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In Boston, MA, life insurance is regulated by the Division of Insurance in Massachusetts. All life insurance policies must be approved by the DOI before they can be sold in the state, and insurers must be licensed to do business in Massachusetts.
The DOI has a few requirements for life insurance policies sold in Massachusetts. For example, all policies must have a free-look provision, which allows policyholders to cancel their policy within 10 days of receipt and receive a full refund (minus any charges for medical exams or other services rendered).
Policies cannot be canceled by the insurer except for nonpayment of premiums, fraud, or material misrepresentation on the application. And if a policy is canceled, the insurer must provide written notice to the policyholder at least 30 days in advance.
These are just a few of the regulations in place to protect Boston, MA residents who purchase life insurance policies. For more information, contact the DOI.
Term life insurance is a type of life insurance that provides coverage for a specific period of time, usually 10-30 years. If the policyholder dies during the term of the policy, the death benefit will be paid to the beneficiaries. If the policyholder does not die during the term, the policy will expire and there will be no death benefit paid.
Whole life insurance is a type of life insurance that remains in force for the lifetime of the insured as long as premiums are paid as required. Whole life policies also have a savings component, which grows cash value over time. This cash value can be accessed through loans or withdrawals, although doing so may reduce the death benefit.
Universal life insurance is a type of permanent life insurance that offers flexibility in premium payments and policy options. Universal life policies are “flexible premium” policies, meaning that the policyholder can choose to pay more or less than the minimum required premium.
The cash value of a universal life policy grows tax-deferred, and the death benefit is paid to the beneficiaries tax-free. Policyholders can also borrow against the cash value of their policy, although doing so will reduce the death benefit.
Variable life insurance is a type of permanent life insurance that provides death benefits and cash value growth that fluctuates based on the performance of underlying investment options. With a variable life policy, the policyholder chooses how their premiums will be invested, and the death benefit and cash value will increase or decrease based on the performance of those investments.
Variable life policies also offer the option to borrow against the cash value, although doing so will reduce the death benefit. Variable life insurance is considered a securities product and is subject to investment risks, including the possible loss of principal.
Most life insurance policies require a medical exam in order to determine the risk of insuring an individual, but there are some policies that do not require a medical exam. No medical exam life insurance policies are usually more expensive than traditional policies because the insurer is taking on more risk by not requiring a medical exam.
No medical exam life insurance is often a good option for those who have health conditions that would make them ineligible for traditional coverage. It's also a good choice for people who don't want to go through the hassle or inconvenience of a medical exam.
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The materials on this website have been created for informational purposes only and are not intended as legal advice. The law changes frequently and the information may not be complete or correct depending on a number of factors.