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.
Life Changes and it’s Time for an Insurance Checkup
Having insurance policies is vital to gain great security and protection from unexpected problems. Ensuring everything in your life at an early stage is also a great idea.
While getting yourself and your house, vehicle, and assets insured is vital, you also need an insurance checkup to review your policies yearly. This allows you to ensure that the insurance coverage will be of help to you when your circumstances and lifestyle change. But if your insurance doesn’t cover you as it should, you need to make some changes to the policies or, even purchase new policies to cover your changing needs.
Here are some reasons why you need to opt for an insurance checkup.
Change in Family Status
Are you planning to get married or expect a baby? It would help protect your growing family by purchasing the right insurance plan. Insurance checkups will allow you to ensure whether the coverage is enough to support your entire family when you are not around. The loss of a family member through disability and death is also the right time for an insurance plan review.
Remodeling or Moving Your House
If you plan to remodel your house, your house value will surely increase. Similarly, if you move from the house, you might own a property with a higher value than the one you have before. Since your assets have increased, you need an insurance plan that covers these assets.
When you decide to retire, you need something to rely on for your future expenses, especially final expenses, it’s vital to choose the right insurance plans to protect you properly. It would also be helpful if you had the proper insurance that will pay for your funeral, medical care, and debts.
Chance in Assets Value
Many people insure their jewelry and other assets to get the money if they get damaged or lost. But they forget the fact that these valuable assets increase over time. By keeping the coverage updated regularly for these valuable assets, you are protected in the event you lose them or they are stolen.
Many insurance companies offer discounts on different insurance plans. This way, you can purchase the right insurance plans at much lower prices. So, if you have not received your discounts, it’s time to have an insurance checkup.
Whether it’s life, house, vehicle, or assets insurance, insurance is not something that you purchase and forget. You need to always look for ways to lower your premiums and avail optimal benefits from your policy. For this purpose, you need to opt for an insurance checkup.
If you have any assets at all, an umbrella policy is a valuable protection. Home insurance and car insurance policies have liability limits that are often not high enough to protect you adequately. If you are found to be at fault beyond your liability limits, you may be required to pay the remainder of the money out of pocket. It could take all of your savings and assets and even your future assets to make that payment.
This will help you look for flaws in your insurance and allow you to get the features that you don’t have. Not only this but practicing this method can help you lower your premiums and get interesting discounts and offer. So, if you currently have any insurance, consider reviewing it.
At Vargas & Vargas Insurance, our clients enjoy customized insurance coverage to match their unique needs at incredibly affordable prices. Contact us today for a free insurance review or quote.
The winter holidays are just around the corner. Autumn is a great time to check on your life insurance policy. Suppose you need to update billing or beneficiary information, or you want to increase or decrease coverage. Handle your insurance maintenance now before getting busy with holiday cheer. The professional team at Vargas & Vargas Insurance is here to help.
COVID-19 Caused Changes in Life Insurance for Massachusetts Residents
As reported by the Patriot Ledger, the pandemic led to business closures, layoffs, and furloughs for many MA residents, particularly in the service and hospitality industries. If you were forced to find new employment, you lost your company-sponsored benefits. If those perks included life insurance, it’s time to buy a new policy — especially if you’ve purchased or sold a home.
The Massachusetts Real Estate Market Exploded in 2021
Buy a term life policy to protect your spouse or partner and pay the mortgage if tragedy strikes.
Buy a whole life insurance policy that will build a cash value in a few years (you can borrow those funds later for emergency home repairs)
If you downsized in 2021, it would be a great time to put some extra funds in an annuity. Then you can safeguard it for retirement.
Finally, even if you’re not interested in buying a life insurance policy right now, it’s always a good idea to check on your contact information and beneficiary information. Make it a fall tradition!
We’re Here to Help
Vargas & Vargas agents are proud to serve businesses and residents of Massachusetts. We work for our customers, not the insurer. So contact us today to learn about life insurance products that fit your current needs, whether that means protecting your family or saving for retirement. We’re standing by to answer all of your insurance questions.
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.
Acquiring policies like life insurance can put your mind at ease and help you feel secure. But it’s only the start of formulating a game plan that will keep you and your family prepared for any unforeseen circumstances. Part of your ongoing strategy must involve decisions about organizing and storing your policies so that they can be retrieved by your spouse or dependents as needed. By following these guidelines, you can live your life without worrying about how your insurance policies will be stored and accessed.
Choose a Secure Physical and Digital Location
Step one for organizing any insurance plan is to keep it in a safe place that only you — and others you give permission to — can open. There’s so much personal information in policy documents that is important to protect, so we recommend using either a safe or lockable filing cabinet. Let your spouse or dependents know where the key or password is stored. In addition to keeping the papers in a physical location in your home, consider sending a copy to a trusted lawyer or loved one who will also keep it safe.
