When you purchase a term life insurance policy in Laurel, Maryland, you are buying life insurance for a specific amount of time. If you should die during that period of time, and have paid your premiums according to the terms of the contract, your beneficiaries will be able to collect the face amount of the policy. You are covered from the day the policy is issued until the day that it expires.

Many term life policies can be twenty years or even longer in length. If you are fortunate enough to remain alive and in good health when the policy expires, you should count your blessings. But, normally, you should not expect to get a refund because you did not exercise the benefits of your term life policy.

If you live in Washington D.C. and purchased a term life policy in the District of Columbia, your policy came with certain features. All term life policies provide a level premium throughout the life of the policy. The rate you pay depends on the amount of coverage you seek, your age, and your health.

When the insurance company calculates the premium, it is based on the chance of you dying at any point within the term of the policy. The reason why The incidence of claims that are paid on term life policies is far lower than that of whole life policies.

While most term policies do not refund money after the term has expired, that is not always the case. You can buy a term life policy that includes a provision for a refund of some or all of your premium when the policy has expired. This return of premium is a rider or addition to the standard term policy and is not free.

As your independent agent, we can get you quotes on term life insurance from a number of highly regarded insurance companies. For some people, it is worth paying a little higher premium to get a refund of some or all of their premium. Please give us a call and an independent agent can further discuss the refund option and any additional costs.

Your chances of getting hit by lightning while standing on the steps of the Supreme Court in Washington DC are probably no greater than your chances of becoming president of the United States. However, your chances of suffering a heart attack, or being hit by a car and expiring on the scene are not as improbable as it might seem. Buying life insurance is a sensible response to the risks we all face every day.

When you buy life insurance, you may wonder how the premium is calculated and how often it is calculated. If you buy a whole life or term life insurance policy, will you have to pay a higher premium each year because you are getting older, and closer to the end, each year? The answer is no. If you have either a whole-life or term-life policy in place, the life insurance company does not calculate your premium each year.

A whole-life policy covers you from the time you first purchase the policy until the day you pass away, provided, of course, that you pay your premium. The amount that you pay each month, or each year does not change as you get older. Your premium is calculated at the time you purchase the policy and is based on your life expectancy.

If you choose to buy term-life insurance, your premium is calculated at the beginning of the term and remains the same until the term is up. If you have a clause that allows you to renew the policy for another 10 years after the policy expires, a new rate will be calculated based on your advanced age. Any time you buy a new policy, the insurance company will calculate a premium that corresponds with your life expectancy at the time the policy is issued.

For more information about the different types of life insurance available here in Washington, DC, please give us a call and allow an independent agent to help you out.

Whether you get anything back when you cancel your Laurel, Maryland life insurance policy will depend on what kind of policy you had in the first place. Some of them build cash value, while others don’t. If you have term life insurance, for example, you’re paying a very small premium for the dollar amount of coverage you’re getting. Many people like this option, because it allows them to protect their loved ones from financial risk in the event of their death. It’s affordable, and just about anyone can qualify. There are policies that don’t even ask health questions. Because of the low cost, though, there isn’t any cash value. When you cancel, you won’t get any money back.

A whole life policy has premiums that are considerably higher based on the amount of coverage you’ll receive. These policies build cash value, though. When you decide to cancel your policy, the insurance company will owe you some money. You can also borrow against your life insurance during your lifetime, subject to specific terms and conditions. By talking to an independent agent like us, you can get the information you need to make an informed choice on your life insurance.

We can help you by explaining all the different policies, how much they cost, what they offer, and how they work. Then you’ll have all the information you need to make a truly informed decision. When you’re able to do that, you can get exactly what you need to protect yourself and your family, for a price you’re comfortable with. You’ll also avoid some of the nagging questions for the future, and not have to worry about what you’ll be eligible to get back should you decide to cancel your policy in the future.

