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Life Insurance

Life Insurance in Massachusetts

What is Life Insurance?

Life insurance is a form of personal insurance that helps families protect their family and their finances in the event of a tragedy.

The foundation of life insurance policies are “death benefits.” Death benefits are monetary distributions that are paid when a insured  passes away to help provide for dependents who rely on their income, pay outstanding debts, and assist with the other financial obligations such as funeral expenses. 

Some life policies offer investment options along with death benefits, but the most common is Term Life Insurance.

Term Life coverage from Garrity Insurance offers a flexible and very affordable way to protect your loved ones. Term limits range from 10 to 30 years. If the insured passes away the benefit is paid to the beneficiary, generally tax free..

Garrity Insurance offers Term Life insurance through all the top carriers and major life insurance companies, and we make the process as easy as possible. Contact us today to find the right plan for you.

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Life Insurance Massachusetts

Whole Life vs. Term Life – What's the difference?

There are two main kinds of life policies: term life policies and whole life policies.

Term life policies generally offer coverage for a set number of years. Terms may be any number of years, but most insurers offer policies with terms between 10 and 30 years. Should a policyholder pass away during their policy’s term, their beneficiaries will usually receive the policy’s death benefits.

Term life insurance premiums normally remain fixed for the term period purchased. At the end of the term period, premiums will then increase substantially each year. There is generally no savings or investment options within a term life policy. Term policies provide the most coverage for the least amount of money. 

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Whole Life Insurance

Whole life insurance policies offer a guaranteed premium and death benefit.  Unlike term life insurance, you will not outlive a whole life policy.  New policies generally run to age 120.  We are living longer!

With whole life insurance, you build guaranteed cash values (savings).  Should your need for life insurance change, then cash values can be used to supplement your retirement income.  You can also borrow against cash values for emergencies, medical expenses, college tuition, etc.  Repaying the loan will restore the cash value and a full death benefit.

Whole life is the perfect gift to your children and grandchildren.

Life Insurance Massachusetts

Who Should Have Life Coverage?

Most Massachusetts residents should at least consider getting a term or whole life policy. As mentioned, no one escapes passing away. There are a few situations where coverage can be particularly helpful, though. Policies are especially useful for:

  • Primary income earners who financially provide for their families
  • Parents who have permanently handicapped children that won’t be able to earn a living
  • Spouses who want to make sure their partner is able to afford any care they might need
  • Grandparents who want to leave a legacy by paying for grandchildren’s major expenses
  • Any Massachusetts resident who wants to leave a significant contribution to a cause or charity
  • To guarantee college funding
  • To pay off the mortgage and other debts
  • Estate planning, final expenses, tax liabilities and charitable bequests

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How Can Residents in Massachusetts Get Life Insurance?

Massachusetts residents who want assistance finding life insurance should contact an independent insurance agent in the state. An independent agent can help residents choose between term life and whole life policies, and they can request quotes for either type of policy.

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