Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.

Rate Examples:

10 year level term

Amount of coverage     Age       Male            Female                Age        Male          Female                Age          Male            Female

   $250,000                      35       $115              $108                    45         $203            $183                   55            $458              $350

   $500,000                                  $170              $155                                  $345            $305                                   $855              $635
  
   $750,000                                  $225              $203                                  $488            $425                                $1,253              $920

$1,000,000                                 $270               $240                                  $585            $520                                $1,585           $1,170


Above examples are based on rates in effect as of 04-01-2012



MacDonald & Pangione Insurance 104 Main Street, North Andover, MA 01845  Tel: 978-688-6921
RC Briggs Insurance, 103 Main Street, Amesbury, MA 01913  Tel: 978-388-0019