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When you’re going to be purchasing a life insurance policy, there are plenty of questions to ask yourself. How much you need, what kind of policy you want, and who will receive the benefits when you pass away are all considerations. You also have to focus on the cost of premiums, because you’ll be paying that amount for years and you don’t want to overextend yourself. An independent agent like us can help you find the right individual policy to meet all your coverage needs. That’s the best way to ensure your family is covered financially in the event of your passing.
Life in Laurel, Maryland can be very beautiful, and protecting it doesn’t have to be complicated or confusing. Your basic choice will be between a whole life policy and a term life policy, both of which have their own pros and cons. A term policy is usually for 10 or 20 years, and it requires the person to pay a premium each month. If the person dies during the life insurance term, the amount of the insurance is paid to the beneficiary. If the term expires before the person dies, there is no benefit.
In whole life, there is an accrual of cash value. Yes, the premiums are higher, but there is a benefit to the insurance if the person does not pass away. That is where the advantage comes in over term insurance. Some people like whole life policies because of that benefit, but others don’t feel that the extra cost of premiums is worth it. They prefer the term life policy because the cost is very minimal and the insurance will protect their family during the term of the insurance. For many people, that’s enough and it keeps their premiums low.