Best Life Insurance Companies in Boston

FAQs

• In Boston, is it feasible to designate your pet as the beneficiary of your life insurance?

  Yes, you can put your pet on your Boston life insurance policy as a beneficiary. If you put your pet down as a beneficiary on your life insurance policy and they die before you do, you need to make sure your policy is up to date. You can either change your estate plan or choose a different person to receive the money.

• Can a child be the only beneficiary of your life insurance in Boston?

  Yes, if a child is the only beneficiary of a life insurance policy in Boston and the policyholder dies, the insurance company will usually ask for the name of a trustee or legal guardian who will take care of the payout on the child's behalf. The guardian or trustee is responsible for making sure that the money from the life insurance is used to help the child.

• How is the price of term life insurance in Boston calculated?

  The price of term life insurance in Boston often depends on your sex, height, weight, age, current health problems, risky activities, and the health issues of your parents and siblings, like heart disease or cancer. Your credit score, driving record, and most recent bankruptcies are other factors that affect your term life insurance rates that are related to your life expectancy.

• What occurs if you live longer than your term life insurance plan in Boston?

  If you live longer than the term life insurance plan in Boston, you will not be eligible for a refund or payout unless you purchase a special type of coverage known as return of premium term life. Remember that ROP policies are more expensive than standard term life insurance. Term life insurance policies are typically written for 5, 10, 15, 20, or 30 years. Another option is annual renewable term life insurance, which provides coverage for one year and can be renewed annually.

• What happens if one of your several life insurance beneficiaries in Boston passes away?

  If one of your several Boston life insurance beneficiaries dies, the death benefit proceeds will be distributed to the remaining beneficiaries. The method of redistribution will differ depending on whether it is done per capita or per stirpes. This means that either one beneficiary will receive the entire benefit of the deceased beneficiary, or the remaining beneficiaries will receive an equal share of the benefit.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.