Best Life Insurance Companies in Cambridge

Frequently Asked Questions

• In Cambridge, who are those who benefit the most from having life insurance?

  Those in Cambridge who would benefit the most from having a life insurance policy are those upon whom others are reliant for support and care. This includes breadwinners for families, parents who wish to establish a college fund for their offspring, and spouses who wish to save up for their partners' higher learning.

• When should a person in Cambridge opt for term life insurance over whole life insurance?

  Generally, it is preferable to go for term life over whole life insurance if the financial needs of the insured and beneficiaries in Cambridge are for a limited amount of time. A person who only wishes to pay off a loan or for the eventual college education of the kids does not need coverage once those costs are paid.

• In Cambridge, how much would the beneficiaries of a term life insurance get if the insured dies a day after the contract ends?

  In Cambridge, the beneficiaries of term life insurance will receive nothing if the insured lives through the term in the contract. To receive any benefits, the death has to occur while the policy is in force, unless the plan is extended and new premiums are duly paid.

• In Cambridge, is it possible for the holder of a whole life insurance plan to receive benefits before dying?

  Yes, it is possible in Cambridge for the holder of a whole life insurance policy to receive benefits without dying since the party may borrow money against the cash value of the plan. The cash value represents the savings earned by the policy. The consequence is that the death benefits may be reduced by the early withdrawal.

• In Cambridge, what factors affect the amount of premiums to pay in a life insurance policy?

  In Cambridge, the amount of premiums paid on a life insurance policy varies depending on the risk of death that the insurance company assumes when insuring a person. The likelier someone is to die, the more expensive premiums get. Age is a common factor as is having multiple diseases and medical conditions.

• 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.