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Whole vs. Term Life Insurance

Term Life Insurance vs Whole Life Insurance

How do I know which is right for me?

There are two options when it come to life insurance: term life and whole life. Most people looking for life insurance as a way of family protection are looking for term life.

Term Life Insurance

Term life is offered for a specific term (typically: 10 year, 20 year or 30 year terms) and offers a face amount of coverage. If you die during the term of the policy, the insurance company will pay your beneficiary the face value of the policy.

The longer the term or higher the face value, the more expensive the policy.

Term life insurance is a more pure insurance product than whole life.

Whole Life Insurance

Whole life coverage is designed to provide “permanent” coverage vs. coverage for a specified term. A whole life policy will not expire, as long as premiums are paid.

Whole life policies have a cash value that builds up over time.

A whole life insurance policy includes not only the death benefit but also an investment component. Unlike term, whole life does not expire after a certain designated term.

The problem with whole life is that it’s significantly more expensive than term insurance.

Local, Independent Insurance Agent

Why should I use a local, Independent Insurance Agent? Some people think it doesn’t really matter where they buy their Massachusetts insurance. This misconception is most likely costing them money, service, and protection.

Buying a Massachusetts insurance policy isn’t like buying bread or milk. Insurance is an important safety net for your family, your home, your car and your business.

Don’t treat your purchase lightly!

There are three sources to go to for your Massachusetts insurance protection:

Captive Agents, who sell insurance for only one company.
Direct writers & telephone representatives, who can offer you the insurance of one company, and only on the internet & telephone.
Independent MA Insurance Agents, who represent an average of eight insurance companies, and shop to find you the best combination coverage and price.

massquotes advantage: Massachusetts Independent Insurance Agents:

Is a licensed professional with strong customer and community ties.
Gives you excellent service and competitive prices because your agent can access the insurance coverage from more than one company.
Unlike other agents, your Independent Insurance agent is not beholden to any one company; thus, you don’t need to change agencies as your insurance and service needs change.
Assists you when you have a claim.
Is your consultant, working with you as you determine your needs.
Offers you a choice of Massachusetts insurance plans and programs.
Is a value hunter who looks after your pocketbook in finding the best combination of price, coverage and service.
Offers one-stop shopping for a full range of products – Massachusetts home insurance, renters, Massachusetts car insurance, business, life and health.
Can periodically help you review your coverage to keep up with your changing insurance needs.
Treats you like a person, not just another number.
Customer satisfaction is the key to a Massachusetts independent agent’s livelihood. So, serving you is a very important concern.

There Is A Difference between Massachusetts Independent Insurance Agents and Captive Agents.

Call or click us at MassQuotes to get your free term life insurance quote. We utilize the power of the independent insurance agent.

Life Insurance Exam Tips

Following these life insurance exam tips can help you obtain the best, most accurate exam results.

Getting a preferred rating category (vs. standard) will save you a ton of money over the term of the life insurance policy.

Life Insurance Exam Tips:

• Fast for 4-8 hours prior to the exam and try to schedule the
exam for first thing in the morning, prior to eating
• Limit salt and high-cholesterol foods 24 hours prior to the exam
• Limit caffeine and nicotine 24 hours prior to the exam (can
increase blood pressure, cholesterol)
• Drink a glass of water one hour prior to the exam
• Get a good night of sleep prior to the exam
• Refrain from drinking alcoholic beverages for at least 24 hours
prior to the exam (can increase fat in blood and liver functions)
• Smokers should not smoke 30 minutes prior to exam (tends to
constrict artery walls and elevate blood pressure)
• Avoid the use of nasal decongestants if possible for 24 hours
prior to the exam (can increase blood pressure readings)

Helpful reminders:

