Term and Whole Life Insurance Policies in Massachusetts and Rhode Island
Lapointe Insurance is proud to be an agency partner with several national carriers, including Hartford Life, providing the best life insurance protection for individuals, families and businesses of every size.
What is Whole Life Insurance?
Whole Life Insurance Massachusetts and Rhode Island plans provide permanent death benefit protection throughout your life - from the moment you purchase your policy until the day you die - provided you pay the minimum scheduled premium.
Who May Have a Need for this Product?
Employers who want a tax-advantaged tool for use with certain retirement plans, such as:
Split Funded Defined Benefit Plans
A defined benefit plan whereby part of the life insurance plan contribution is allocated towards traditional investments and the other part is allocated towards the purchase of life insurance. The cash value portion of the life insurance, together with the other investments in the plan, provides the funding for the future defined benefit.
Buy/Sell Plans
A legally binding agreement whereby the business owners agree among themselves to purchase the business interest of a deceased owner. To fund the Buy/Sell plan, each business owner purchases, owns and is the beneficiary of life insurance policies insuring the lives of each of the other owners.
Executive Bonus Plans
A simple, tax-deductible life insurance plan in which your business pays a bonus or additional salary to a select executive, who then purchases a life insurance policy on his/her life. The executive-owned life insurance policy may provide supplemental retirement income and his/her beneficiaries may receive the policy death benefit income tax-free.
Individuals who need death benefit protection in their life insurance plans for:
- Income replacement
- Payment of outstanding debts or long-term obligations
- Estate planning
- Charitable contributions
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