out of your benefits.
What are Full Dental Plans?
- They reimburse you or the dental provider for the actual dental costs.
- They give you negotiated AND discounted prices if you use network providers.
- If all your providers are “In-Network” purchase the “Dental Value” plan.
- Be aware of waiting periods before certain procedures are covered.
- Vision coverage can be added at a favorable rate.
Do you provide Insurance Policies outside of Connecticut?
Our team absolutely provides many different insurance policies outside of Connecticut!
(Stay tuned- more FAQs to come)