LIFE INSURANCE FROM WORCESTER, MA SPECIALISTS

Proudly Providing Life Insurance to Residents in Worcester, MA & Many Other Cities and States Across the Nation

No one likes to think about this fundamental truth of life, but death is inevitable. What’s not inevitable is leaving your loved ones with funeral expenses, medical bills, debts, and other expenses. By investing in life insurance, you can better ensure that your loved ones have the money to deal with your final expenses and more if you were to pass away unexpectedly.

The statistics are sobering:

More than half of U.S. households lack sufficient life insurance
40% of adults have no life insurance coverage
Nearly 40% of families would have difficulties if a primary wage earner died unexpectedly

With many insurance options available to Worcester, MA residents, you can protect your family even after your death.

Why Do You Need Life Insurance?

People never think something bad will happen to them. However, even if you’re young and healthy, you can die in a car or other accident, or suffer a sudden stroke or heart attack. The older you get, the more likely you are to pass away suddenly.

When you die, your loved ones are left with a number of bills, including your funeral costs, car payments, and mortgage. If you are a primary wage earner for your family, they are left without the income they depend on. This can put their home, vehicles, college funds, and quality of life at risk. Even if you are not a wage earner, your loss could still cost your family significantly with child or elderly care, transportation, and other expenses.

How Much Life Insurance Do You Need?

Determining how much life insurance you need is a very personal topic that your insurance agent can help you with. You will want to consider both the immediate expenses – such as funeral costs – as well as income replacement. Common figures you may want to know when discussing a policy with your local Worcester, MA agent include:

Yearly wages (or equivalent services you provide to your family, such as child care)
Debts, including your mortgage
Monthly living expenses
Current savings and savings goals

Term-Life Polices vs. Cash-Value Policies

There are two basic categories of life insurance policies available in Worcester.

Term Life policies are written for a certain period of time, ranging from 1 to 30 years. If you die during this time, your policy will pay the death benefit to your beneficiaries. At the end of your term, you have the option to renew or alter your policy. This type of insurance often has lower premiums for young and healthy people, but can become more expensive as you age. These policies provide a lot of flexibility for the consumer.

Cash-value policies are typically permanent policies, offering you benefits throughout your life. The most common of these are Whole Life, Universal Life, and Variable Life. These policies accrue a cash value over the years as you pay your premiums. These policies vary based on how much of the money is invested, vs. being a liquid asset that you can borrow against.

Choosing the Right Coverage

Because there are so many insurance options, navigating the decision can be complicated. Consulting with a local Worcester, MA agent can help you understand all the options, what your premium payments and benefits would be, and decide what type of policy is right for you. Term policies can be quite affordable, while a whole life policy offers guaranteed payments throughout your life. Your agent can consider your age, the ages of your children, and your goals to advise you on the most appropriate policies.

Life is unpredictable. Investing in life insurance helps protect your loved ones against the financial harm they would face if you were to pass unexpectedly.