Best Life Insurance Companies in Somerville

Frequently Asked Questions

• In Somerville, what is the difference between life and long-term care insurance when it comes to financial planning?

  In Somerville, life insurance provides financial protection to individuals and families in case of policyholders' premature death. Long-term care insurance, on the other hand, protects policyholders from out-of-pocket expenses in case they need assistance when they become incapacitated. Both of them are important when planning for the future.

• Do life insurance policyholders in Somerville need to pay insurance fees and charges?

  Policyholders in Somerville must be aware that when buying life insurance, they have to pay industry-standard fees for their premiums and cash value. They also have to pay fund management and administration fees deducted from their policy value once a month. In addition, they need to settle premium loads or sales, surrender, and mortality and expense risk charges.

• In Somerville, who may benefit from variable universal life insurance?

  Variable life insurance in Somerville might be helpful for individuals who want to monitor their funds and control their investment options on their own. Policyholders may also benefit from this insurance if they want to accumulate cash value over time and rewards. However, they should be aware that their policy's cash value may be reduced due to potential risks.

• What should you do if your insurance company in Somerville denies your life insurance claim?

  If your insurance company in Somerville denies your life insurance claim, you should seek legal help. Working with an attorney will help you navigate the appeal process. You have to contact your insurance company and obtain the death certificate and medical examiner's report. You also have to make sure that the face amount of the policy is correct.

• How does life insurance help average-income earners in Somerville?

  Average-income earners in Somerville can use life insurance as a source of savings. Through its death benefit's cash value, policyholders can protect themselves and their loved ones from final expenses. It can be also used to pay taxes and provide inheritance to their family members if they do not have enough assets.

• 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.