Life Insurance in Massachusetts

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Life Insurance in its most basic form is an insurance policy that provides death benefits to help pay for medical, funeral and living expenses. These benefits are payable to a named beneficiaries.

Almost any person or organization can be listed as a named beneficiary on a Life policy. People often name their spouse or significant others, but other family members or friends can also be listed. Some people may even choose to include nonprofit organizations in order to give back to their communities.

Individuals that wish to share their wealth with family members after their death
Parents who provide childcare for their children
Grandparents who want to give to their grandchildren

What is Life Insurance?

One of the few certainties of life is that it will one day come to an end. No one plans on his or her passing, yet everyone eventually meet that day. Regardless of the circumstances around ones death, we leave behind family and friends. Life Insurance gives Massachusetts residents a way to continue providing for their closest family and friends after they pass away.

Life Insurance in its most basic form is an insurance policy that provides death benefits to help pay for medical, funeral and living expenses. These benefits are payable to a named beneficiaries. Some Life policies add other services such as investment packages onto the death benefits provided.

Who Can Be a Named Beneficiary?

In a few cases, a business has been a named beneficiary to a Life policy. These policies are typically purchased for vital personnel that are indispensable to the organization or impossible to replace. If a vital employee or business owner passes away, benefits may be used to hire someone else or reimburse other business owners for losses they incur.

TESTIMONIALS

Customers Love Us

When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

Frank

Winchester, MA
After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

Tony Bartolo

Lynnfield, MA
One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

Kelly Ilebode

Boston, MA

What Can Death Benefits Be Used For?

Death benefits can be used for almost any legal purpose. Depending on a policyholder’s wishes and their beneficiaries’ needs, benefits might also be used for:

Helping dependents cope with the loss of income
Funding a loved one’s first home purchase or college tuition
Paying the maintenance and taxes associated with a family estate
Paying off any outstanding debt of the policyholder
Covering the policyholder’s funeral and burial expenses
Managing other financial needs or goals that beneficiaries have

When benefits are left to an organization, they may be used to fund a specific project, create a scholarship, add to an endowment among several other options.

What is the Difference Between Term and Whole Life Coverage?

Life coverage comes in two forms: term and whole life policies. Both forms of coverage provide death benefits, but they differ significantly in how long they provide coverage and the services they provide.

Term Life policies generally only provide death benefits, and those benefits are typically offered for a defined period of time such as 10, 20 or 30 years. Since these policies only offer death benefits and their coverage is limited to a specific period, their premiums are often more affordable.

Whole Life policies normally offer a combination of death benefits and investment options. They also differ from term policies in that they are designed to provide coverage for a policyholder’s lifetime. Whole Life policy’s premiums will change over time as the policy matures. However, the investments within the policy also typically increase, and the interest generated from those investments are frequently used to pay the policy’s premium. Even though whole life policy premiums may increase, they remain affordable in most cases due to the investment interest growth.

Who in Massachusetts Needs Life Coverage?

All Massachusetts residents can benefit from having Life coverage. Anyone that has dependents should strongly consider life coverage. This includes:

Individuals that wish to share their wealth with family members after their death
Parents who provide childcare for their children
Grandparents who want to give to their grandchildren
Anyone who has more debt than assets

How Can Residents of Massachusetts Get Life Insurance?

Selecting life coverage is a major decision. It can be difficult to determine what cause of death a policy must include, or selecting the appropriate amount of coverage. These are important choices regarding one’s financial stability for their family’s future. Massachusetts residents can discuss their options with one of our professional agents experienced in writing Life Insurance policies. Our agents will help define your goals, narrow your options and answer all of your important questions. We can even compare the rates to ensure optimal coverage for the best value!

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

What is Life Insurance?

Who Can Be a Named Beneficiary?

Receive a Free Quote!

TESTIMONIALS

Customers Love Us

Frank

Tony Bartolo

Kelly Ilebode

What Can Death Benefits Be Used For?

What is the Difference Between Term and Whole Life Coverage?

Who in Massachusetts Needs Life Coverage?

How Can Residents of Massachusetts Get Life Insurance?

Receive a Free Life Insurance Quote!