Life Insurance · Massachusetts

Universal Life Insurance in Massachusetts

Many people in Massachusetts first ask about universal life insurance because of guaranteed universal life, which can offer a lifetime death benefit with less emphasis on cash value than whole life. No two households in Massachusetts, a New England state with a dense population around Boston and quieter towns out west, carry quite the same obligations, which is why universal life insurance is best sized one family at a time. Many universal life policies let you choose a level death benefit or one that increases along with the cash value. If you already have group life insurance through an employer in Massachusetts, a side-by-side look shows how much universal life insurance would fill the gap, especially since group coverage usually ends when the job does. Current-assumption universal life credits interest at a rate the carrier sets, subject to a guaranteed minimum, so cash value growth can change over time. Business owners in Massachusetts may use universal life for buy-sell or key person coverage that needs to last beyond a fixed term. Massachusetts residents can get a no-obligation universal life insurance quote and plain-language answers by phone.

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• Understand how a rising cost of insurance can affect an underfunded policy.
• Find out which carriers offer universal life insurance to Massachusetts residents.
• Get a clear picture of the trade-offs between universal life insurance and other coverage.