Connecticut Life Insurance
Your loved ones depend on you to provide for their needs. But who will care for them when you no longer can?
At InsureMe, we know how important those relationships are. That's why we've partnered with Connecticut life insurance agents to help you find the protection your family deserves. With just a little information, we can get you up to five competitive Connecticut life insurance quotes. Then you can compare policies and choose the one that fits your family's needs best.
Contact InsureMe, and provide today for your family's tomorrow!
What You Should Know about Connecticut Life Insurance
"Why should I buy life insurance?"
No one ever plans to leave their family without protection—but that is exactly what happens every day all over the United States.
Connecticut life insurance can help your spouse pay off your home mortgage, provide an education for your children and supply monthly income in your absence. It can also assist your family in more complicated matters, such as estate planning, cash accumulation, transfer of wealth and estate tax payments.
"Does everyone need it?"
No. You should consider buying Connecticut life insurance if:
- You're married and your spouse depends on your income
- You have an aging parent or disabled relative who depends on your income
- You have children
- Your retirement pension, savings or other assets won't provide your loved ones adequate support when you die
- You have a large estate and expect to owe estate taxes
- You own a business
"What types are available?"
Connecticut life insurance can be purchased on an "individual" or a "group" basis. Most group plans are provided by employers, and are usually term life insurance that is renewed yearly. If you are unemployed, self-employed or not able to purchase life insurance through your employer, you should consider an individual life insurance plan.
You can purchase two types of life insurance in Connecticut:
- Term life—usually purchased for a specific time period (usually one, five, 10 or 20 years). Benefits paid only if you die while the policy is in effect. Cheaper than whole life and more practical if you need a large amount of coverage for a particular period of time. Rates increase as you get older. Coverage ends when you stop paying premiums or at the end of the term specified. May also be "convertible" to a whole life policy.
- Whole life (sometimes called "permanent life," "ordinary life" or "straight life") — provides lifetime coverage and accumulates cash value over time, which you may borrow against. May also pay you dividends. Premium rates remain stable as long as the policy is in effect. Rates depend on your age at time of purchase, and do not increase as you age.
Connecticut life insurance agents can explain these characteristics further and help you determine which type of life insurance fits your needs.
"What should I look for?"
Before you run out and buy your Connecticut life insurance policy, do your research! Look for the best coverage at the best price. Compare deductibles and other policy specifics, asking questions to clarify anything you do not understand. Many Connecticut life insurance policies appear to offer identical coverage; however, read the fine print…you may find significant differences.
"How much do I need?"
Calculating how much Connecticut life insurance you need is most accurately done through needs analysis. In other words, examine your family's short-term needs, long-term needs and resources, and use the figures generated to decide how much life insurance you should buy.
This formula should clarify things:
Short-Term Needs + Long-Term Needs – Resources = Life Insurance $
Short-term needs include items like final expenses, childcare costs, new marriage expenses, outstanding debts and emergency costs. Long-term needs are mortgages, car payments and college tuition for your children or spouse. Include all possible resources, such as savings, stocks, bonds, mutual funds, existing life insurance benefits and Social Security. Count only liquid assets among your resources (those which can quickly be converted to cash).
Calculate this formula based on yearly expenses, and then multiply the resulting amount of life insurance by the number of years you desire to provide your family with income. If the figure you come up with is astronomical, don't despair—just go back through the analysis again and reduce costs where you think your family could get by with less money.
"What if I buy a Connecticut life insurance policy and later change my mind?"
Connecticut has what is called a "Free Look" law. This means you can examine your new life insurance policy and, if you don't like what you see, return it within 10 days for a full refund—no questions asked!
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We hope this information has helped you understand your Connecticut life insurance options.
Are you ready to get your free Connecticut life insurance quote? Just go to the top of this page, fill out our "Get a free quote" box, let us give you up to five free Connecticut life insurance quotes and live in confidence…your family will!
