Why do I need underinsured / uninsured motorist coverage if the state requires everyone to carry insurance?
While the state requires everyone to carry coverage not everyone does. Also, some may only be covering the state minimum limits which may not be enough to pay your medical bills fix or replace your vehicle.
What deductible should I choose?
Deductibles are the amount you pay out at the time of a loss. You should choose a deductible that you feel comfortable being able to pay should you have a loss. Some of the companies we work with have a deductible that reduces over the years that you do not have losses and can make the deductible much easier to pay.
Why do I need an Umbrella Policy?
If you have a covered loss and the damage on bodily injury exceeds the limits on your policy, where do you go for additional coverage limits? If you have an umbrella policy in place you would have an additional $1,000+ in coverage limits. If you have more exposures such as youthful drivers, swimming pools, hot tubs, boats, and pets, the umbrella policy is a way to protect your assets and everything you worked hard to achieve.
Can I enroll in health insurance anytime I want?
No, you must apply during the open enrollment period between November 1, 2015 and January 31, 2016, or have a “qualifying event”.
What is a “qualifying event”?
a.) have a baby
c.) get a divorce or get married
d.) become a US citizen
e.) Loss of coverage coverage
f.) moving to a new state
Do the Affordable Care Act plans include Dental Insurance?
All of the new plans include the mandated pediatric dental, but no adult dental coverage. Some insurance carriers offer a family dental rider to be added on to your policy, so everyone can have dental coverage. If you are not enrolled with a carrier that offers that feature, you may purchase a stand alone dental plan at any time during the year.
How much does Health Insurance Cost?
There are numerous factors involved when quoting Health Insurance. Your personal agent will spend time gathering information such as your date of birth, Home Zip Code, Household Size, Household Income, and whether or not you use Tobacco products to provide you with an accurate quote.
Which Carrier do you represent?
At The Colony Group we are all Independent Agents. This means we have the ability to quote you with numerous Carriers. Working with an Independent Agent assures you that the leg work has been done on your behalf to help select the Insurance Company that best fits your needs.
Does it cost more to have an agent such as those at The Colony Group help me enroll in health insurance than if I go straight to the marketplace?
There is no additional cost to have an insurance professional educate and advise you on the best plan to meet your needs!
Life/Annuity and Financial Services Questions:
What type of life insurance do you sell?
We sell term, universal life and whole life insurance products.
What is the difference in life insurance products?
Term insurance only covers you for a certain “term” such as 10, 20 or 30 years. It is much like renting rather than purchasing a home.
Whole life insurance is a permanent type of policy that provides the stated amount of coverage at the stated premium for the life of the insured. The policy builds a small amount of cash value over the lifetime of the policy.
Universal Life Insurance policies are permanent policies that credit interest inside the policy throughout the life of the policy. The Policies generally have the opportunity to accumulate more cash in the and allows for more variability in premiums, and length of Premium payments.
What are Annuities?
These are insurance contracts with an insurance company where either a lump sum of money is contributed, or monthly contributions are deposited as part of a long term savings program. They generally accumulate earnings at either a fixed rate, or more variable crediting structure. Funds accumulate on a tax deferred basis. These plans can allow an income stream that you can not outlive.