When it comes to insurance, how do you know what you need? You need more than a great price—you need advice.
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Massachusetts life insurance basics
Selecting any type of insurance can be complicated and confusing. McSweeney & Ricci will the guesswork out of the insurance process. We’ll guide you toward the proper levels of protection and will make sure you understand the coverage you select. We’ve outlined some basic life insurance information below to get you started.
There are two major types of life insurance, term life and whole life insurance.
Term Life: A term life policy protects policyholders for a certain number of years. Term life pays only if death occurs during the term of the policy, which is usually between one and thirty years. For example, if you are 40, you can select a policy that provides coverage until you reach retirement age, when you will have access to your retirement savings.
Whole Life/Permanent Life: A whole life policy covers you for your entire lifetime, paying a death benefit whenever the policyholder dies, as long as the premiums have been paid. There are three major types of whole life: traditional life, universal life, and variable universal life.
Exam versus no medical exam life insurance: Life insurance requiring a medical exam, is considered fully underwritten. In that case, an examiner will visit your home, record your height and weight, and will take a small urine and blood sample. Your results will be processed and the life insurance carrier will offer you a policy based upon your lab results (Standard, Standard Plus, Preferred or Preferred Plus). Individuals with pre-existing conditions such as diabetes or high blood pressure or people who are too busy to schedule an examiner visit, may want to purchase life insurance with no medical exam.
Choosing life insurance is one of the most important decisions you will ever make. Your McSweeney & Ricci Account Manager will make recommendations for life insurance based upon your needs and individual circumstances.