Simply put, life insurance provides protection against the economic loss caused by the death of the person insured. Usually, it is a lump sum payment (sometimes known as a death benefit) to beneficiaries in the event of the insured’s death. The amount of premiums paid for this coverage varies based on the type of life insurance, the amount of coverage and other factors.
Life insurance is purchased based on the needs and goals of the individual wanting to insure his/her life and the lives of his/her family, and it is typically paid monthly. Group Life Insurance traditionally is paid for by an employer as part of their employee’s benefit package.
Life insurance can help replace lost income and help to pay funeral costs, outstanding debts and even medical expenses of the deceased not covered by health insurance.
Is Life Insurance is a Good Gift to Give?
There is no better gift than financial security and peace of mind. Having life insurance in place provides that financial security and peace of mind that you and your loved ones are protected with resources to rely on.
How Do I Know What Type of Life Insurance to Buy?
Connect with a Boston Mutual Life Insurance professional today to learn what type of life insurance will fit your needs and goals: