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    Life Insurance in its most basic form is an insurance policy that provides death benefits to help pay for medical, funeral and living expenses. These benefits are payable to a named beneficiaries.

    Almost any person or organization can be listed as a named beneficiary on a Life policy. People often name their spouse or significant others, but other family members or friends can also be listed. Some people may even choose to include nonprofit organizations in order to give back to their communities.
    • Individuals that wish to share their wealth with family members after their death
    • Parents who provide childcare for their children
    • Grandparents who want to give to their grandchildren

    What is Life Insurance?

    One of the few certainties of life is that it will one day come to an end. No one plans on his or her passing, yet everyone eventually meet that day. Regardless of the circumstances around ones death, we leave behind family and friends. Life Insurance gives Massachusetts residents a way to continue providing for their closest family and friends after they pass away.

    Life Insurance in its most basic form is an insurance policy that provides death benefits to help pay for medical, funeral and living expenses. These benefits are payable to a named beneficiaries.  Some Life policies add other services such as investment packages onto the death benefits provided.

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    Who Can Be a Named Beneficiary?

    Almost any person or organization can be listed as a named beneficiary on a Life policy. People often name their spouse or significant others, but other family members or friends can also be listed. Some people may even choose to include nonprofit organizations in order to give back to their communities.

    In a few cases, a business has been a named beneficiary to a Life policy. These policies are typically purchased for vital personnel that are indispensable to the organization or impossible to replace. If a vital employee or business owner passes away, benefits may be used to hire someone else or reimburse other business owners for losses they incur. 

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    TESTIMONIALS

    Customers Love Us

    • I love Paul Murphy insurance. I have been a customer since 2004 upon first getting my license. I wouldn't dream of working with any other insurance agency. Paul Murphy insurance as far as I'm concerned is part of my family. I do more personal registration and insurance transactions through them per year then any normal sane human being should be a part of. They have known me on a first name basis for quite a while and know exactly what it means when I walk in the door. They have been above & beyond helpful and I've learned so much from them. I'll bet my bottom dollar when they see this review they'll know who this is. Have a wonderful day Paul Murphy crew you'll probably see me in about 2 months.

      Sikla wolfy, Google Review

    • We had an absolutely fantastic experience with this company. They truly are a one-stop-shop, sorting out every single thing from car and house insurance to even managing the process of getting our plates directly from their office. This is an excellent, all-encompassing business; you simply can't go wrong choosing them. They are our exclusive insurance provider in New England.

      DC, Google Review

    • I've been with Paul T Murphy since 2005. My home, car and business liability insurance has gone through this agency. I've had a series of unfortunate matters over the past 2 years and they've helped me every step of the way. Stephanie is my usual point of contact. She is encouraging, caring and extremely informative. She always gets me the answers I need. Whatever help I need, she is always willing to provide support and instruction. Most importantly, she cares. She often just asks how things are going and provides warm customer service.

      Nika Hollingsworth, Google Review

      Winchester, MA

    • I have been with Paul T. Murphy insurance for years. I have recommended several friends and family members who are very happy with this company. We have our home ins., Liability ins., commercial vehicle coverage and also our personal auto coverage. Just recently my husband was involved in an accident and I was getting no where with the insurance carrier so I called Greg. He did everything he could for us. In the end it worked out due to him and all his hard work. I have also worked with Brian and Du on numerous occasions. They have always worked so hard at getting us the best insurance coverage for a best rate. The customer service there is a 5 star!

      Erin McCabe, Google Review

    • Paul T Murphy Insurance is like having a team of friends in your corner who are always there when you need them. The entire staff is genuinely sincere and incredibly responsive, especially my agent, James. He’s a total pro—always on top of things, super informative, and makes everything easy. Whether it’s a quick question or something more urgent, they’re always ready to help. Can’t recommend this group enough for all your insurance needs!

