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With PolicyHub you get to compare over 37 Somerville, MA Variable Life Insurance policy providers in as little as 15 minutes. Save time. Save big. Get started now.
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"I was totally lost trying to find the right Variable Life Insurance until I found PolicyHub. I was able to work with a licensed agent to compare all my options all at one. I got the perfect plan for me at a cheaper rate than I expected."
Barbara Winters
Policy Holder
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"I lost hope trying to find a Variable Life Insurance policy that wasn't insanely expensive. Thankfully PolicyHub helped me find the perfect policy that is affordable with high coverage. Thank you!"
Bill Barton
Policy Holder
PolicyHub is the smartest way to protect the people that matter most.
Safeguard Your Family
Variable Life Insurance means safeguarding your family in a worst-case scenario. Don't risk it.
Gain Peace of Mind
Far too many Americans are financially blindsided by the death of a loved one. But not your family.
Protect Your Business
Protect your business by ensuring a smooth transition of ownership with the right life insurance.
Beat Estate Taxes
Inheritance or estate taxes is burdensome for your heirs. A life insurance policy can help.
Invest in Your Future
For less than $1 per day, you can make a huge contribution to your family's financial safety.
Build Your Legacy
Through a life insurance policy, you can leave behind a legacy for your loved ones.
Get started in less than 15 minutes.
With PolicyHub getting started is easy. Compare all the Variable Life Insurance rates from all the providers in Somerville, MA. Get started in under 15 minutes.
All your Variable Life Insurance needs in one place.
Variable Life Insurance is a type of insurance that combines the features of protection and investment. It isn't just about securing your family's future; it's also a way to grow your wealth. While it offers a death benefit similar to traditional life insurance, a part of your premium goes into investments, offering a chance for your money to grow over time.
This insurance has two main components. The first is the death benefit. If you pass away, your family receives a set amount to financially support them. The second part is the cash value. This is the investment portion. You can choose from a variety of funds provided by the insurance company. As the value of these investments goes up or down, so does the cash value of your policy.
One subtype of variable life insurance is called variable universal life insurance. You can adjust your premium and death benefit as your financial needs change. And just like with Variable Life Insurance, a portion of your premium goes into investment funds. This policy offers both the security of life insurance and the growth potential of investment. It's all about giving you the choices and control over your financial strategy.
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Real PolicyHub testimonials...
"I knew I needed Variable Life Insurance but I didn't know where to go. I talked with a few other companies but the cost was outrageous. I found PolicyHub and found the perfect plan for me at an affordable cost."
Wendy Smith
Policy Holder
Get matched with a 5-Star Variable Life Insurance agent.
Roy Stephens
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Roy Stephens is a Variable Life Insurance agent licensed in your state.
Mark Sidway
Variable Life Insurance agent
Mark Sidway is a Variable Life Insurance agent licensed in your state.
Cale Reeves
Variable Life Insurance agent
Cale Reeves is a Variable Life Insurance agent licensed in your state.
"I was searching for Variable Life Insurance but quickly found out that everyone was trying to sell me on policies I didn't need. Thankfully I found PolicyHub and get the cheapest rates and the right policy."
Nicole Nielson
Policy Holder
Introducing PolicyHub Price Match Guarantee
Our priority is to save you money while getting you the right coverage. If you find a lower rate for a similar policy anywhere else, we'll match it! With PolicyHub, you can rest assured knowing you're getting the best price for Variable Life Insurance in Somerville, MA.
Frequent Questions...
Residents of Somerville, MA who are looking for a flexible, tax advantaged life insurance policy should consider purchasing variable life insurance. With variable life insurance, policy holders are in control of how they allocate their premium payments, making the policy more dynamic, and providing the potential for greater earnings. The statutory guarantees make variable life insurance popular with those living in Somerville who plan to leave legacy financial protection to their beneficiaries. Additionally, due to the death benefit's tax-deferred status, residents of Somerville can shield a portion of their estate from various taxes.
Do variable life insurance quotes in Somerville come with a cash surrender value?
