Connecticut Life Insurance

At Insurance Centre Online, we know how important is it to care for your family once you are gone and that’s why we work hard to match you with Connecticut life insurance agents who are eager for your business. With just a little information, you can receive free Connecticut life insurance quotes to compare policies and choose the one which serves you the best.

Information about Connecticut Life Insurance

Why should I buy life insurance?

Many people are leaving their family without protection though they do not plan for it.

However, by having Connecticut life insurance, your spouse will be able to pay home mortgage, supply monthly income and fund your children’s education even after your death. Besides, your family would also be assisted in complicated matters such as cash accumulation, transfer of wealth, estate planning and estate tax payments.

Does everyone need it?

No, but it is the best to consider buying it if:

-You're married and you have dependents on your income such as spouse, aging parent or a disable relative

-You have children

-Your loved ones would not get enough support from your savings, retirement pension or other assets when you die

-You own a large estate and expect to owe estate taxes

-You have a business

What types are available?

It can be purchased on an individual or a group basis. You can get group plans through employers usually and are term life insurance which is renewed annually. If you are unemployed, self-employed or unable to get life insurance through your employer, you can consider buying individual life insurance plan instead.

Two types of life insurance are available in Connecticut:

-Term life: purchased for a specific time period, usually is 1, 5, 10 or 20 years. If you die while the policy is still in effect, benefits will be paid. It is less expensive than whole life and more practical if you need a lot of coverage for a specific time period. As you age, rates will increase and if you stop paying premiums or the policy expires, coverage will end. It may be convertible to a whole life policy.

-Whole life: Known also as permanent life, ordinary life or straight life. Protects you for lifetime and accumulates cash value over time which you may borrow against if there is a need. You may also receive dividends. As long as the policy is in effect, the rates will remain steady and the rates do not increase as you get older because they depend on your age at the time of purchase.

Discuss with your agents for more details.

What should I look for?

Do your research and search for the best coverage at the best affordable price. You have to compare deductibles and other policy specifics. Also, ask questions to clear your doubts. Different policies may seem to offer similar coverage but read the fine prints carefully to find the difference.

How much do I need?

You can calculate your life insurance needs most accurately through needs analysis, i.e. analyze your family’s short term and long terms needs and resources. The figure generated will help you to determine the amount of life insurance you need.

The formula:

Short-Term Needs + Long-Term Needs – Resources = Life Insurance Amount

Short-term needs: Items such as childcare costs, final expenses, outstanding debts, new marriage expenses and emergency costs.

Long-term needs: Mortgages, car payments and education fees (college tuition) for children or spouse.

Possible resources are included, for example, stocks, bonds, mutual funds, savings, Social Security and life insurance benefits. Only count liquid assets among your resources.

Calculate this formula based on annual expenses, and then multiply the resulting amount of life insurance by the number of years you wish to provide income for your loved ones. If the figure is too high, run through your analysis again and see where you can cut down the costs.

What if I change my mind after I bought a Connecticut life insurance policy?

There is a “Free Look” law in Connecticut and you can examine your life insurance policy and return it within 10 days for a full refund if you decide not to keep it with no questions asked!

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