Massachusetts became a state on February 6, 1788. It is the 6th state in the USA with Boston as its State Capital. Massachusetts’ major industries are electronics, fishing, tourism, education, publishing and textiles. Currently, there are more than 6 million people living in this state and it is considered to be one of the most densely populated in the US.In terms of health, Massachusetts is the 3rd healthiest state according to United Health Foundation. It holds the 2nd lowest rate in infant mortality; has the most number of doctors for every 100,000 residents and surprisingly has the lowest rate in uninsured residents. However, this state also has a high rate in binge drinking. According to statistics, residents in this state have an average life-expectancy of 78.4 years. 41.1 percent of the total population is of normal weight – the rest are either obese or overweight. Massachusetts is also famous for its history in athletics. The state has won tremendous numbers of championship games in various fields of sports.
Life Insurance Explained
With all the great things that have been mentioned about this beautiful state of Massachusetts, we can simply say that people living here are health-conscious. Most people here are insured, and this is probably because they already know how important it is to have life insurance.
Life Insurance is a form of financial security for the policyholder’s beneficiaries should they die. Death benefits are issued to shoulder funeral costs and other expenses. Beneficiaries will be protected up to a certain extent, depending on the coverage of the life insurance policy. Here are the three types of life insurance policies and their key points:
Term Life Insurance
- Coverage is only for a specific period of time. Normally, the terms offered are 15, 20 and 30 years.
- Premium is lower for higher term coverage.
- After the term matures, rates are subject to change and can be higher.
- It does not build equity; therefore, there is no cash value.
Whole Life Insurance
- Protection is effective permanently or until you die. This is perfect for retirement plans.
- Premium is higher but with disbursements – higher long term value.
- It builds equity, and has cash value for unexpected expenses.
Combination Life Insurance
- This is for policyholders wanting customized policies according to their life situation.
- Policy is flexible, hence, more options of term coverage and premiums are available.
- Premiums are higher, but competitive enough to provide a larger death benefit.
- It has cash value and can be used for emergency situations
Life Insurance Companies in Massachusetts: Helping You Find the Right Protection
There are many life insurance companies in the region that can help provide the appropriate protection for every resident. These insurance companies listed below serve all areas in Massachusetts. They provide free quotes and consultations for interested applicants. Some of them even offer a wider range of competitive life insurance packages. These are just some of the many trustworthy life insurance companies in Massachusetts:
- Encharter Insurance
- Bernard M. Sullivan Insurance Agency
- Ross Insurance Agency
- Cantiani Insurance Agency, Inc.
- H. Levenbaum Insurance Agency
Every person living in Massachusetts has a different lifestyle and goals in life. Given enough resources, who would not want to secure their loved ones just in case death comes all-of-sudden? Life insurance policies can help even up to the extent of covering for the college tuition of the policyholder’s children. With their competitive premiums and death benefits, people in Massachusetts will worry less for their family’s future.