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Insurance In-Depth: Life Insurance

Health-SpineSPRINGFIELD, Mass. (wggb)– Death can be a difficult topic. The passing of a loved one can leave many families struggling financially. So how should you prepare? There are a lot of questions when it comes to life insurance, and one of the biggest is deciding which policy is best for you.

As Tom Pelchat of First American Insurance in Chicopee explains, there are two types of insurance to consider.

“Term insurance is popular now because it’s affordable. There’s a certain time frame that it starts and ends. Whole life is different. Basically you buy it can you keep it for your whole life,” explained Tom.

A whole life policy will pay out in fill when the insured person dies. And while term insurance is more affordable, you may risk outliving the length of your policy which could be ten, twenty or thirty years. And you can have a combination of the two. The best way to decide that is with your insurance agent.

Your health also impacts what you pay. If you are already insured but have gotten healthier by quitting smoking or losing weight, your premiums can go down.

“If you have high blood pressure or take a medication you might pay a higher level or they call it a tier. A higher level or cost. But if you get healthier you can always reapply and get the premium lower,” Tom said.

If you are able to improve your health, Tom recommends waiting two years to reapply for a lower premium to make sure your health stays even.


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