Beginning to consider your options for life insurance? It can be difficult to navigate your options and understand all of the different plans available. Perhaps you’ve heard of term life insurance, but don’t fully know what that means. Or maybe you’ve never really given it any thought, but a major life event has you thinking about the future.
Let’s take a few minutes to look at the different types of insurance available, with this guide to life insurance.
When Should I Get Life Insurance?
First it is important to consider when you should get life insurance. If you’ve recently gotten married, had children, or just have loved ones you want to look after, then it is time for you to consider life insurance. Life insurance, unlike other types of insurance, is designed not to benefit you, but rather your loved ones in the event something should happen to you. Perhaps you’ve recently gotten married and purchased a home with your significant other. By having a Maryland life insurance policy in place, you can help take care of your spouses’ financial burdens should the unthinkable happen.
What Types of Life Insurance are Available?
There are two main types of life insurance available, term and whole life, for you to consider:
- Term life insurance is only beneficial during the length of the term that is set for the policy (generally anywhere from one to thirty years). The term is decided when selecting the policy and it only pays out should death occur during the predetermined term.
- Whole life insurance, on the other hand, is good for the duration of the buyer’s life. Whole life insurance has no term, and no maximum time frame, but it does increase in cost the longer you live. Term life insurance in many cases will decrease the payout as you age, while whole life insurance remains the same, but has a cost premium associated with it the longer you live.
How do I Choose the Best Plan for Me?
Whether you choose term life insurance or whole life insurance, one thing is undeniable, you are better off choosing something. Term life insurance is a good decision for those with relatively low expenses, no children, or no major outstanding debts. Whole life insurance is a better option for those who have children to care for, a spouse you want provided for given unforeseen circumstances, etc. Regardless, it makes sense to have a conversation with an independent Maryland insurance agency. They will be able to help you weigh all your options and create the ideal life insurance package for your needs.
Whether you are leaning towards term life insurance or whole life insurance, our team at Freedom Insurance Agency, Inc. can help you make a wise decision for your particular needs. If you are in need of a Maryland insurance agency who will work one on one with you to determine what’s the best fit for your and your family, give us a call today!