Answer: You may contact our SHIIP (Senior Health Insurance Information Program) office. You may reach them at 800-351-4664.
Answer: Each State governs its own plan. You would need to contact the Minnesota Insurance Division for assistance in this matter.
Answer: You may contact them at 1-800-257-8563, or visit their web site at www.hawk-i.org.
Answer: Under federal law, pregnancy is not to be considered a pre-existing condition. If you are having problems, you may contact the Health Care Financing Administration in Kansas City who governs this federal law. They may be reached at 816-426-5131.
Answer: Fair Access to Insurance Requirements (FAIR) Plans were created in the late 1960s to make property insurance more readily available to people who can't obtain it from private insurers because their property is considered "high risk." The plans are operated by the insurance industry and make insurance available to property owners meeting certain requirements. It is not underwritten by the State of Iowa.
You can contact the Iowa Fair Plan Association at:
Iowa FAIR Plan Association
6967 University Avenue
Des Moines, IA 50311
Fax: (515) 255-6549
Answer: You may contact our Financial Regulation Bureau for assistance in finding companies that have changed names or no longer in business. Their number is 515-281-7367.
Answer: Call HIPIowa at 877-793-6880 if you have been denied health insurance due to a pre-existing condition.
If you are aged, disabled, or are in a family with children under the age of 18 you may be eligible for Medicaid. Call the Iowa Department of Human Services at 515-281-8621 for more information about Medicaid.
Answer: There is no law to this effect; however, we feel that a company should act within a reasonable amount of time of 30 days. If you are experiencing unusual delays, please file a complaint with our division.
Answer: To file a complaint write to the Market Regulation Bureau, Iowa Insurance Division, 330 Maple St. Des Moines, IA 50319. Your complaint should specify the insurance company's name, policy number, name of insured and if known, the name of the agent. A statement outlining the problem should accompany the above information.
Answer: A premium is the payment you make on the life insurance policy payable monthly, quarterly, semi-annually or annually. Premiums are calculated based on the age, sex and health of the person who is insured by the policy. The younger you are, the lower the premium. With Straight Life Insurance your premiums usually remain the same from year to year. With Universal Life Insurance, you can raise or lower your premiums. Term insurance policy premiums increase upon renewal.
Answer: Life Insurance is a contract to pay benefits upon the death of a person. A life insurance policy is the contract between an insurance company and the person who is the owner of the policy.
Answer: The most common type of life insurance is called Straight Life Insurance. It is also commonly called Ordinary or Whole Life Insurance. This type of life insurance has two elements: A death benefit paid to a specific person (beneficiary) and cash value that grows over time.
Answer: First, decide if you really need life insurance. Make sure the insurance company is licensed to do business in your state. Determine the type of policy and the benefits which would meet your needs. Shop around by comparing premiums, and costs of insurance of several policies from several companies. Calculate that the premiums paid do not exceed the death benefit within the first ten years of the policy. Lastly, never feel pressured into buying life insurance.
Answer: There are three types of life insurance:
Answer: A life insurance policy can be taken out to cover a family member or a person with whom you share a pecuniary interest, such as a business partner.
Answer: Term Life Insurance is useful to a person who desires only death benefits. Premiums for this type of insurance are lower because there is no cash value build up. Term Life Insurance pays a lump sum upon the death of the person insured under the policy. No dividends or very small dividends are given on Term Life Insurance, and some companies have age restrictions on this type of policy.
Answer: Universal Life has premiums which the policyholder can vary (within limits), cash values which grow at an interest rate which the company can change from time to time and death benefits. You may also borrow against the cash value of your policy.
Answer: Life insurance can be used as a type of protection to cover living and/or child care expenses or income protection in case the bread winner in a family dies. It can also be a type of security for paying final expenses and bills for older adults or to assure education expenses may be met. Life insurance can also be used to leave an inheritance for their loved ones or favorite institution.
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