DO NOT TERMINATE CURRENT INSURANCE COVERAGE INTENDED FOR REPLACEMENT, OR DECLINE ANY ENTITLEMENTS, UNTIL YOU RECEIVE WRITTEN APPROVAL AND PROOF OF NEW INSURANCE, E.G., A POLICY, INSURANCE CONTRACT, EVIDENCE OF COVERAGE, OR POLICY CERTIFICATE, FROM THE INSURANCE COMPANY YOU APPLY TO.
YOU NEED TO UNDERSTAND AND AGREE WITH THE TERMS OF THE INSURANCE COVERAGE IN ANY CIRCUMSTANCE, BUT ESPECIALLY BEFORE FOREGOING YOUR RIGHT TO TIME-LIMITED ALTERNATIVES. IT IS VITAL TO CONFIRM THE EFFECTIVE DATE AND THE PERIODIC CHARGE FOR THE INSURANCE, AND ANY WAITING PERIODS.
EXAMINE THE SCHEDULE OF BENEFITS, LIMITATIONS AND EXCLUSIONS, AND ANY RIDERS OR WAIVERS OF COVERAGE.
The quotes shown on this website may be accurate in some cases and not in others. Depending on the type of insurance applied for and the respective insurance company, the premium may be different than what is in the initial quote because of the applicant's medical history or other underwriting criteria, any optional benefits chosen, a change in the insurance company's rates between the time you receive a quote and the effective date, and various other factors. The insurance company from which the coverage is obtained determines what the premium charge will be. With appropriate notification, the insurance company also reserves the right to alter the terms of the coverage.
Quotes on this website are for the specified effective date only. If the effective date of coverage is different from the date requested, the premium charge may consequently be different than the quote generated on this website. The difference may be due to a general change in in the insurer's rates, a change in the applicant's age in the interim, a change in coverage offered by the insurance company, or other factors.
Rate guarantees, if any, vary between insurers and types of insurance. For example, some health insurance may change rates on the first of every calendar year, some may guarantee initial rates for 6, 12, or 18 months or other period, but some may give no guarantee and change at unexpected times. Term life insurance gurantees coverage for a specified period of years but premiums may or may not be guaranteed for the entire period. After the expiration of the term, the renewal premium guarantee period may be different from the initial term. Universal life and whole life may vary significantly in the guarantees offered.
For health insurance:
(i) covered expenses are usually not paid 100% by the insurer. The insured may have to pay copayments, deductibles, and coinsurance. These amounts may also be changed by the health insurance company by amendment to the coverage, with notification.
(ii) If dependent children are a certain age, e.g., age 18, or older if full-time student at an accredited institution, or are married, a separate application may be required. Such age limits vary according to individual company rules and state law. A company may or may not have a higher age limit for full-time students.
(iii) Application fees and association fees may be charged by a particular company in addition to the premium charge.
(iv) Some occupations are not accepted for health insurance by some companies, or an increased premium may apply. This does not apply if mandated otherwise by eligibility under the federal HIPAA law or if prevented by state law.
(v) Most plans have 24-hour coverage, so covered medical expenses include those due to work related sickness or injury. However, not all do. Some plans may require extra premium for on-the-job coverage or may exclude certain occupations from on-the-job coverage. Certain recreation considered hazardous may also be excluded from coverage by some companies.
(vi) In most plans, out-of-network benefits are subject to separate or increased deductibles and coinsurance compared to in-network benefits. Copayments may also not be available for out-of-network coverage.
For life insurance, projections or performance illustrations are hypothetical and are based on certain assumptions. They are not guaranteed unless stated as such in the projection or illustration and in the policy.
Quotes and information on this website may also be inaccurate due to inadvertent error and should be confirmed with the insurer for accuracy.
You may also benefit by obtaining information from the insurance regulatory authority in your state. This Insurance Notice may not contain all the information you may need.
Nothing in this website constitutes advice or recommendation of any nature, whether legal, tax, financial planning or otherwise. All comments and articles represent only the author's understanding of the topic and may be inaccurate or out of date. You must confirm all information with the insurance company you apply to. Rates, plan coverage, and insurer financial status may change without notice.