Yes, variable life insurance does have a cash surrender value, and it can be great option for those who live in Somerville, MA and surrounding areas. Variable life insurance is a type of permanent life insurance that allows the policyholder to invest part of the premiums they pay into a variety of separate investment accounts. This investment is typically allocated among stock and bond funds, depending on the policyholder's desired risk profile and goals. Depending on how well the investments perform, the policy's cash surrender value can be higher overall; however, if the investments perform poorly, the cash surrender value can decrease.
What are the tax aspects of a variable life insurance policy Somerville?
In Somerville, MA, the tax implications of variable life insurance are determined by the Internal Revenue Service (IRS). Generally, policy owners are given a tax exclusion of up to $3,000 of death benefits that they receive every year, and the policy itself is not taxable. Furthermore, any gain you make on the policy is also not taxable until it is received. However, in situations where the benefits exceed the premiums you've paid, this could be considered taxable income; this is especially relevant when taking withdrawals from the policy.
Do I need to understand investments for variable life insurance near Somerville?
In Somerville, MA you do not need to be investment-savvy to purchase variable life insurance. However, it is highly recommended that you speak with a qualified and experienced insurance professional who can advise you on the best coverage and investment strategies that are right for you. They will guide you through the process and help you understand all the details, so you can take advantage of an attractive variable life insurance option. It's important to understand that there is a potential for risk with variable life insurance, so you'll want to get all the facts before making a decision.
What are the surrender fees for a variable life insurance quote Somerville?
Surrender charges for variable life insurance in Somerville, MA can vary depending on the specific policyholder's provider and policy. Generally, there may be a surrender charge of 7-9% in the first year, and this percentage gradually decreases over the first 7-10 years of the policy. Although it varies, more common surrender penalties can range anywhere from 0-7 years. It's important to understand the details of your specific policy since surrender fees can have a significant impact on a policyholder's future earnings.
Yes, age restrictions do apply for purchasing variable life insurance policies in Somerville, MA. You must be 18 years of age to apply for this insurance, and coverage is subject to underwriting and the acceptance of an application. Once approved, the age maximum is based on the age class for which you applied, meaning that the oldest age you can be at the time of the policy's expiration typically ranges between 85-125 years.
Can I direct specific investment strategies for variable life insurance policies near Somerville?
Policyholders in Somerville, MA are able to select from a number of pre-approved, high-quality cash value investment strategies to ensure that their policy values grow over time. These strategies may be selected according to the policyholder's goals and risk appetite. However, while guidance and assistance can be provided by experts, ultimately policyholders cannot dictate specific investment strategies since the funds must be managed in accordance with applicable securities regulations.
How regularly should I check my variable life insurance in Somerville?
In Somerville, MA, it's generally recommended to review your variable life insurance policy every year to make sure your coverage still meets your needs. Even if your situation seems to be the same, life insurance policy options and rates may have changed since you last looked. This makes your annual review an important way to make sure you continue to have the right amount of coverage and are taking advantage of the best available options and rates.
Can I use my Somerville variable life insurance policy for retirement savings?
Variable life insurance can be an effective retirement savings vehicle, particularly in Somerville, MA, where income and estate taxes can significantly reduce the amount of money available for retirement. Variable life insurance policies provide investors with a variety of benefits, including tax-deferred growth, access to liquidity, and death benefit protection. Because the policy is liquid, it offers greater flexibility compared to other retirement savings vehicles, allowing the policyholder to modify their contributions or the way their savings are invested over time.
What's the typical duration of terms with a Somerville variable life insurance company?
The typical duration of a variable life insurance policy in Somerville, MA is dependent on the applicant's age and lifestyle. Generally, those under the age of 60 can purchase policies that are 5 to 15 years long, while those over 60 may be able to get coverage lasting up to 30 years or more. Furthermore, the policy owner's health and health questionnaire responses can have an impact on the duration of the policy. Ultimately, the insurance company's underwriting assessment of risk will determine the duration of the policy.
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