Foy Insurance

Frequently Asked Questions - All FAQs

Please select your question category

Search FAQs
View all frequently asked questions

Term life comes in many different forms, and as the name implies, protects you for a set term of time. The coverage can be flat (the same benefit and premium every year) or decreasing (the benefit decreases over time, such as mortgage insurance). It is important to know how your policy works. For instance, we may uncover a 10 year financial need in the event of your death, but you may find the best rate on annually-renewable-term guaranteed for 10 years. You can also learn how to protect your insure-ability incase your health picture is different in the future. A Foy Life Insurance Agent can help you select if term is right for you, or you can get an instant online quote.

Again as the name implies, whole life will provide a death benefit until the holder dies, at any age. This type of coverage typically costs more, but offers guarantees and cash-value, or an amount of money you can trade in the policy for at any time. As you pay into the policy, the cash value increases often with dividends. With a carefully constructed policy, you may be able to stop making premium payments in the future, as the dividend payments exceed your locked-in premium. Whole life insurance can be a popular solution for businessse that are looking to fund their continuity agreements, as well. There are many differences between whole life policies from different carriers. Let your local Foy Insurance Office work with you to find the policy that fits.

This is a type of cash-value coverage where your premium payments are invested in sub-accounts, very similar to mutual funds. This lets you participate in the market in a way that can alter your premium payments based on market performance. Variable life insurance is not an annuity, and is designed to provide a guaranteed level of coverage. There are many options, riders and policy considerations that must be evaluated when purchasing variable life insurance. 

There are many different kinds of annuities, however they all fall into the category of "fixed" or "variable" and are designed to offer guarantees. A guarantee might be a specific rate of return, a structured payment or income-base. Guarantees are not FDIC insured and are based on the claims-paying ability of the underlying issuer, so choosing the correct annuity is very important. Special annuity riders can provide for living benefits such as return of premium, guaranteed income bases and market participation. Annuities are a great tool but can be complex, and should only be purchased along with the help of a licensed agent. Speak to a specialist at Foy Insurance today.

Policy increases are often related to changes your insurance company makes to either individual policy holders, lines of business or specific rating territories. While you cannot directly affect these changes, there are a number of elements – policy limits, discounts, pay types and deductibles - that you can review to make changes that may positively affect the bottom line premium. Let's take a look at each of these components .

S.M.A.R.T. Question from a Foy Agent- “After reviewing your coverages, I noticed that you are currently insured for the state minimum for liability coverage.  When was the last time someone reviewed those limits to make sure they are at least enough to help protect your assets in case you experience a loss?

S.M.A.R.T. Service from a Foy Agent -“One of the most important things we can do to offset any price increase is to review your policy for any eligible discounts.  Each of these discounts can help to reduce the premium without affecting the value of your coverages.  Is this a good time for us to review your policy or would you prefer we set up another time in the next couple of days to apply those changes?” 

S.M.A.R.T. Question from a Foy Agent - “I noticed that you currently pay your insurance premium by mailing a check to the insurance company after they send you a monthly bill.  If we could set up that back to automatically be sent to the bank - or even to have the amount paid in full – would you be interested in the savings we could apply to your renewal?

S.M.A.R.T. Service from a Foy Agent - “After reviewing your policy limits, discounts and the way you pay your premium, another option we have to help offset the premium increase would be to increase your deductible(s).  Before considering that, I want emphasize that, if you have an accident or need to report a claim, increasing your deductible would also increase the amount of money you would have to pay before the insurance company would pay out the claim.  Would that be an option you like to pursue as a way to reduce your premium?”

Premium increases can also be caused by Client related activities – filing a claim, adding drivers, changing vehicles and increasing covered property – that have a monetary affect on how much the company values the protection. Because most of these changes take place at various times during the policy, the full affect of the changes on the overall premium may not be fully realized until the policy renews. If a client changes vehicles one month before renewal and it "goes up fifty bucks", they may not associate that change to the $600 increase to their annual premium. Likewise, an accident that happens during the policy period may not be reflected in their monthly payments but will appear as part of their renewal premium.

S.M.A.R.T. Service from a Foy Agent - “I can understand your concern about the premium increase due to the claim paid earlier this year and yes, that is why you carry insurance, I want to make sure that we have applied all eligible discounts to help offset any increases in premium. We should also review your current limits to make sure that, if you ever have to file a claim in the future, we have the right coverage and deductibles in place before anything happens”

S.M.A.R.T. Service from a Foy Agent -  “Now that your son has gotten his license, he is considered an additional driver on the policy and that is what has caused the premium increase.  There are a couple of discounts we may be able to apply to offset some of that increase and I’d like to review those with you at this time.  Is he a good student? Has he completed a driver’s education class at his school?”

S.M.A.R.T. Service from a Foy Agent - “In addition to applying those discounts, I’d also like to take a few minutes to review your current liability limits.  Besides his personal safety, what else concerns you about having an inexperienced driver listed on your policy? If he were to have an accident, do you believe the current policy limits would be enough to protect your home, personal property, investments, savings and future wages?”

S.M.A.R.T. Service from a Foy Agent -  “I remember when you added that new SUV last month and how happy you were with the small change in premium that created. We had also talked about that being the just for the one month and now this amount reflects the entire year’s premium. To help offset that increase, I’d like to take a look at a couple of available discounts – multi-vehicle, defensive driver, homeowner, account discount – that will help increase your policy’s overall value. I see we are applying a ‘homeowner’ discount, but I see that we don’t write your homeowners policy.  When was the last time your homeowner’s policy was reviewed for eligible discounts being applied?”

S.M.A.R.T. Question from a Foy Agent - “The premium increase is due to the increased costs of replacing your home in the case of a loss. While we are all feeling the effects of the real estate values of our homes, this value is for the replacement cost which includes labor and materials – each of which increase every year - needed to rebuild your home.  If you were to have a total loss of property, what percentage of your home would you expect to have replaced?”

S.M.A.R.T. Question from a Foy Agent - “Congratulations on the new garage and workshop you built this year and I hope you have hours worth of enjoyment using it.  I just wanted to check in with you before the policy renews to make sure we protect the time and money you have invested in that beautiful new building. Do you think that 10% of your property coverage will be enough to rebuild that garage if it were to be destroyed?”

S.M.A.R.T. Question from a Foy Agent - “When you consider replacing everything in your home, do you think that $20,000 would be enough for all new furnishings, electronics, clothing, appliances and accessories? Would you prefer to replace them with similar items from the store you originally purchased them or browse Goodwill or Salvation Army for replacements?”

No faqs found in this category

Contact us

Foy Insurance has locations throughout New England to serve you.

  • Branch Locator

Connect with us

You are here: Home Frequently Asked Questions