Frequently Asked Questions

How does the insurance company determine my premium?

Premiums are usually based on age, gender, height, weight, health status (especially tobacco use), and if you participate in high-risk activities or occupations.

Once I buy an insurance policy, will I ever need to change it?

If you already have insurance, most people look for a new policy to find a lower premium. Working with Wise Dollar can help you find the lowest rate since we are independent of any insurance agency. Although everyone would like to pay less, you will also need a new policy if you have any significant life changes. These circumstances include:

  • A recent marriage or divorce
  • Adopt a child or become a grandparent
  • Children or grandchildren who are about to attend college
  • Providing care or financial help to a child or elderly parent
  • Receiving an inheritance
  • Retirement
  • Starting a business
  • A change in employment or salary

Is insurance is a waste of money?

Although statistically, people between the ages of 18 to 39 are less likely to die or become critically ill, it will eventually happen. And no one is immune from tragedy. Our philosophy is this:

  • Everyone needs health insurance
  • Life insurance is necessary for anyone who has people depending on them for support
  • Everyone needs long term care insurance if you expect to live a long life
  • Everyone turning 65 needs to speak with an expert about their medicare options

Work with us and you will understand why this is the right way to look at insurance.

I get insurance benefits from my employer. Does that mean I have enough coverage?

It depends. We work with employers to assist them with their benefit plans and understand both sides. Your health benefits are likely good enough and also subsidized. Life insurance is a different story.

If you are healthy, your term life insurance is going to be cheaper on your own. This is because the premium must be consistent for each employee (although varies by age) and covers those who work with you and might be uninsurable otherwise. Also, you lose coverage when you change jobs. Replacement insurance costs more as you age. It’s a good idea to have a policy that is not connected to your job especially when you are young and it is cheaper.

Can I buy insurance when I need it?

Unless it is ACA-approved healthcare insurance or original Medicare, you cannot wait to obtain it when you need the benefits. The ACA exchanges have limitations on when you can purchase a policy. And Medicare might require additional premiums and penalties.

Am I too old to buy long term care insurance?

Are you 79 or younger? If so, then you have options. However, those options are broader and cheaper the younger you are.

What happens if I miss a premium payment?

Most policies have a 31-day grace period. And if you pay the premium within that timeframe, there is no penalty or interest. After 31 days, the insurance company will usually terminate the policy.

Am I still eligible for coverage if I have a serious health condition?

It depends on the insurance. Medicare is guaranteed if you sign up for the benefits when required. ACA medical plans are also guaranteed to everyone. Almost all life and long-term care policies require medical evaluation. Premiums are based on the test results and the level of risk perceived.

However, even if you have a serious health condition, there are some options available with guaranteed issue plans. Although this comes with a higher monthly premium and lower benefit.