LONG-TERM CARE INSURANCE FAQ

LONG-TERM CARE INSURANCE FAQ

Frequently Asked Questions

HEALTH INSURANCE FAQ

Do I have to pay a fee to get quotes on your website?
No, there are no fees associated with getting quotes on our site. We provide you with all the information you need to make an informed decision on your health insurance. This includes unlimited quotes from multiple A rated companies. We are paid a commission by the health insurance company that you choose. NO additional fees are added to your health insurance cost.

How long does it take to get approved?
Every company is different. The average approval times can range from 5 – 15 business days. Your health history and other factors may cause a delay in underwriting the application.

Can I get health insurance for less if I go directly to the insurance company?
NO. Health insurance rate are strictly regulated by the state of Texas. Health insurance will cost the same no matter where you go. Buying the health insurance through an independent agent, like us, will allow us to help you with the entire process and make sure your application gets processed quickly.

Can my health insurance application be declined?
Yes. An application can be approved or declined based on the applicant’s health history and the underwriting guidelines of the insurance company. Contact us directly to get a better determination if your application would be approved or not.

Do I have to take a physical exam in order to obtain health insurance?
No. You typically will not have to have a physical exam when applying for health insurance coverage. The exceptions usually involve older applicants who have not had a physical exam in the last couple of years.

Will your website keep my information private?
Yes. Any personal information you may provide while visiting our website is 100% confidential and is NOT distributed to any outside organizations.

Will my height and weight be considered in determining my health insurance rates?
Yes. All Texas health insurance companies use height/weight tables to make “risk” determinations.


LIFE INSURANCE FAQ

What is term life insurance?
Term life insurance is the most basic form of life insurance. It provides coverage for a specified period of time (e.g. 1, 5, 10, 15, 20, 25, or 30 years) in exchange for a specified premium. If the death of the insured individual occurs within this period of time or term period, the insurance company will pay the death benefit. If the term period expires while the insured individual is still living, the policy terminates and no death benefit will be paid.

What is permanent life insurance?
Permanent life insurance provides coverage for the life of the insured. These policies are more complex and expensive than term life insurance. They often accumulate tax deferred cash values from which future premiums can be paid or policy loans can be made. Some of the main types of permanent life insurance policies are whole life insurance, universal life insurance and variable life insurance.

How do I determine the amount of coverage I need?
Your coverage need will depend on your individual circumstances. Factors you should consider include anticipated final expenses (e.g. medical bills and burial costs), living expenses for your surviving family members, any outstanding loans (e.g. auto and credit cards), the outstanding balance on your mortgage, anticipated education costs for your children, estate taxes, and business continuation expenses.

Most experts recommend 10 times your annual income to start, but it is usually best to purchase an amount you can afford while at the same time considering future needs.

Will my final premium rates be the same as the quoted rates?
It is certainly possible, but not guaranteed. Your final rates will be determined by the insurance company through a process called underwriting. Underwriting includes a review of your current health status, medical history, family history and driving record among other things.

How long does it take to get approved?
Every company is different. The average approval times can range from 3-6 weeks. Your health history and other factors may cause a delay in underwriting the application.

What is a paramed exam?
All of our partner insurance companies require a basic paramed exam in conjunction with a life insurance application. A third party medical examination company will contact you as soon as we receive your completed application. They will work with you to arrange your exam at a time and location most convenient to you. The exam takes only 30-45 minutes and there is no cost to you for the exam.

A basic paramed exam includes the following: height/weight measurements, blood pressure readings, heart rate readings, a urine sample, a blood sample, and medical history questionnaire.

Please remember these suggestions as you prepare for your paramed exam:

- Schedule the exam for a time when you will most likely be able to keep the appointment. If the length of your work day varies, try scheduling the exam early in the morning, on a day off, or a weekend.
- Fast for a period of at least 8 hours prior to the exam, preferably 12 hours if possible. This will result in more accurate blood test results.

What else is required?
Depending on your specific circumstances (e.g. age, amount of insurance, medical history, etc.) the insurance company may require additional testing or information. These requirements do not apply to all applicants. Other requirements that may be included are:

* Electrocardiogram
* Chest X-ray
* Treadmill Test
* Attending Physician''s Statement (Medical Records)
* Medical Records
* Motor Vehicle Report


DISABILITY INSURANCE FAQ

What is disability insurance?
The purpose of disability insurance is to replace the lost income from work should you become disabled and unable to work. The disability insurance policy will stipulate when you are eligible to begin receiving benefits. Usually, you must be unable to work for a specified amount of time before disability benefits begin to be paid to you. The amount of the payments, the duration of coverage, and a description of exactly what constitutes a disability are contained in the policy. As a rule, insurance companies will not allow you to have disability coverage for more than about 60 percent of your normal taxable income.

How much does disability insurance cost?
Disability insurance is priced according to several factors. The price will be according to the elimination period, benefit period, age, occupational class, and benefit amount. Your plan can be as inexpensive, or as expensive as you want it to be based on the type of plan you choose. As a rule of thumb, you could expect to pay between 1-3% of your annual income for a quality disability insurance plan.

How long does it take to get approved?
Every company is different. The average approval times can range from 3-6 weeks, maybe longer. Your health history and other factors may cause a delay in underwriting the application.

How does the application process work?
The process works much like applying for life insurance. After completion and submission of an application along with some basic financial documents (e.g. W-2, 1040), a basic paramed exam (see life insurance section above for details) will be required. Depending on your specific circumstances (e.g. age, amount of insurance, medical history, etc.) the insurance company may require additional testing or information.


LONG-TERM CARE INSURANCE FAQ

What is Long-Term Care Insurance?
Long-term care insurance helps those who are unable to take care of themselves due to a chronic illness or disability. The benefits allow policyholders to choose where they receive care - at home, in an assisted living facility, adult day care center or nursing home. It protects assets by transferring risk to the insurance company.

How much Long-Term Care Insurance do I need?
Long-term care policies are designed to be comprehensive and cover a wide variety of facilities, offering numerous coverage options:

* Daily benefits range from $40 to $250 a day
* Benefit waiting periods from 0 to 365 days
* Benefit periods last from 2 years to lifetime care

How much does Long-Term Care insurance cost?
The rates of the plan are based on a number of factors including the deductible, terms, coverage, and the age of the applicant. The best way to secure a lower rate is to buy the plan early. Those who purchase a plan at 55 will pay less for a longer term than those who purchase at 65.

How long does it take to get approved?
Every company is different. The average approval times can range from 3-6 weeks, maybe longer. Your health history and other factors may cause a delay in underwriting the application.

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