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Planning for your family’s future and ensuring their well-being is crucial. In the event of your death, your family should have the necessary resources to thrive. At Mid Atlantic Insurance Financial, servicing Laurel, MD, we assist individuals in need of life insurance to find the right policy for their needs.
Understanding Life Insurance
Life insurance is a policy that pays out upon your death. Different types of life insurance function in various ways, so it’s important to choose the best type for your situation.
Exploring Different Types of Life Insurance
There are several types of life insurance. Here are some of the most common ones:
Term life insurance: Term life insurance is a cost-effective policy that lasts for a specific duration, typically between 5 and 30 years. If you die while the policy is active, your beneficiaries will receive a payout.
Whole life: Whole life insurance is a policy that can last your entire life. The payments remain the same, and upon your death, your policy will pay your beneficiaries.
Universal life: Universal life insurance is a policy that can last your entire life. The premiums and the payout change over time. Premiums usually increase, but if you want to keep the premium the same, you can reduce the cash payout that your beneficiaries receive.
Is Life Insurance Affordable?
Some types of life insurance are more affordable than others. Term life insurance typically has the lowest premiums. However, when you get life insurance through Mid Atlantic Insurance Financial, servicing Laurel, MD, we can help you shop around for a policy that suits your needs. Call us today.