Life Insurance
Life insurance can help you protect your family, and the life that you’ve helped build for them, for years to come. Of all the insurance products you can buy, this is the one that truly protects the people you love.
You don’t want to think about the unthinkable, but it’s your responsibility to be prepared should the worst happen. If you are like many people, you’re probably a little confused about how much life insurance you need and when you’ll need it.
We can help. Remember: Your life is not a car. There’s no Blue Book to consult to find the right rate/coverage for you. There are, of course, a number of factors that go into determining your rates – age, weight, medical history, occupation, driving record, and your family health history for starters. Like everything else in life, maintaining a healthy weight, practicing good health habits and seeking regular medical care will give you and your wallet the best outcome. And the younger you are when you purchase coverage, the less expensive it is.
There are two major types of Massachusetts life insurance:
Term
The simplest form of life insurance, Term Insurance pays out only if you die within the policy’s “term” (typically from 1 to 30 years). Level Term Life Insurance means the death benefits remain the same during the length of the policy.Decreasing Term Life Insurance means the death benefit decreases, typically in one-year increments, over the duration of the policy.
Whole Life / Permanent
This is the Cadillac of coverage, paying a death benefit no matter when you die – even if you live to 100 and beyond. A Traditional Whole Life Insurance policy fixes the death benefit and the premium for the life of the policy. You pay the same amount for the life of the policy to receive an assigned benefit amount.
Universal Life Insurance and Variable Life Insurance policies are relatively new in the insurance world. Introduced in the late 1970s and early 1980s, these more flexible products might be right for you.
Contact us for the proper guidance on what kind of policy suits you best, and how much coverage you need. The latter is often the hardest question to answer, but we can help you through it.
Losing you will be hard on the people you love. An insurance policy won’t replace you, but it will protect them from struggling financially in your absence.