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Boston Mutual Life Insurance Products
Boston Mutual Life Insurance Company was founded in 1891. The company offers a complete portfolio of group insurance products. Until my recent career move I worked as an independent contract agent for Hauser & Associates in Indianapolis, Indiana.
We sold an interest sensitive life insurance policy (also known as whole life or permanent life insurance) with the following characteristics:
• Traditional Life insurance with cash value accumulation
• Generous guarantee issue amounts for all eligible employees
• Flexibility to cover the employee, spouse, children and grandchildren
• Premiums guaranteed for the life of the policy
• Policy that is portable
• Optional riders
• Tobacco/non-tobacco rates and blended rates available
Some common questions about the product:
Why do I need this insurance since my employer provides me with life insurance?
Companies that provide their employees with life insurance typically provide a term life policy in an amount equal to one or two times the employee’s annual salary. Term insurance is referred to as pure life insurance. This means the only benefit is a death benefit. In other words--a payment is only made upon your death. Let’s clarify—in order to reap the benefit (the only benefit) of a term policy provided by your employer is to die while you are employed with the company or if you die within 30 days of terminating your employment.
The policy your employer provides is not portable (this means you don’t take it with you upon retirement or leaving the company for any other reason).
The interest sensitive policy that Boston Mutual offers is portable. When you leave the company (termination, retirement, quit, downsize, etc.) you take the policy with you. In addition, to it’s portability the policy builds cash value that can be borrowed against.
I can’t afford to buy a policy this time. Is it o.k. if I wait until next year’s enrollment?
No pressure to purchase a policy. Every year Boston Mutual visits their employer groups to present the information to new employees. This is referred to as “open enrollment”. Only during open enrollment do you have an opportunity to purchase life insurance without having to answer medical questions. It might be a good idea to purchase a small premium policy (to get your foot in the door). By purchasing a small premium policy you protect your insurability. This means even if you became ill over the next year you would still be able to increase your coverage without evidence of insurability (i.e. no health questions).
Sometimes individuals will say “I will take my chances and wait until next year”. I always think about my first encounter with Boston Mutual Claims Department…
I hadn’t been with Hauser & Associates very long when I had to meet an insured (she had previously purchased a policy for herself) at the hospital. She wanted to purchase a policy insuring her sick, newborn granddaughter. Her granddaughter was 15 days old (the only age requirement is that a newborn be at least 15 days old) and thus this enrollment was an “open enrollment” for the granddaughter. (If the grandmother had waited until the following year she would not have been able to get a policy on her granddaughter as it would not be open enrollment). Please note that if the grandmother had waited until the following year and the granddaughter had not been sick then she could have purchased a policy). We completed the necessary paperwork.
The family asked me if I wanted to see the baby. I put on all of my protective apparel and went in to see the baby. I remember hoping that the baby would get better. About a week or so later I received a call from the grandmother that the baby was getting better. I was elated that the baby was progressing. Things took a turn for the worse. The grandmother contacted me to tell me that her granddaughter was dying. Again, I went to that same hospital. I spent time with the family until the doctor delivered the news we’d hoped not to hear.
I’d always heard that Boston Mutual was a good company. Boston Mutual received notice of the claim. Their prompt payment of the death claim for the baby solidified my belief that Boston Mutual is a good company that pays what they owe.
I need more coverage than this. Why are the benefit amounts so low?
These policies are primarily intended for final expenses. Someone interested in significantly higher death benefit amounts might want to consider a term policy or if they want to keep the savings/accumulation component of a permanent policy might consider a universal life policy or other less traditional whole life policies.
Check with your human resource department to inquire about Boston Mutual product(s). If Boston Mutual product(s) are not currently being offered let your human resources department know that you (and other employees) would like a Boston Mutual representative to visit your site with information about the product(s).
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