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The purchase of a life insurance policy in the Laurel, Maryland area is an important investment, so you are very wise to give this purchase the consideration it deserves. Your Laurel insurance agent will be able to answer any questions that you have about the different life insurance policies available to you, but you can also use these simple tips to help you get the policy that is right for you and your family.
First, you should think about exactly how much money that you want to policy to pay out. The policies that pay out more are, of course, more expensive, however it is always better to err on the side of having too much life insurance rather than having too little. Think about the expenses that your loved ones will have after you are gone. These include any debts, the cost of funeral services, the mortgage on your home, education for your children, and all other regular bills that you have. Your policy should pay out enough money to cover all of these expenses for as long as necessary, generally until your children are grown and your spouse is able to be self supporting. If your spouse has no income, it is wise to plan for a life insurance policy that will allow them to live the remainder of their life comfortably.
Next, you should consider whether term or permanent life insurance. Term life insurance is going to have the same rates for the whole term (as long as 30 years.) If you die within that time the policy will pay your survivors the amount of the policy. However, after the term has expired the policy will hold no value. Permanent life insurance is more expensive but it has the distinct advantage of building value over the years. This means that you could borrow against the policy if you needed to, and it also means that your policy will always have value, unlike term life insurance.
Be sure to review your finances and living situation with your agent so that he or she can help you choose the policy best suited for you!