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.
Which Coverage to Buy?
Term insurance is the most inexpensive form of life insurance and it is the most pure form of insurance. The entire premium amount goes towards covering the risk of your life. In the event of your death during the policy term, your dependents will get the cover amount, but if you survive the policy term (usually 10, 20 or 30 year terms) you get no benefits or “sum assured”.
Term insurance premiums depend on several factors including: the face amount of the policy, age & health of the applicant, and the length of the policy term.
How Much to Buy?
Good question. You need the difference between what your assets can earn and what your current expenses need. A rough rule of thumb is that we should insure our lives for between seven and 10 times our annual income. As one’s income goes up, so does, hopefully, one’s savings & the need for additional life insurance.
When to Buy and For How Long?
The most important time to buy term life insurance is when you have a family depending on your income. You will want a term of, at least, until your children reach adulthood.
Choose the Right Life Insurance Plan
As no surrender or maturity values are attached to a term plan, one should choose the plan that comes with lowest premium. The term of the policy should be the longest that is financially reasonable.
When companies give you a quote it is always a “non-binding” quote until the company has done a medical background check and reviewed urine and blood samples.
The company will then issue a policy with a “locked in rate” which the consumer then (usually) has a “30 day free look” period to decide whether to accept the policy or not.
We suggest that it is important to protect your loved ones and that you go through the quote & application process. Once the rate is approved decide whether or not you want the policy at that particular premium or you can re-apply with another company.
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