• Be prepared with a photo ID at the time of the exam
• Provide names and dosages of current medications
• Provide any history of problems associated with providing a
blood sample
• Women should mention to the examiner if menstruating at the
time of exam (can cause blood in the urine specimen)
• Have available names, addresses and phone numbers of any
doctors or clinics visited in the last five years
• Tell the examiner if exercise is a regular activity
• Tell the examiner if vitamins or aspirin are taken on a daily basis

If you have experienced one of the following health conditions, follow these additional guidelines:

Hypertension
• Avoid stimulants (caffeine, alcohol, cigarettes)
• Schedule a morning exam
• Have the examiner take blood pressure after you have had a chance to relax —
three attempts at 10 minute intervals
• Take usual medications
Diabetes
• Schedule the exam for 2½ hours after a meal (no sweets or sugars after the
meal), but if blood is being drawn, fast for 8 hours prior to the exam
• Empty bladder right after meal
• Drink 1-2 glasses of water before the exam
Urinary Specimen Problems (albumin, red blood cells, sugar, etc.)
• Empty bladder right after meal
• Drink 2-3 glasses of water before the exam
• Avoid sweets or foods with sugar content before the exam
• Avoid strenuous exercise, such as running, for 24 hours prior to the exam
Coronary, EKG Problems
• Avoid stimulants (caffeine, alcohol, cigarettes)

If you follow these life insurance exam tips, you will be giving yourself the chance to secure the most preferred insurance rate available.

Who is term life insurance for?

Parents with kids.
People with a mortgage.
People concerned about the well-being of their surviving spouse.
People worried about burdening their loved ones with burial expenses.
People with debt.
Protecting family’s income.
Leaving a legacy to children or grandchildren.
Donating to a charity,
Planning for a special needs situation.

A life insurance policy is a big commitment and it’s important to know who you do business with. Do your research before making the decision. Look at company financial ratings.

Life insurance is a crucial part of financial planning no matter your stage of life.

An up to date, sensible policy can keep your family from financial disaster if you die, but deciding which type is best for your life situation can be tricky. Both whole and term life insurance policies allow you to lock in the same monthly payment over the life of a policy (at your choosing), with a lump sum to be paid to the beneficiary upon death. But whole life insurance policies also come with stock, bond and money market investments, and some tax advantages.

Life insurance policies get more expensive as we age, and those over age 50 should keep close track of when their policies expire, advises Scott Page, CEO of life settlement provider Lifeline.

You should reevaluate your policy every few years to make sure it still fits your lifestyle. For instance, a spousal death or divorce changes the need for protection, and grown children may lessen the need for insurance coverage, according to Page.

Experts say there are often better ways to invest funds than in expensive, whole life insurance policies, and that a term life insurance policy tends to make the most financial sense if:

Assets and asset protection

Assets and Asset protection

Assets and asset protection. Let’s review the dictionary version of asset:

as·set ˈaset/ noun plural noun: assets

A useful or valuable thing, person, or quality. “his life insurance policy helped protect his assets.”

property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

Term life insurance is a great way to protect yourself, your family and commercial ventures.

MassQuotes compares life insurance rates with the most competitive companies in the industry.

Give us a call, click or visit.

You’ll be glad you did.

Massachusetts Life Insurance

Do you have a Massachusetts life insurance policy already in effect?

If so, you may want to re-apply.

Term life insurance rates are extremely low right now.

If you can get in a more preferred category, extend your policy term, and pay less money, then it may be worth the effort (application & medical exam etc.) to re-apply.

It makes sense to protect what you value.

You insure your car, your home, and your valuables. What about you & your family?

Without life insurance, you leave your family open to risk.

If you have a policy in place perhaps you should think about replacing or adding another.

You should review your life insurance every time a major change happens in your life – a marriage, birth of a child, purchase of a house, or starting a business.

Fortunately, life insurance can be surprisingly easy and affordable.

It may sound cliché but “life insurance isn’t for the people who die. It’s for the people who live.”

Through our network of Independent, Massachusetts Insurance Agents, Massquotes.com offers the most competitive rates from companies such as SBLI and Banner Life along with many other companies.

