Life Insurance in Massachusetts

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What is Life Insurance?

No one plans on having a heart attack, being diagnosed with cancer, or unexpectedly passing away. Everyone will pass away one day, though — it’s one of the two sure things in life. Life insurance helps Massachusetts residents continue to provide for their families and loved ones in the event that they pass away.

Life insurance, in its basic form, provides death benefits. When a covered policyholder passes away, their policy’s benefits are distributed to their beneficiaries. These funds may be used to:

  • Help compensate for a loss of income
  • Pay for medical treatments the policyholder received
  • Cover funeral costs
  • Assist with any other financial needs the beneficiaries have

These are just a few ways that death benefits may be used. They can also be used to fund trusts, donate to charities, or help a business continue after its owners passing. Some life policies provide additional services, acting as investment vehicles or retirement plans.

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What is the Difference Between Term and Whole Life Policies?

There are two different kinds of life policies: term life policies and whole life policies.

Term life policies last for a predetermined amount of time, such as 10, 15, 20, 25, or 30 years. On the one hand, they will only provide death benefits if the policyholder passes away during this time. On the other hand, policyholders only need to pay premiums while the policy is in effect. Additionally, premiums tend to be lower than whole life policies’, because the insurer only needs to provide coverage for a set amount of time.

Whole life policies are designed to provide coverage for a person’s entire life, including into old age. Insurers expect to eventually pay death benefits for these policies, since they’re designed to last the policyholder’s lifetime. Therefore, the premiums for the policies are often higher than the premiums for term policies.

Whole life policies often also act as investment vehicles and retirement plans. Some of the funds that are paid into them can be put towards a number of investments, which grow over time. With some wise investment decisions, the returns that these investments provide may exceed the policy’s premiums — and the policy may effectively pay for itself later in life.

Life Insurance Massachusetts

Should Massachusetts Residents Get a Term or Whole Life Policy?

Term and whole life policies are designed for different purposes, and which one is better depends on your goals for the policy.

Term policies can be used to make sure that your family will be provided for if you pass away unexpectedly. Once the policy expires, you shouldn’t have to worry about providing an income for your family. As long as you purchase a policy with a long enough term, your children should be out of the house and self-sufficient. You and your spouse (or partner) hopefully will have saved for retirement through another means, and your investments ought to cover your better half’s living expenses if you pass away.

Life Insurance Massachusetts
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How Can Residents in Massachusetts Get Whole Life Insurance?

For help finding Whole Life insurance in Massachusetts, contact the independent insurance agents at Scotti Insurance Agency. Our agents can request architect policies from multiple insurance companies in the state on your behalf, and they have the expertise needed to help you determine which one is best for your situation.


For quotes or questions, reach out to the experts at Scotti Insurance Agency. We’ll be happy to assist you!

Scotti Insurance Agency

Scotti Insurance Agency

19 Mount Vernon Street
Winchester, MA 01890