Frequently Asked Questions

Cost is always an important factor when deciding your health insurance plan. The cost for coverage can range depending on where you live, your age, tobacco use, and the type of coverage you purchase. This includes the premium (what you pay to be covered), the deductible (what you pay before your insurance kicks in), copays (an upfront fee you pay for medical treatments), and possibly coinsurance (you usually pay 20% of a covered healthcare service and the insurance company pays 80%).

Health insurance benefits can vary from one plan to the next. Standard benefits that are mandatory for health care plans include doctors’ services, inpatient and outpatient hospital care, mental health services, pregnancy and childbirth, and prescription drug coverage.

Premium rates are typically based on factors such as age, gender, height, weight, health status (including whether or not you use tobacco), and if you participate in high-risk activities or occupations.

Permanent policies are typically the best option if you are looking for life-long protection, or an option to accumulate a tax-deferred cash value. A portion of the premium of a permanent policy is used to build up a cash value. The cash value can be used in several different ways, including allowing you to take out a loan against the cash value, or paying your premium after your policy is fully paid up.

Some policies have a provision that allows you to collect a significant portion of the death benefit while you are still alive should you become terminally ill. The money can be used at your discretion to pay for medical expenses or even to do specific things with your family and friends while you still can. The amount you take out early will be subtracted from the death benefit payment along with interest.