Life Insurance 101

 

Why do you need life insurance?

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Edward: I’ll use me as an example — my wife and two children – if I were to pass I want to keep my wife and children in the same lifestyle they are accustomed to. We have a home. Knowing the kids will have to go to school eventually. If I were to pass tomorrow, God forbid, I want to put them in a position to be financially stable in my absence.

Lauren: Homeowners insurance is required. Auto insurance is required. Life insurance is not something that anyone tells you you have to have. It’s something that you have to see the importance in.

The concept of life insurance

At its most basic level, the purpose of life insurance is to provide peace of mind and help protect your loved ones from financial hardship in the event of your unexpected passing.

In fact, 84% of Americans believe that having an adequate amount of life insurance is important to their financial peace of mind.¹ This is because the proceeds from a policy can help provide for the needs of people who rely on you. These needs can include things like day-to-day living expenses, paying off a mortgage, or funding a college education.

There are two basic types of life insurance – term insurance and permanent life insurance. Term insurance, as the name suggests, helps provide protection for a set period of time, typically 10, 15, 20, 25 or 30 years. Permanent life insurance lasts for one’s entire lifetime as long as premiums are paid. Amica Life offers both term and permanent life insurance.

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How much life insurance coverage is right for you?

Use our needs calculator to find out.

Life insurance calculator

Resources

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Your helpful life insurance guide: The basics

When it comes to life insurance, you may need help making an informed decision. We’ve created this guide that’ll make understanding and navigating the world of life insurance much easier for you.

Your helpful life insurance guide: Shopping for Life Insurance

When it comes to shopping for life insurance, you may need help making an informed decision. We’ve created this guide that’ll make it much easier for you when you’re looking to purchase life insurance.

Life insurance needs for different generations

Whether you’re part of the Baby Boomer generation, Gen X or are a Millennial there are many reasons to purchase a life insurance policy to help protect your loved ones.

Your helpful life insurance guide: Life insurance claims

You may have some questions about what your loved ones would need to do in the event of making a life insurance claim.

Why Amica Life?

With Amica Life, you can always expect an extraordinary level of service. Our licensed professionals will listen to your unique needs, answer your questions, identify coverage that's right for you and then help you every step of the way to ensure your coverage stays in line with all of your life’s changes. With an A+ (Superior) rating from A.M. Best2, a leading authority on insurance company financial stability, you can also be confident Amica Life will be there for your loved ones.

Learn more now!

¹2015 Amica Life Financial Peace of Mind Survey
²A.M. Best Company. Feb. 18, 2016. A+ is the second highest of 15 possible ratings. For the latest rating, access ambest.com.