Life Insurance
Life insurance is a practical and affordable way to provide security for the future of your family’s finances when you’re no longer here. Whether you’re young and starting a new family or entering retirement, it’s always the right time to think about investing in quality life insurance.
What’s most important is to find the right life insurance that offers the most support to those close to you. Amica has a variety of options that are tailored to best suit your specific needs.
Why you need life insurance
You need life insurance to keep you and your family prepared for the unexpected. The right life insurance policy will help protect your loved ones when you’re gone and help them maintain financial stability and security. Your beneficiaries will receive payouts to help them cover funeral costs, unresolved debt, lost income, daily expenses and more.
When life insurance can help:
Starting your career
Typically, employers offer life insurance policies to their employees. You should review what’s offered by your employer and consider supplemental life insurance to ensure you’re fully protected.
Getting married
You’ll want to make sure your spouse is protected if you pass away. A life insurance policy can offset the loss of your income, helping your spouse put food on the table, meet day-to-day expenses and plan for the future.
Buying a home
Life insurance can help cover the cost of the mortgage, allowing your family to stay in your home after you’re gone.
Raising a family
If your family was suddenly without your income, it may have a dramatic impact on their financial well-being. Without it, your family may not be able to afford child care or your children’s education – so it’s important to protect it.
Planning for retirement
Help your family pay for end-of-life expenses, care for aging parents or support adult children in the event of your passing.
Comparing different types of life insurance
Amica offers life insurance options that are customizable, and we can help you find a policy that’s suitable for your circumstances. Many people find their needs fall into one of two coverage types: term life insurance or whole life insurance.
Term life insurance
Affordable and temporary coverage.
Term life provides protection for a specific, limited amount of time, typically 10, 15, 20, 25 or 30 years. It’s popular due to its practicality – especially for those starting a new family. It’s a budget-friendly option that provides protection for a set period, making it convenient to tailor coverage toward your immediate needs.
Considerations
- You pay for the coverage you need for the period of time you need it.
- Guaranteed rate and coverage throughout the selected period.
- Generally convertible to whole life, which provides lifetime coverage.
- If you qualify, you can get this valuable term life protection with no medical exam.
Term insurance may be right for you if you need help protecting your income for a specific period of time. It also provides death benefit protection and helps your family cover ongoing expenses and retain their standard of living if you're not there.
Learn more about term life insurance.
Whole life insurance
Lifetime protection with cash value.
Whole life insurance provides protection for an individual’s entire lifetime, as long as premiums continue to be paid. This option builds cash value that can be borrowed against during your lifetime.
Considerations
- Provides lifetime coverage.
- Guaranteed rates that won’t increase over time.
- Cash value accumulates over the life of the policy.
- Guaranteed coverage for your lifetime that won’t decrease as you age.
If you're looking to help protect your family for your entire life, whole life insurance may be the better coverage for you. Whole life will help to ensure your family isn’t burdened by final expenses or medical bills if you're not there.
Explore whole life insurance.
How much life insurance do I need?
When considering life insurance, it's important to tailor your coverage to your specific situation and the needs of your beneficiaries. A good starting point when considering life insurance is to map out the financial details of your life and estimate what your beneficiaries would need to maintain financial security after you’ve gone. Assess your financial situation by listing your current expenses, including living costs and health care. Then consider future financial needs like education costs for your children, retirement and funeral expenses.
Use our life insurance calculator to calculate your coverage needs.
How much does life insurance cost?
Companies assess various factors to determine your life insurance rates. You’ll likely be asked about your:
- Health: Your current medical condition, including any medication you take, past illnesses and family medical history will be taken into consideration.
- Gender: According to the Centers for Disease Control and Prevention, women generally have a longer life expectancy than men. This often results in lower life insurance premiums for women compared to men.
- Lifestyle and occupation: What you do on a day-to-day basis can impact your health and therefore can impact your life insurance rates. If you’re a smoker or into more daring leisure pursuits – skydiving or scuba diving, for example – you may see a higher premium.
Why choose Amica?
We pride ourselves on providing insurance coverage you can trust. At Amica, you’re supported by award-winning claims and customer service, and backed by over a century of financial stability and strength. Our longevity provides peace of mind, knowing that your insurance provider is well established and capable of fulfilling its commitments.
Exceptional value
Our approach to life insurance focuses on you – you’re at the forefront of everything we do. That means offering competitive life insurance rates and a variety of customizable product plans to suit your needs. Additionally, you can save up to 10% on your Amica auto policy when you bundle it with life insurance.
Quality service
We’re here for you, ready to assist with policy management, claims processing and more. Our dedicated support team has a long history of customer satisfaction, which means you can expect assistance from knowledgeable representatives who understand your individual needs.
Peace of mind
Behind our solid foundation is a company that cares. Our commitment extends to your beneficiaries, ensuring they receive the support and guidance they need during difficult times. That’s why we help support grieving families through the Empathy app, helping them navigate the challenges of bereavement.
Common questions about life insurance
There are many benefits of life insurance to consider. With the right coverage, your family won’t have to worry about mortgage payments, unresolved debt or everyday living expenses if you pass away. If you own a small business, life insurance can also help keep the doors open.
There’s never a bad time to consider getting life insurance. However, there are defining moments in your life when experts say you should get life insurance.
- When you’re young: Generally, premiums are lower if you get a life insurance policy when you’re young and healthy.
- When you get married: A life insurance policy can provide financial support for your spouse in the event of your passing. This can include the mortgage, car loans or student loans.
- When you’re expecting a baby: Financial protection for your family is most important. The right coverage can help cover your child’s future education costs, child care expenses and financial support for everyday expenses.
Yes, you can have more than one life insurance policy, but you cannot be overinsured. During the underwriting process, your insurer will review your assets, income and liabilities to ensure you only have the amount of coverage you’re eligible for.
The annual increase in a policy’s cash value isn’t taxable as long as the funds stay within the policy. However, if you withdraw the cash value, any amount received over the premiums paid may be taxable. Generally, life insurance death proceeds aren’t subject to income tax for the beneficiary. In certain rare cases, a death benefit might be subject to estate or inheritance tax. For specific advice, please consult your tax advisor.
Learn more about life insurance
Customer service that earns loyalty
Excellent mutual insurance is built on lasting relationships with each policyholder. At Amica, our customers are our best advocates. Hear more about the Amica experience directly from them.
Policies issued by Amica Life Insurance Company. NAIC No. 722222.
1 National Center for Health Statistics, Life Expectancy.
2 Online application and quotes are not available in all states.
Guarantees are based on claims-paying ability of Amica Life.
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