A digital copy can far outlast paper, which can be lost, stolen, or destroyed. For this reason, definitely keep electronic records of your insurance policies. Make a list of passwords for where your policies are stored on your computer, and share the information with your dependents so they can find them. If you aren’t using software to store your insurance policy, you can scan your hard copy onto your computer.
Communication Is Paramount
While discussing your home or life insurance with your spouse and family can be uncomfortable, clear communication is going to be how you avoid any additional difficulties in case of a crisis. Your dependents need to know which policies you have, and they should probably know the names of your agent, insurance company, and other important contacts. Set clear expectations about how and when these should be accessed, and go over how you have stored everything. By communicating effectively, you can avoid your family being another statistic in the millions of insurance dollars that go unclaimed every year.
Update Outdated Documents
Finally, you should keep everything up to date and know when your policies need updating. There are many life events that can require you to update paperwork, including a new birth, a divorce, a new marriage, a change of address, business developments, and many more. Seek advice from a qualified local insurance agent if you are unsure of when an update might be required.
At Vargas & Vargas Insurance, we can help you with these and other questions or concerns regarding your insurance policies. Our ultimate goal is to assist you in any way we can with top-notch insurance plans and unbeatable customer service.
Do you have a term life insurance policy? A term life insurance policy is for a specific period of time. It will only provide coverage for a set period of time, such as 10, 15, or 25 years. During this time, if your policy is active, and you die, the policy will pay out benefits. But if you have a 10-year term life insurance and you die in the 11th year, unfortunately, the policy will not pay your beneficiaries.
If you have term life insurance and it is coming to the end of the policy, you can do a number of things. These include:
Convert the policy.
Renew the policy.
Buy a new policy.
Let the policy end.
1. Convert Your Term Life Insurance
If you have a term life insurance policy, you may have the option to convert the policy to universal or whole insurance. Depending upon the term life insurance that you have, you may have the entire policy period to convert or just a specific time period.
For example, if you have a 10-year policy, you may have ten years to convert to another type of life insurance policy. On the other hand, your policy may only allow you to convert in the first five years of the policy. Check the terms of your policy or reach out to your insurance company.
The key advantage of converting to a whole or universal life insurance policy is that you often do not have to go through another health check for your policy. The policy will convert and not use your current health condition for underwriting the policy. This is a great feature if you have developed health conditions since you bought the original policy.
What Is Whole or Universal Life Insurance?
Before we continue, it’s important to know what whole and universal life insurance are. Whole life insurance has consistent premiums and a guaranteed cased value accumulation. Universal policies have flexible premiums and death benefits. You can borrow against the cash value of either policy, and these are considered permanent life insurance. The coverage doesn’t end when you stop making premium payments — it will extend further into the future.
2. Renew the Policy
Some term policies allow for renewing the policy. This is known as a renewal option or privilege. It allows the policy owner the right to renew their term life insurance policy for an additional time period. However, if you renew the policy by extending your current policy’s coverage, the amount you pay may increase. You can renew even if your health has changed, but you may only be able to renew the policy until a certain age.
3. Buy a New Policy
If your health hasn’t changed, you can also buy a new policy. At this point, you can buy a term, whole, or universal life insurance policy. You will have to go through the health check again, and you may be limited by a two-year suicide clause.
4. Let the Policy End
A fourth option is to just let the policy end. Though this leaves you with no life insurance, it is an option.
If your term life insurance policy is ending or you would like to make changes to it, contact us or give us a call! The team at Vargas & Vargas Insurance can help you figure out what is best for you and your situation.
Whole life and universal life insurance policies have similarities and important distinctions. Both are types of permanent life insurance, which means they provide coverage for your entire life as long as premium obligations are met (which is different from term insurance). Also, you can build cash value in either type of policy. Here’s what you need to consider to choose the coverage that’s the right fit for you.
1. Your Budget
Would fixed premiums or adjustable ones be a better match for your budget needs? Whole life insurance has fixed premiums. After you pay the initial premium on a universal life policy, you decide how often and how much to pay your premiums as long as you meet the policy’s minimums.
2. Your Risk Tolerance
Your investment in a whole life policy has low risk. The cash value accrues interest at the rate set by your insurer. Some whole life policies are eligible for dividends. You can choose to reinvest your dividends in the cash value or to have them sent to you. Dividends may also be put toward premium payments.
