Connecticut is a great place to live. Your home or business and everyone you love may be here. If a disaster or illness strikes, do your loved ones have protection in the event you are no longer there to care for them? Finding the right life insurance policy can be a complex and time consuming effort. Before you search for quotes on life insurance, however, it's a good idea to familiarize yourself with the various options available.
The good news is that Connecticut residents tend to live much longer than most Americans do:
Are you married? Do you have children? Do you own your own business, and therefore have many people relying on you? Do you care for your aging parents?
Regardless of your circumstances, chances are there are several people in your life who depend on you. Life insurance can be there for them when you no longer can be.
With the average cost of funerals these days quickly approaching, and sometimes exceeding, $10,000, a sudden death can set surviving family members back financially in significant ways.
Whether you want to be sure your children have funds for college tuition, your spouse can remain in the home you built, or you simply want to ensure you will have a proper burial, Connecticut providers have a life insurance policy that meets your needs.
A basic life insurance policy provides death benefits and is designed to cover loss of income, end-of-life expenses, funeral costs and other financial requirements your loved ones may have should you die unexpectedly.
Life insurance is a very flexible type of protection that you can use to protect your loved ones in various ways:
Most Connecticut insurance companies will allow you to choose from term or whole life insurance. The differences between the two are many, but each provides protection in its own ways.
Deciding whether to purchase whole life or term life insurance is a personal decision that you should base on the financial needs of your beneficiaries as well as your financial goals.
These are some term life insurance features:
Unlike term life insurance, whole life insurance, sometimes called permanent life insurance, is long lasting. You can use this type of policy as an investment vehicle, as it also serves as financial protection for surviving loved ones.
A variation of whole life, universal life, provides a savings element known as a cash value account. You can change the death benefits during the life of the policy, usually after passing a medical examination, and you can pay premiums from your accumulated cash value.
These are some of the features of whole life insurance:
The quotes you receive for life insurance will vary significantly depending on a number of factors. The quotes can be anywhere from $15 a month for a young non-smoking woman to well over $1,000 a month for a middle-aged male who has a pack-a-day habit.
Life insurance companies use a rating system based on a number of risk factors such as a person’s age, tobacco use, overall health status, occupation and a variety of other considerations when calculating quotes.
A person who is relatively young, does not smoke and is healthy will likely get a much better rating than someone who has an underlying health condition or risky health habits. Health conditions, high-risk jobs and tobacco use can all make a policyholder risky for an insurance company to cover. A healthy person with a good rating is less of a risk to insure, so that person’s premiums will be lower than premiums for a higher risk person.
Some factors that will affect your quotes include the following:
Remember that every Connecticut life insurance company uses its own calculations to determine individual premium quotes. No two life insurance companies will quote the same costs for the same person, and the cost of life insurance can vary widely. That's why it is important to compare multiple quotes before choosing to buy a policy.
You know the reasons why life insurance is important. You kiss them goodbye every morning and squeeze them goodnight every evening. But finding a life insurance policy that will allow you to rest easy and will provide for your loved ones long after you're gone can be complicated and time consuming. When you contact a knowledgeable Trusted Choice® independent insurance agent, you can be sure that the agent's experience and connections will simplify this process for you.
Contact one of our agents to find quotes on life insurance that fits your needs, lifestyle and budget, and get back to living.