Please give us a call or submit a quote request if you would like to get rates or discuss.

Independent Insurance Agents: Pros & Cons

Independent insurance agents, unlike insurance agents employed by a large national insurance provider, have access to many insurance companies. Agents who work for a big insurer can only offer you insurance plans provided by their company. Independent insurance agents work for you, and have access to many different insurance companies. They can help you shop comparatively for insurance that addresses your coverage and budget needs.

Pros of Working with Independent Insurance Agents

Members of Your Community Who Care. Independent insurance agents are members of your community. They are small-business owners or they are employed at a small, independent insurance agency. They depend on word of mouth referrals, so they do their best to offer a high level of personal customer service.

Price Shop for You. Independent insurance agents will take the time to get to know you and your personal situation so they can best represent your interests when seeking insurance quotes on your behalf. They will make an effort to understand your driving record, insurance coverage history, marital status and other personal information that they will use to represent your application to the insurance providers with whom they work.

You Are Not a Number. With an independent insurance agent, you are not dealing with a telephone team that changes each time you call. You are more than a file to most of them. They take your business personally and return phone calls and emails promptly.

Help with Claims. Independent insurance providers can provide a helping hand when you need to file a claim. They advocate for you if you are involved in a car accident and need to file a claim. They will help you deal with the claims adjuster, offer support through the claims process and help you deal with the insurance company. Remember, they work for you, not the insurance company.

Fulfill All Your Insurance Needs. Independent insurance providers often offer a wide range of products to their customers, serving as a one-stop shop for everything from car insurance to business liability insurance to homeowners’ insurance.

Periodic Policy Review. As your needs change, they will help you adjust your insurance accordingly. They also periodically can review your insurance policy to see if it is still serving your coverage needs.

Cons of Independent Insurance Agents

While all independent insurance agents are licensed professionals, just as in any profession, there can be bad apples. But it’s rare to find an agent whose primary motivation isn’t helping customers get the insurance protection they need. You can check your local Better Business Bureau, Chamber of Commerce or online review sites to learn more about the independent insurance agent you are considering.

Ask MassQuotes to Review Your Policies Today

It costs you nothing to call or click us at MassQuotes. Our Massachusetts Independent Insurance Agents will review your insurance policies to make sure you have the coverage you need at a price you can afford. Contact MassQuotes today for a free, no-obligation quote.

What is Life Insurance?

Life insurance is a promise to your family that they will be taken care of if you die.

Life insurance is a contract between you and an insurance company. The company pays your beneficiary (loved one) the face value of your policy

Most of us live our lives as though we will never die. We also never plan to cause a car accident, never intend to accidentally flood every floor of the house while we’re relaxing on a beach, and for sure, never get sick.

But we still own life insurance. Still own auto insurance, homeowner’s insurance, and health insurance. Why? Because you can do everything right and still have a really bad day. You can drive safely and still be in a car accident. You can watch helplessly as mother nature deposits a tree on your garage. No matter how strong you are, you can still get sick. And yes, while you can plan to live forever, there is a very small possibility that you could die tomorrow. Buzzkill.

So do YOU need life insurance? People without a car don’t need car insurance, no home, no homeowner’s insurance. But life insurance is a bit different – it has its own purpose, and its focus is on people that depend on you financially.

You need life insurance if…

You are a parent that wants to be certain your children are provided for and their college expenses will be covered.
You want the peace of mind in knowing your spouse will be supported financially if something happens to you.
You do not want to burden your loved ones with end-of-life expenses such as burial costs or estate taxes.
You have debts that you do not want to pass on.
You have a family business that you want to protect.

Not all life insurance is created equal…

Give MassQuotes a click or a call. We’ll find you the best life insurance with the best companies.

Consumers like simple choices. There’s a reason why 70% of us purchase term life insurance.

Get a quote from us right now.