Best Life Insurance Companies in Brockton

FAQs

• What benefits can Brockton life insurance policy owners take advantage of while they are living?

  Some life insurance policies provide advantages for Brockton policyholders even while they are still alive, including cash value growth potential. Whole life insurance plans come with a cash value component that has the potential to grow without incurring taxes until a withdrawal is made. Additionally, individuals can tap into this cash value through loans or withdrawals, which can be utilized for various purposes like funding college education expenses or contributing to a home down payment.

• What factors should Brockton residents take into account when determining their life insurance needs?

  When determining their life insurance needs, Brockton residents should consider various factors to ensure adequate coverage, including the income their families need in the event that they pass away. They must also factor in the outstanding debts that must be settled upon their demise, such as mortgages, probate fees, and end-of-life expenses. Additionally, they need to consider outstanding credit card balances and auto loan debts.

• What other advantages does whole life insurance provide for individuals residing in Brockton, besides lifelong protection?

  Whole life insurance offers a unique combination of benefits to help Brockton residents meet their needs, including consistent premium payments throughout the policy's lifespan. Other advantages include assured growth of cash value, a tax-free death benefit, and the flexibility to customize the policy through various optional features for an additional fee.

• Do Massachusetts life insurance companies sell policies through the mail to Brockton residents?

  Massachusetts life insurance companies typically sell policies through various channels, including online applications, insurance agents, and sometimes through the mail. However, life insurance applicants may still be required to sign a paper application even when applying online due to regulatory and legal requirements. Life insurance agents and brokers in Brockton also assist in meeting applicants’ insurance needs.

• Which companies offer affordable life insurance rates for young people in Brockton and the state of Massachusetts?

  Transamerica and Mutual of Omaha provide cost-effective life insurance premiums, not just to the youthful population residing in Brockton but also to individuals across Massachusetts. On average, Transamerica offers a monthly rate of $18.75, whereas Mutual of Omaha offers a rate of $20.10 per month. Acquiring life insurance at a young age can lead to significant cost savings.

• 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.