Frequently Asked Questions

• What are the benefits a life insurance plan can offer?
  • Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations like everyday living expenses, money for college or your spouse's retirement, and so much more.
• What is the best plan for me?
  • The kind of coverage that's right for you depends on your unique circumstances and financial goals. Being single, married, expecting children, an established family and those looking to retire all have different life insurance needs. A Boston Mutual First Plan representative will sit down with you to review your specific situation aand life goals, and help map out a plan that works for you.
• How much life insurance do I need and how much will it cost?
  • The answer is not really how much life insurance you need, it is how much money your family will need after you are gone. Ask yourself: How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts? How much money will my family need to maintain their standard of living over the long run? A Boston Mutual representative will sit down with you to review your unique situation and map out a plan that works for your life and your budget.
• How old do I need to be to consider life insurance?
  • Most people begin to consider a life insurance policy when they enter the workforce. The younger you are, the easier it is to get life insurance and the more money you can save long-term. The younger and healthier you are, the lower your premium will be, so choosing to protect yourself and your family in your 20s versus your 50s has many advantages.
• Can life insurance help me save for my children’s education?
  • Life insurance policies are a great medium to save for your child’s education. With life insurance, you are not only protecting your child in case something happens to you but the accumulated cash value from your policy can be used to help finance your child’s future as well. By the time your child is ready for college, you could have accumulated enough cash value in your whole life insurance policy to pay for the entire education.
• How can life insurance help me save for my future?
  • I already have a 401K. There are many benefits to using life insurance to save for the future. For example, the cash value that accumulates on a permanent life insurance policy, which is not affected by market fluctuations and grows on a tax-deferred basis, can be used to help supplement your income during your retirement years.
• How often should I review my life insurance needs?
  • Life can change quickly. Marriage, divorce, children, college, home purchases, new jobs – these are all things that change life circumstances and life insurance needs. Because your life insurance needs will change over time, your life insurance plan should be reviewed periodically. Most life insurance professionals suggest you reevaluate your life insurance coverage at least once every five years or when you have a major change in life circumstances.
• Who can I name as beneficiaries?
  • One of the great advantages of life insurance is that it can be paid to your family immediately. You can select a specific beneficiary or have the proceeds of your life insurance paid to your estate. If it is payable to your estate, however, it will have to go through probate with the rest of your assets. Your agent can help you with the specific wording or your beneficiary designations. Changing the beneficiary designation is easy, but you have to remember to do it. Due to the various issues involved, a Boston Mutual First Plan agent can be an excellent source of information to help you properly set up your beneficiary designation.
• How can I make sure I’m getting good service?
  • Finding and working with an agent who understands your specific needs is important. You want to select an agent who listens well and will take the time to answer your questions. All of Boston Mutual’s First Plan agents are bilingual and committed to supporting the needs of Hispanics.
• Should I just buy basic life insurance coverage or is it worth considering the "bells and whistles” that some policies offer?
  • Whether you should consider enhancing a policy (adding a rider) really depends on your specific needs, objectives and budget. Here are a few riders that you should take a close look at and consider.
    • A disability waiver of premium rider stipulates that if you become totally disabled for a specified period of time, you don't have to pay premiums for the duration of the disability or a specified number of years. Disabling illnesses and injuries are much more common than you probably realize. If you become disabled and your income declines or disappears for a period of time, a disability waiver of premium can ensure that your life insurance policy will remain in force.
    • An accidental death benefit is another common rider. It will pay an additional benefit in the case of a death resulting from an accident. Many companies offer accelerated death benefits, also known as living benefits. This type of rider allows you, under certain circumstances, to receive a portion of the proceeds of your life insurance policy before you die. Ask your Boston Mutual First Plan agent for information about these and other policy riders.