If you’re curious about some of the basics about life insurance, we’ve included general information here.
Types of Life Insurance
Not sure what the different kinds of insurance are or what they mean? Below are some basics to help explain what kind of coverage various options can provide.
What is Whole Life Insurance?
With Boston Mutual Life’s whole life insurance, you get lifelong protection, locked-in rates, and cash value that grows over time. It’s a smart way to plan for the future and protect the people who matter most.
What is Basic Life Insurance?
Life can change in an instant. Boston Mutual Life’s Basic Life Insurance is an affordable option for employers to provide their employees with life insurance to help ensure they and their loved ones have financial support if something unexpected happens. It’s easy to enroll and stays with you during your employment — even into retirement in some cases.
What is Group Voluntary Term Life Insurance?
Group Voluntary Term Life Insurance offers you a valuable opportunity to add extra life insurance and accident protection, ensuring financial security for your future.
What is Accident Insurance?
Accidents happen—but your finances don’t have to take a hit. This plan gives you cash to help with expenses like ER visits, ambulance rides, or physical therapy.
What is Critical Illness Insurance?
A serious illness can turn your world upside down. This coverage gives you a lump sum of cash to use however you need
What is Disability Insurance?
If you can’t work due to illness or injury, disability insurance helps replace your income so you can keep life on track.
How can life insurance help with life changes?
Life is full of changes – some that you can plan for and others that can’t be planned for. However, did you know you and your loved ones can be more prepared with life insurance?
If an accident happens, are you protected?
Winter can be a joyous season — full of sledding, skating, skiing and all the other fun and exciting activities that come along with it. But it can also be a season of accidents, and they can happen to anyone, including you, your partner, and especially active kids.
Looking to protect your family’s financial future?
A topic that many people find challenging to understand and even talk about is life insurance. However, having life insurance is like any other kind of insurance — it offers peace of mind and financial protection in case something unexpected happens in the future.
How can you prepare for the future?
While you can’t predict everything life may throw at you, you can still set yourself up for some of life’s uncertainties. One way you can prepare for any situation and provide for your loved ones in the future is through life insurance.
How much life insurance do you need?
Did you know your age may affect your perception of how much life insurance you need? The annual Insurance Barometer Study conducted by LIMRA and Life Happens reveals insights about how life milestones impact people’s attitudes about life insurance. This year’s study included members of Generation Z for the first time, offering an interesting window into how four different generations approach life insurance.
How does life insurance help protect your family?
While many people put off getting life insurance, more people in recent years are beginning to understand the importance of getting enough coverage. A 2023 Insurance Barometer Study conducted by LIMRA revealed that 101 million U.S. adults currently need life insurance but don’t have any. However, 41% of respondents said they need life insurance or need to get more, revealing the awareness of how important this coverage is for many Americans.
The good news is, being covered by permanent life insurance, such as a whole life policy, can give you and your family better peace of mind. If you’ve been delaying getting enough life insurance to help protect your family due to misperceptions about coverage, here are the myths – and the facts – to help you understand how important it is.
Four Major Milestones and Insurance Options to Consider for Each
1. Summer camps – Whether it’s your youngster’s first day camp or your teen’s first weeklong overnight adventure, it’s always an exciting time for parents to see their children try new things and make the most of their days off. However, just as
you pack them the essentials to stay comfortable and safe at camp, you should also consider extra insurance options. Children will be trying so many new things and unfortunately sometimes the unexpected occurs. Accident coverage can complement your medical coverage, which can help with out-of-pocket expenses that you may incur as a result of an accident at camp or elsewhere.
Three Main Benefits of Investing in a Whole Life Insurance Policy
- 1. Guaranteed Cash Value
Unlike term life insurance, whole life insurance accumulates a cash value that you can dip into during your life if a financial need arises. More importantly, as long as you pay your premiums, the cost of your policy will not increase, and the face amount and the interest rate are guaranteed. To access the value of the account, you essentially take a taxable withdrawal or tax-free loan you can pay back. You can use the money as needed — such as to buy a car or put a down payment on a house. Even if you never access the cash value during your lifetime, it will act as a safety net that can be used in financial emergencies. Whole life insurance can also supplement your existing retirement accounts, like your 401(k) or IRA account, helping you enjoy your golden years.
5 Things to Know While Searching for Life Insurance
- 1. Don’t wait
According to the “2019 Insure Your Love Consumer Survey” by Life Happens, 69% of consumers with life insurance said that they felt less stressed knowing their loved ones were financially protected. Beyond establishing that protection right away – before it’s needed – another advantage is that typically, you can secure lower rates for life insurance when you’re younger.
Common Misconceptions of Life Insurance
Myth:
Life insurance is only available directly through financial advisors. This is not the case. In fact, quality, strong valued policies for your entire family are often available through your workplace or your spouse’s workplace. For example, Boston Mutual Life Insurance Company offers a wide range of workplace solutions paid for by employers, employees or both, including whole life, term life, critical illness, accident and disability insurance. Licensed sales associates of Boston Mutual Life Insurance Company are always available throughout this process.
Life Insurance Glossary
Beneficiary – The person or persons named in the policy to receive the insurance proceeds at the death of the insured.
Cash value – The sum of money that can build inside many permanent life insurance policies and can be accessible. The actual cash value may be decreased by a surrender charge, loans or withdrawals.