When you buy a new home, you may wonder if it is possible to avoid buying insurance to protect your property. Although it is a smart decision to purchase homeowners insurance in any location, the law may not require coverage. In Laurel, Maryland, the laws regarding the requirements for homeowners insurance vary.

Condo Must-Buy Laws

Although the state does not require every homeowner to purchase insurance, it does specify that a condo may require insurance if the condo association votes to have every condo owner purchase coverage. If the condo does not vote on the topic, then owners may not be required to purchase coverage.

Lender Rules

While the state laws may not require homeowners insurance in Maryland, a mortgage lender may require that homeowners purchase some form of basic coverage to protect the building until after the loan is repaid in full.

The rules and regulations set by a lender will vary, so it is important to read through the documentation before looking for any coverage for the house. Some companies may require a larger amount of protection than others based on the value of the home or the risks associated with the building.

Finding the Right Plan

When a lender requires coverage, the best way to find the right plan is working with an independent agent. An agent can provide a wide range of options based on the requirements of the lender and a personal budget so that it is possible to find appropriate coverage.

Although the laws may not require coverage on a home, it is still a good idea to purchase insurance to protect personal assets in case an accident occurs or the building is damaged. To learn more about coverage options, contact us to talk to an independent agent.

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.

As an insurance customer, you probably have many questions. One of those questions is “How do Maryland life insurance companies classify individual customers to determine the rate?” This is an important thing for you to understand, because it will help you figure out how to get the best possible rate for your life insurance policy.

Most insurance companies use four different groupings when determining classification of individuals. The names of these groups may vary from company to company, but they essentially boil down to the following:

• Preferred – This rate group is for healthy, young adults who have low-risk jobs and take pains to remain healthy.
• Standard – This is the average category and covers those who are of average health, or for healthy older adults.
• Substandard – This category covers those who have chronic health conditions or pershps have a high risk job or hobby.
• Uninsurable – Those who have terminal illness are uninsurable.

Since things vary greatly from one company to another, it pays to shop around. Also, it is important to remember that a company cannot drop you if you have been approved for coverage—unless you fail to pay your bill. So, it is very important that you stay up to date with your payments.

Spend some time looking over your options and try to determine which category you may fall. Then, contact your independent agent. Most of us (independent agents) are happy to help you go over your insurance possibilities and help you choose the right policy for you. Life insurance is a very important way to protect your family in the case of your unexpected death, so do not let the chance to keep them protected slip away from you. Contact your Maryland independent agent today and find the right policy for you and your family.

Those who live in Maryland know that there are many worries about hurricane damage. Damage from a hurricane can be expensive and make a major impact on you and your family. Luckily, many insurance options allow you to protect the investment you have in your home from these terrors in nature. If you are not overly knowledgeable about insurance, you may be a bit confused about how these hurricane claims work. Learn a bit more about these hurricane claims and you can better tailor your insurance to fit your needs.

The first thing to remember is that hurricane coverage is a part of your homeowner’s policy. For the most part, you do not have separate hurricane insurance, it is a rider on your normal insurance. That means that you go about making the insurance claim just like you would any other claim. You will contact your insurance company and they will send an adjuster out to your home to take a look at the damage and help decide what you should receive (if anything) for a payout.

The claims process is actually simpler than most people think. This is even more so the case if you work with an independent agent. Working directly with an agent allows you to have someone on your side that will make certain you are making the decisions that benefit you and your family. An agent can also help you put together a full package of insurance including homeowner’s, auto, workers compensation, life insurance and anything else you may need to feel protected.

If you do not already have an independent agent on your side, give us a call today. We will be happy to look over your coverage and explain the ins and outs of hurricane insurance and other options for you and your family.

You know that life insurance is an important thing to have, but which kind is right for you: cash value or term life insurance? What’s the difference and which kind do you need if you’re living in Maryland? Here’s a brief overview of the different kinds of life insurance that you can buy:

Term life insurance is only bought for a specific amount of time, or a ‘term.’ Term lengths are typically 10, 15 and 20 years long, during which time you pay the monthly premiums and are insured until the term expires. Once the term is over, you don’t pay any more. You’re no longer insured, though you can buy a new term policy, but the cost will be higher as you’ll be older and the rates to cover you won’t be as low as they were during the first term.

