Insurance can be a major item in your family's budget. If you are like many consumers, you might be confused by what you are buying. This is often true in buying life insurance and annuities, because there are so many choices available.
This material has been developed by your Massachusetts Division of Insurance to help you make good choices about life insurance and annuities. This guide addresses questions such as: what kinds of insurance and annuities are available; the common pitfalls you need to be careful about; and, how to choose among different policies or companies. This guide does not recommend any specific type of life insurance or annuity or any insurance company. Each consumer has to make those decisions based on their individual needs.
In this guide, you can find out how to get more information or to file a complaint. Your Massachusetts State government is always ready to assist you in protecting your rights as a consumer.
Thinking About Buying Life Insurance or an Annuity
Should I Buy Life Insurance?
Should I Buy an Annuity?
What are the Benefits of Life Insurance, Annuities, and Variable Annuities?
How Much Life Insurance Do I Need?
What Kind of Life Insurance Should I Buy?
Term Life Insurance
Whole Life Insurance, Universal Life Insurance, Variable Life Insurance
Whole Life Insurance
Universal Life Insurance
Variable Life Insurance
Comparing Major Types of Life Insurance
How Much Will Life Insurance Cost?
What Other Benefits Are Available in Life Insurance? ("Riders")
Accelerated Death Benefits
Accidental Death Benefits
Automatic Premium Loan
Premium Waiver Provision
Life Insurance Q & A
What Different Kinds of Annuity Arrangements are Available?
Single Premium or (Flexible or Scheduled) Installment Premium
Immediate Annuity or Deferred Annuity
What Charges May Be Subtracted From The Annuity's Value?
What Happens If I Surrender My Annuity?
Is There Always a Charge When You Take Money Out Early?
How Much Will an Annuity Cost?
How Are Benefits Determined?
How Are Annuity Benefits Paid Out?
How Long Are Annuity Payments Made?
Life Annuity with Period Certain
Joint and Survivor
Is There A Death Benefit?
Does my Annuity Have Other Benefits as Well as Income and a Death Benefit?
Questions You Should Ask Yourself Before You Buy An Annuity
Questions You Should Ask Your Sales Agent Or Broker Before You Buy An Annuity
Should I Replace My Life Insurance Policy Or My Annuity With A New One?
Important Questions You Need To Think About:
What can I expect if I replace a current policy or annuity?
How can I tell if the new life insurance policy is better than the old policy?
How can I tell if the new annuity is better than the old annuity?
Understanding The Sales Materials/Illustrations
Taking Care of Your Insurance Policies
How Do I Get More Information?
How to File a Complaint
Glossary Of Insurance And Annuities Terms