Today, offering products that help both individuals and employers deal with the rising cost of traditional benefits isn’t just good business, it’s the right thing to do. At Life Insurance Company of Boston & New York, we understand that we’re all in this together, and together, we can help provide a measure of financial security for the people that matter most to you.
What is Life Insurance?
Life Insurance provides protection against the economic loss caused by the death of the person insured. Simply put, life insurance provides a lump sum payment (sometimes known as a death benefit) to beneficiaries in the event of the insured’s death. The amount of premium paid for this coverage varies based on the type of life insurance, the amount of coverage and other factors. Group Life Insurance traditionally is paid for by an employer as part of their employee’s benefit package. Voluntary Life Insurance is typically purchased based on the needs and goals of the individual wanting to insure his/her life. Life Insurance can help replace lost income due to death. This money can also help to pay funeral costs, medical expenses not covered by health insurance, and other outstanding debts.