Make an appointment with your life insurance agent at Vargas & Vargas Insurance to determine the policy benefit your life insurance should provide. We help Dorchester, MA, residents ensure that their life insurance adequately covers the needs of their beneficiaries.

Make a List of Big Things Your Spouse Would Need to Pay Off

Base your life insurance policy benefits on the needs your family would have to cover if you died. Make a list of things your spouse would have to pay for alone if you died. This list might include paying off your mortgage, putting your children through private school and college, and paying off any auto loans your family has open. Your credit card bills and other loans belong on this list, too.

Determine the Loss of Your Annual Income

Your benefits amount should factor in how many years your spouse would potentially live. While your spouse might also maintain a career, a life insurance policy should cover the difference the loss of your income would make. That would ensure your family could continue to live at its current level when you die. 

Record Activities You Handle for Your Family

Finally, consider the things you do for your family that they would need to hire another person to do if you died. That might include lawn care, child care, meal preparation, or home repairs.

Parental Care Needs

All of these items vary by person. No two people have the exact same situation, so each person needs to calculate their life insurance needs. If your parents are still living, consider the benefits they would need as they age that they would lose if you passed away. Today, many aging parents move into an addition at their child’s home or relocate to an assisted living center near their child and grandchildren. They may need help paying for this elder care or medical assistance in the house.

Contact Vargas & Vargas Insurance for Life Insurance

At Vargas & Vargas Insurance, we understand the complexities of insurance and work hard to simplify them for our Dorchester, MA clients. Contact us to determine how much life insurance coverage you need based on your family composition and potential beneficiaries.

Vargas & Vargas Insurance knows that talking about life insurance can be an uncomfortable experience. We want the greater Dorchester, MA community to turn to us for their life insurance needs. We can help you protect your family and loved ones, no matter what the future may hold.

Learn more about your life insurance options

Having the right life insurance can serve you and your family well. Depending on the type of policy you select, you can enjoy several benefits while still living. In addition o death benefits, some policies provide cash value and growth during the policy’s life, as long as it is kept current and in force.

Term life insurance is often a good idea for anyone looking to cover their burial expenses or other end-of-life costs. These policies are usually affordable and can help ease your family’s pain during the immediate period after your passing. Permanent policies, like whole life, variable, and universal insurance, provide death benefits and offer other features.

If you want to learn more about the life insurance options now available, it makes sense to sit down with a local agent. This can help you make the right decision.

Call today for an appointment.

If you are a resident in the greater Dorchester, MA area, it’s time to get to know the Vargas & Vargas Insurance team. We are here to help you find the right insurance solutions for your needs. Now is a perfect time to sit down with us and learn more about your life insurance options. Our team is ready to help, and we always look forward to working with you. Give us a call today!

If you are buying life insurance, you have a goal in mind. Maybe you want to support your dependents, pay your mortgage, or ensure your business continuity. But whatever the objective of your life insurance policy is, you have to name a beneficiary to receive the death benefits when you die. But how do you choose a beneficiary? Vargas & Vargas Insurance of Dorchester, MA, is here to guide you if you have no clue where to start.

Choosing a life insurance beneficiary

If you think your financial future is secure with a life insurance policy, it can be wasted if you choose the wrong beneficiary. So, like knowing how important it is to choose a suitable life insurance policy, naming a beneficiary is equally important.

Typically, your beneficiary can be your children, spouse, business partner, parent, or domestic partner. Sometimes, beneficiaries can even be organizations like trusts or charities. Also, when you have several people you want to protect financially, you can name multiple beneficiaries and divide the death benefits among them.

Before signing off the life insurance policy, your insurer will ask you to name the beneficiary. So, when you get that policy, ensure you have your list of beneficiaries beforehand.

To ease the decision of choosing beneficiaries, consider the following:

• Who needs the benefit the most? Is it your child, spouse, sibling, or business partner?
• Have you considered the applicable rules? Minors can’t receive money directly. Besides, different states have guidelines on who you can name.
• If you are single, consider several options, including siblings and parents.
• Sometimes, a person isn’t usually the best choice. Create a trust for your beneficiary, especially if the beneficiary is a minor or you don’t want disagreements in case of a divorce
• Align your will’s beneficiaries with those in the life insurance policy

Still unsure who you will name as a beneficiary of your life insurance? You can always get in touch with Vargas & Vargas Insurance for guidance.

Do you have life insurance? If not, what’s stopping you from having this policy?

If you’ve family members who depend on you for their daily bread, then you need to think again. Consider the state you’d leave them in if you were to die today. The funeral costs alone are too high. Consider any mortgage or student loans you’d been paying. Clearly, these are not debts you want to pass on to your loved ones.

You need to save your loved ones from such problems by purchasing a life insurance policy. If you’re not sure why you need one, our team at Vargas & Vargas Insurance has compiled this guide for residents of Dorchester, MA. 

You Need Term Life Insurance

There are different types of life insurance, and term life is one of them. If you’re like 90 percent of people with life insurance, you’ll choose to go with a term life insurance policy. 

As the name suggests, term life insurance covers a specific period. In most cases, it is 20-30 years. The aim is to ensure that your loved ones are protected if you die during this period, mostly your working years. It has no cash value until you die, and the premiums you pay are smaller than for whole life insurance.

Insurance is Not an Investment

Since some life insurance policies have cash value, you might think that this is a form of investing in the future. However, this should not be the case. If your goal is to grow your capital over time, you’re better off trying something else.

What you need to put in mind is that you’re protecting your loved ones. If they don’t need any protection, you don’t need this policy. 

Are You Considering Buying Life Insurance in Dorchester, MA?

If you’re shopping for life insurance, this is part of the information you should know. There’s still much more you need to know about life insurance. That’s why you need to reach out to our Vargas & Vargas Insurance experts for more information.