Life Insurance in New England
Losing someone you love is always difficult. But that loss does not need to be compounded by financial hardship for the people left behind. The right life insurance makes sure the people you care about will be provided for financially in your absence.
Cleary Insurance’s life insurance team works with Massachusetts and New England individuals, families, and business owners to understand their goals and create a plan that addresses coverage, income protection, estate planning, and long-term financial security. Life insurance is not one product — it is a category that includes several different types of coverage, each suited to different needs and different stages of life.
Life Insurance Products Cleary Offers
- Whole Life Insurance: permanent coverage with level premiums and cash value that accumulates on a tax-deferred basis over the life of the policy
- Term Life Insurance: coverage for a fixed period — typically 10, 20, or 30 years — at the lowest possible premium. The right starting point for many families.
- Disability Insurance: replaces a portion of your income if illness or injury prevents you from working. Your income is your most valuable asset — disability insurance protects it.
- Long Term Care Insurance: covers the cost of nursing home care, assisted living, or in-home care services if you become unable to care for yourself due to illness, injury, or aging.
- Key Employee Insurance: a life insurance policy taken out by a business on the life of a key employee, protecting the company against the financial impact of an unexpected loss.
- Buy-Sell Insurance: life and disability insurance designed to fund a buy-sell agreement between business partners, ensuring an orderly transfer of ownership if a partner dies or becomes disabled.
Frequently Asked Questions
How much life insurance do I need?
The right amount depends on your income, debts, the number of dependents you support, and your long-term financial goals. A common starting point is coverage equal to 10 to 12 times your annual income, but that number can be too high or too low depending on your situation. A mortgage, college funding needs, or a business ownership interest all affect the calculation. Cleary’s life insurance team will work through your specific numbers rather than applying a generic formula.
What is the difference between term life and whole life insurance?
Term life insurance provides coverage for a fixed period of time — typically 10, 20, or 30 years — at a lower premium. It pays a death benefit if you die during the term but has no savings component. Whole life insurance provides permanent coverage for as long as premiums are paid, and it builds cash value over time on a tax-deferred basis. Term life is generally the right choice for income replacement during working years; whole life is more appropriate when permanent protection or cash value accumulation is part of the plan.
Does life insurance play a role in estate planning in Massachusetts?
Yes. Massachusetts has its own state estate tax, which applies at a lower threshold than the federal estate tax. Life insurance proceeds paid to a named beneficiary generally pass outside the probate estate, making them a useful tool for providing liquidity to cover estate taxes or equalize inheritances without forcing the sale of assets. Cleary’s life insurance team works alongside your estate planning attorney to structure coverage that fits your overall plan.
Can Cleary help with both personal and business life insurance needs?
Yes. Cleary’s life insurance team works with Massachusetts and New England individuals and business owners across the full range of coverage types — from personal term and whole life policies to key employee coverage and buy-sell agreements. Many of our business clients find that their personal and business insurance needs are closely connected, and Cleary can address both through a coordinated program.