Life Insurance in Maryland
Life insurance is a critical part of financial planning, and should be included in any plans you make for the future. Life insurance can help to protect your family if the loved one lost is the major income earner, or it can help insure that you do not pass debt onto the loved ones you leave behind. While different individuals and families will have different life insurance needs, everyone who purchases life insurance should consider the following financial implications.
- Medical Expenses prior to death
- Burial and funeral costs
- Estate taxes incurred on willed money or property
- Support for your family while they figure out finances
- Monthly bills and other expenses, such as college tuition and retirement
In all situations, you will want to make sure that you choose a plan amount which will adequately cover your families needs in the event of your death. While some experts suggest you choose a plan which pays out five to eight times your current annual salary, the Maryland Insurance Administration suggests that you carefully consider your financial situation in order to ensure an accurate amount for your needs.
After you have considered your financial needs, there are two major types of life insurance to consider. Term life insurance will cover you for a defined period of time, usually one or two years. Term life insurance generally has lower monthly premiums, but they do not build value over time. Also, even though you can usually renew or extend term life insurance policies, your monthly premiums will usually go up each time you do so. On the other hand, permanent insurance plans tend to have higher premiums, but provide long-term coverage and often include cash savings as well as death benefits.
There are over 2,000 companies in the United States that sell life insurance, but it is very important to choose a provider who you are comfortable with and the plan that is best for you. Having the advice of trained professional can be invaluable to help you make the right choice for you and your family. Lebherz Insurance is your premier local group of independent insurance agents. With deep roots in the community, Lebhertz Insurance is the best place to find Frederick, MD life insurance agents who have a vested interest in finding you the best policy to fit your needs.