When it comes to protecting your Massachusetts loved ones in case of an unexpected death, choosing the right life insurance policy is crucial. While employer-provided life insurance can be a convenient option, there may be better choices for your specific needs.
Here’s why you might want to consider complementing your workplace life insurance policy with term life insurance:
Coverage: Specialists recommend insuring your family for 8 to 10x your annual salary, yet most employer plans only offer coverage for 2x your annual salary or less. With term life insurance, you can choose the amount and length of coverage that is right for you and your family’s needs.
Duration: Term life insurance allows you to choose the duration of coverage that best fits your needs, typically ranging from 10 to 30 years. This means you can select a policy that protects you for as long as you (and your kids) need it, rather than being limited to any coverage provided by your employer.
Portability: If you leave your current job or retire, your employer-provided life insurance policy may no longer be available to you. With term life insurance, you can take your policy with you and maintain coverage even if you change jobs or retire.
Parties to a Massachusetts divorce action are required to maintain or ordered to obtain a life insurance for the benefit of the minor children for the reason that it is in the parties best interest that said policy or policies be maintained to them with adequate support in happenstance of a tragedy.
A life insurance may also be required as security for the recipient of alimony during a divorce action.
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation.