Life Insurance Overview
Helping you understanding the basics of life insurance and feeling confident that you are making informed choices is part of our job at Phil Richard Insurance. Life insurance policies can help you protect your family’s dreams for the future, pay off debt and create funds for college or other important investments. It’s all about obtaining the right type of policy to meet your individual needs.
Some things to consider about Life Insurance
- If you have dependents, your goal may be to replace the income you currently generate in order to support them.
- It’s important to factor in ‘hidden income’ as well, when planning for life insurance. This may include employer-paid health benefits or retirement savings contributions, for example.
- Your life insurance policy should have both ‘primary’ and ‘contingent’ beneficiaries.
Frequently Asked Questions
What is the difference between universal and whole life insurance?
Universal life and whole life insurance are both permanent life insurance products. Yet there are distinct differences between the two. Universal life is more flexible in that you can change the death benefit and the premium you pay depending on the cash value of your policy and current market conditions. Whole life is considered a safer product because it offers guaranteed premiums with fixed death benefits and a fixed growth rate. Overall, whole life insurance is more expensive than universal life insurance.
Is my employer-sponsored life insurance plan enough coverage?
Employer sponsored life insurance plans are wonderful benefits to receive. However the plan may not cover your family adequately if you die. We recommend that you ask your employer a few questions to determine if the sponsored policy will be enough:
- Am I responsible for premium payments and if so, can I pay more to receive more life insurance?
- How is the life insurance amount determined? Is there a fixed benefit or is it a multiple of my salary?
- Is the policy portable?
Once you have the answers to these questions, we recommend that you speak to one of our life insurance agents here at Phil Richard Insurance.
Life Insurance Service Area
Phil Richard Insurance, located in Danvers, MA, offers Life Insurance services to the North Shore of Massachusetts including but not limited to Danvers, Peabody, Beverly, Salem, Newburyport, Ipswich, Rockport, Gloucester, Marblehead, Swampscott, Amesbury, Georgetown, Lynnfield, Middleton, Hamilton, Wenham, Greater Boston Area, and more. We also serve New Hampshire, Connecticut, and Maine.
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