      Pat McCarthy,Google Review

    • I’ve been a customer of Paul T Murphy Insurance for almost 20 years and have never had to worry about my insurance needs because they always go above and beyond. The staff are incredible and work tirelessly to ensure that they do their very best to support each and every one of their customers. I’ve never encountered a more helpful staff that work around the clock to get the best rates and ensure their customers are happy and taken care of with the best coverage!

      Lindsay Porziella, Google Review

    • James at Paul T. Murphy insurance company was amazing to work with! He helped my husband and me out with our auto and home insurance and was able to save us money for a better policy than our current provider. He was prompt to respond and answered all of our questions! I am so impressed with his knowledge and expertise in the insurance industry! Thank you James

      Ashleigh Cregan

    • Paul Murphy Insurance is the best. The people I've had the pleasure of dealing with were professional, helpful, friendly, made sure that all my questions were answered, and were able to find the best policies for my needs. Most recently, Stephanie, went above and beyond to take care of my issues. I definitely recommend them.

      Jessie Bowen

    • Paul Murphys is the best of the best! Steph is amazing and so sweet! I got into an accident last year and she was there to help with any questions I had and always called to keep me updated and keep in the loop with everything. She makes sure I get the best deal and on top of it all

      Anna Marguerite

    • I’ve only been working with Paul T. Murphy insurance for a short time and I can say with confidence, I made the right choice by choosing their agency. My agent Mike Kulch has been extremely helpful, informative, and always follows up quickly. Sherri in customer service has also been great to work with. As soon as I answered her questions and sent my documents I had a quote within minutes. Thank you Mike and Sherri for helping me lower my home owners insurance

      Ashlyn Tuffy

    Life Insurance Massachusetts

    What Can Death Benefits Be Used For?

    Death benefits can be used for almost any legal purpose. Depending on a policyholder’s wishes and their beneficiaries’ needs, benefits might also be used for:

    • Helping dependents cope with the loss of income
    • Funding a loved one’s first home purchase or college tuition
    • Paying the maintenance and taxes associated with a family estate
    • Paying off any outstanding debt of the policyholder
    • Covering the policyholder’s funeral and burial expenses
    • Managing other financial needs or goals that beneficiaries have

    When benefits are left to an organization, they may be used to fund a specific project, create a scholarship, add to an endowment among several other options.

    What is the Difference Between Term and Whole Life Coverage?

    Life coverage comes in two forms: term and whole life policies. Both forms of coverage provide death benefits, but they differ significantly in how long they provide coverage and the services they provide.

    Term Life policies generally only provide death benefits, and those benefits are typically offered for a defined period of time such as 10, 20 or 30 years. Since these policies only offer death benefits and their coverage is limited to a specific period, their premiums are often more affordable. 

    Whole Life policies normally offer a combination of death benefits and investment options. They also differ from term policies in that they are designed to provide coverage for a policyholder’s lifetime.  Whole Life policy’s premiums will change over time as the policy matures.  However, the investments within the policy also typically increase, and the interest generated from those investments are frequently used to pay the policy’s premium.  Even though whole life policy premiums may increase, they remain affordable in most cases due to the investment interest growth.

    Life Insurance Massachusetts

    Who in Massachusetts Needs Life Coverage?

    All Massachusetts residents can benefit from having Life coverage.  Anyone that has dependents should strongly consider life coverage. This includes:

    • Individuals that wish to share their wealth with family members after their death
    • Parents who provide childcare for their children
    • Grandparents who want to give to their grandchildren
    • Anyone who has more debt than assets 

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    How Can Residents of Massachusetts Get Life Insurance?

    Selecting life coverage is a major decision.  It can be difficult to determine what cause of death a policy must include, or selecting the appropriate amount of coverage.  These are important choices regarding one’s financial stability for their family’s future.  Massachusetts residents can discuss their options with one of our professional agents experienced in writing Life Insurance policies. Our agents will help define your goals, narrow your options and answer all of your important questions.  We can even compare the rates to ensure optimal coverage for the best value!

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    Paul Murphy Insurance • 628 Broadway, Rt 99 Malden, MA 02148 • 781.321.9700


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    This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

     

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