Planning for the future can be a tricky business. How will you know how much money you need to save to take care of your spouse or children if you pass away? You might also want to make sure that your funeral expenses or mortgage is taken care of after you pass. If you have loved ones who are dependent on you, one of the best ways to ensure that they remain financially secure after you're gone is through a Massachusetts life insurance policy.
There are several types of life insurance policies available, and it's important to select the best policy for your particular goals. An independent insurance agent in our network can help you make an informed choice. These agents have relationships with several insurance carriers so they can show you several Massachusetts life insurance quotes to choose from. Find a local member agent today to get started.
Life Expectancy Rates in the U.S. and Massachusetts
- Overall: United States, 78.6; Massachusetts, 80.1
- Males: United Sates, 76.0; Massachusetts 77.5
- Females: United States, 81.2; Massachusetts, 82.5
- Caucasians: United States, 78.7; Massachusetts, 80.1
- African Americans: United States, 74.3; Massachusetts, 78.5
- Latinos: United States, 83.5; Massachusetts, 87.4
- Asian Americans: United States, 87.3; Massachusetts 91.6
You might not spend a lot of time thinking about how your loved ones will cope financially after your death. However, if you buy life insurance as a younger, healthier person, your policy will have lower rates than if you wait until you're older to buy. When it comes to life insurance, the longer you put off purchasing a policy, the more you can expect to pay for it. Having a Massachusetts life insurance policy may not seem necessary to you now, but if you have loved ones who depend on you, a policy has the potential to save them from financial hardships in the event of a sudden tragedy.
Massachusetts Leading Causes of Death
- Heart disease, responsible for 25% of all deaths
- Cancer, responsible for 24% of all deaths
- Stroke, responsible for 6% of all deaths
When considering a life insurance policy, there are questions you need to ask yourself. If you are married, would your spouse be able to cope financially without your income? If you have children, would there be enough money available to provide for their basic needs? Would they be able to afford to go to college? These are not easy things to think about but are important nonetheless.
Number of Deaths per 100,000 People: MA vs. National Statistics
- Massachusetts: 185.2
- Nationwide: 211.1
- Heart disease
- Massachusetts: 172.7
- Nationwide: 183.8
- Massachusetts: 38.1
- Nationwide: 46.6
- Chronic lower respiratory disease
- Massachusetts: 35.8
- Nationwide: 43.2
- Unintentional injuries
- Massachusetts: 27.7
- Nationwide: 39.1
A Massachusetts life insurance policy can provide your family with the funds needed for your final expenses and, depending on how much coverage you purchase, may provide the means for your loved ones to maintain a high standard of living for years to come. Some policies even allow you to collect a sum of money that you can use if you are faced with financial hardship while you are still living.
The Different Types of Massachusetts Life Insurance
There are different types of life insurance policies from which you can choose. Each has its pros and cons. Which policy is best for you is dependent on your personal situation, finances, and preferences.
- Term life insurance: Term life is purchased for a given time frame, or term, that usually ranges from 10 to 30 years. When the term is up, the policy is no longer effective. These policies are the least expensive option and provide coverage during the years that it is needed most.
- Whole life insurance: Whole life is one type of permanent life insurance, which means it does not expire. Your policy and rate will stay in effect for as long as you continue to pay your premiums. Your policy can build up equity that can be cashed in at any time or saved up to support your loved ones following your death. These policies are the most expensive option but offer the highest level of benefits.
- Universal life insurance: Universal life is a more flexible permanent life insurance policy. Like whole life, it accrues a cash value. You can access your accrued money in the form of low-interest loans. You can even use your accumulated earnings to cover your premium costs when necessary. These policies are more expensive than term life but less expensive than whole life.
Find the Best Massachusetts Life Insurance Policy for You
How do you decide which type of policy is the best Massachusetts life insurance option for you, and how much you need? An independent agent in our network can help you assess your coverage needs. Your local member agent can explain each of your options and help you make an informed decision. An independent agent can work with several different insurance companies to provide you with a variety of customized policies to compare.
Find an agent in your neighborhood today and start comparing Massachusetts life insurance quotes tailored just for you.