Selecting universal life, on the other hand, requires a higher risk tolerance. The rate of return on the policy’s cash value is not guaranteed. Rather, returns go up or down with market conditions. Some universal life policies are linked to the performance of a specific index like the Nasdaq 100.
3. The Needs of Your Loved Ones
Since whole life provides a fixed death benefit, it’s easier to plan for the future of loved ones who depend on your support. Fixed benefits may be particularly helpful if your loved ones include an aging relative, a child with special needs, or anyone else who won’t be able to develop their own means of support.
Universal life allows you to pick between a fixed death benefit and a benefit you can adjust up or down. This feature is beneficial if your personal circumstances change. For example, a married yet childless adult may initially choose a smaller benefit since it’s likely that only one person — the spouse — depends on the insured’s income. Should this couple have a baby, the insured person may want to increase the death benefit because more people rely on the insured person for support.
Your local independent insurance agent can answer questions and help you choose the right type of policy for you and your loved ones. Contact Vargas & Vargas Insurance today for friendly, helpful service.
All insurers are not created equal, nor are all insurance policies. We’re not here to sling mud or speak badly about any insurance provider! But we are going to explain how every insurance company has an ideal customer in mind, and show you some specific differences between Progressive and Geico insurance policies as examples. Our duty at Vargas & Vargas Insurance is to connect every customer with the right insurance policy. We work with many major insurance companies, and we can help take the guesswork out of any of your Massachusetts insurance policies. As always, if you have questions beyond the scope of this article, reach out to us today.
Progressive is a well-respected insurer with an excellent reputation. Their ideal client is a multi-line household — in case you hadn’t noticed “Flo’s” focus on insurance “bundling” in their advertising campaigns. Progressive will insure your home and autos, and the company offers life insurance choices, too. They provide great coverages for adults with multiple insurance needs.
Progressive provides homeowners insurance in-house; they don’t farm it out.
Geico began as an insurance provider for government employees and gradually broadened their scope. Geico’s focus is providing economical pricing on auto insurance, though they also insure recreational vehicles like motorcycles and RVs. They usually have somewhat better rates for some riskier drivers, like those who have had many at-fault accidents, those with many speeding tickets, and young inexperienced drivers.
Geico does not write their homeowners insurance policies. They can provide you a quote, but they “farm out” the policy to a partner.
At Vargas & Vargas, we work hard to match the right type of insurance policy to our customers. Both Progressive and Geico homeowners policies, for instance, will provide replacement cost coverage. Still, they offer different bells and whistles, as well as different rates.
Both Progressive and Geico homeowner’s policies provide medical payments to others in case of injury, liability coverage, and coverage for water or sewer damages. However, Geico and Progressive recommend lower limits of liability and deductibles on glass coverage, where most insurance professionals do not. And both companies offer varying discounts (like paid-in-full discounts, paperless billing discounts, multi-line discounts, and so on).
The biggest benefit of working with an independent insurance agent like Vargas & Vargas is that our licensed, independent insurance agency works with many insurance companies. We know their underwriting criteria and know their ideal customer. Our goal is to spend time with each prospective client to get a feel for your insurance needs. Then we can move forward getting quotes from the best companies for your unique situation.
Need some Massachusetts insurance quotes? Let’s talk!
Where Does Life Insurance Sit on Your List of Priorities?
We find that life insurance sits very low on most people’s bucket list of things to check into and buy. We find that most of the younger generation feel they are invincible and nothing is ever going to happen to them, like death. Our licensed insurance agents at Vargas & Vargas Insurance view life insurance as a necessity in life, making this an urgent subject to deal with before your next birthday. Everyone is going to die at some point, the question is not if, but when? Are you adequately protecting your family in the event you die?
Life insurance is very cheap when you are younger age, meaning, you can buy a higher amount of coverage with lower monthly premiums. Perhaps you can buy enough insurance to pay off a mortgage, a car, college education, and have enough left over for the end of life bills and funeral costs, leaving no financial burdens on the family.
However, as you age every year your monthly premiums rise and these higher insurance amounts may become too expensive for you after retirement age. We service retired clients at our location in Dorchester, MA area who want life insurance settling for just the cost of their funeral so that it leaves no financial burden on family members. Seldom there is little to nothing left to apply towards the end of life expenses such as medical bills.
An Urgent Call to Action
Life insurance financially takes care of those you leave behind. Death without life insurance can wipe out a family’s savings and finances for a long time to come. If you have no life insurance our agents in Dorchester, MA would like to talk with you about this vital life decision.
Give us a call today, at Vargas & Vargas Insurance, or stop by for a visit. Access our website for more information on life insurance, our many other available services, and the locations of our five available locations. Seeking information costs you nothing and is free with a no-obligation quote.