A cash value policy is good for a long as you continue to pay the premiums, or your heirs collect on it. The main difference between this and a term policy is that should you decide you don’t want the policy any longer, you can get some of your money back, thus the cash value. The policy acts as a savings account of sorts, where some of the money can be returned to you if you decide to cash out your policy. If you haven’t passed on at the end of your term you get nothing other than the fact of knowing that you had life insurance, should you have passed away.

Another difference is the cost between the two policies. A term life insurance policy is typically much cheaper than a cash value policy since you won’t get anything back at the end of your term, though you’ll be adequately covered if your heirs need to collect on it. Both kinds of insurance provide good coverage, but are suitable for different people. If saving money is important, then a term policy is best. If you think you’ll not be able to extend your term policy once it expires, due to health concerns, then having a cash value one is probably your best bet. To get more information and help with determining the right one for you, contact us, your independent agent in Laurel for more information.

One of the biggest concerns that many people have regarding their insurance situation is what happens if they file a claim. While you purchase an insurance policy so that you are protected in case of an accident, you do not look forward to the day you have to file a claim. Learn about more about what happens when you deal with this situation, just in case you are faced with it in the future.

When you have an accident, the first thing you need to do after you are safe is to contact your independent agent or the customer service line with the company. Make sure you provide the agent with all of the information about the accident. If you are able to take photographs, or you have a police report, this will help too.

After the claim goes through, you will either have your car repaired, or you will receive money from the insurance company. This is where things get complicated. You are probably wondering if your premiums will increase after the fact. Well, the answer to this question is not at all simple. If the accident was your fault, then you quite likely may face an increase in premiums.

However, there are other considerations too. Some policies have a stipulation in place called accident forgiveness. Accident forgiveness can save you money in the long run if you wind up getting into an accident. If your policy has accident forgiveness, you will not face an increase in premiums after an accident.

Before you get into an accident, talking to your independent agent , either by phone or by visiting the office in Laurel, Maryland, will help you understand what situation you may face in case of an accident. A bit of preparation can make life much easier if you do have to deal with an accident in the future.

Maryland homeowners often face the problem of dealing with weather-related damages to their home and property. But… which insurance policies cover these damages? How can you be sure that you are covered against unforseeable storms or natural disasters?

Different insurance policies actually cover different types of weather. When you’re looking for a policy in Laurel, Maryland, it’s best to talk to an independent agent about the many options available. Here’s a quick overview to help you understand your coverage in case of weather-related damage.

Auto Insurance

If your car is damaged by hail, winds, or other weather, it will be covered–if you have a comprehensive policy. The term "comprehensive" means your vehicle is covered for damages it sustains in accidents or weather events; minimum coverage policies usually just provide liability coverage for damages you cause to other vehicles.

Homeowner’s Insurance

• Flood Damage: Most homeowner’s insurance policies do NOT cover flood damage. You need to purchase a separate type of coverage if you want your property to be covered in case of a flood. You don’t have to live near a lake or river to be at risk for a flood, though some areas are more prone to flooding than others. Talk to an agent about the best kind of insurance to purchase for your home’s location.
• Tornado Damage: Because tornadoes are considered "wind storms" under most homeowner’s policies, damages caused by this type of storm are generally covered. They may, however, be subject to a different deductible than other types of storms.
• Fire Damage: Most homeowner’s policies cover fire damage, but it’s important to check with your agent before a disaster happens to make sure you have sufficient coverage to cover your belongings within the walls of your home. Keeping a home inventory is tedius but can be invaluable in case of emergency; it speeds the insurance claims process and could elminate significant confusion in the future.

These are general guidelines about damages that Maryland insurance policies cover, but the most accurate information will come from your own agent about your specific policy.