The state of Maryland is a state full of fun opportunities. From camping and hiking to boating and historical landmarks, Maryland has it all. And while residents are busy working and enjoying their free time, many neglect to think about life insurance. It may be an uncomfortable subject, but life insurance is an important factor in planning for your future. The right life insurance plan can help your family continue after your passing, by helping them pay for funeral costs, mortgages, and even college education for children. Death is an unavoidable part of life, and having life insurance in place is one of the most important things you can do to prepare.
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Maryland Health Statistics
- An average of 10 percent of MD residents have diabetes.
- Heart disease is the #1 killer of MD residents.
- The average life insurance policy in MD has a benefit of $106,000.
Life insurance is there not only to cover funeral costs but also to help your family recover and move forward after your loss. There are many different types of life insurance plans, and different coverage amounts available, so be sure to make yourself familiar with your options before purchasing.
What is Life Insurance?
Life insurance is a policy you purchase to help protect your family financially when you pass. It's important to think about the current costs your family would face, as well as future costs, such as:
- Mortgage payments
- Car payments
- Outstanding debts, credit cards
- Any business loans (If you're self-employed)
- College tuition
- Medical insurance
If you were to die today, how would your family pay for their future expenses? A life insurance policy is one of the best ways to prepare for these costs in case of your demise.
What Types of Life Insurance are Available?
There are many types of life insurance policies. The most popular are:
- Whole life insurance: Whole life insurance policies are called "whole life" because they do not have a policy expiration date. You can keep the policy as long as you'd like. These policies can also be a savings and investment tool because they have a tax-deferred cash value. Additionally, they have a guaranteed rate of return, a guaranteed death benefit, and a fixed insurance premium for the life of the policy.
- Universal life insurance: Universal life insurance policies are like whole life insurance, in that they do not have a set expiration date. However, universal life insurance policies give you the option to modify your death benefit amount and a number of payment options.
- Term life insurance: Term life insurance policies have a defined term, so they are not permanent policies. Term life policies are temporary, although some policies may last for years or decades. These policies do not provide any cash value.
Are Any Additional Types of Life Insurance Policies Available?
There are many more life insurance policies available, but many of these are for more specific needs. These policies may include::
- Cancer insurance
- Critical illness life insurance
- HIV life insurance
- High-risk life insurance
- No medical exam life insurance
- Funeral & burial life insurance
Each of these policies offer very specific coverages. If any of these policies may apply to you, be sure to ask your agent for more information.
What Will My Quote for Life Insurance Look Like?
Life insurance prices vary greatly depending on a variety of factors. Below is a list of sample prices for life insurance:
- Sample monthly premium for $500,000 of 20-year term life coverage for a 20-year-old female preferred risk nonsmoker: $25.79
- Sample monthly premium for $500,000 of 20-year term life coverage for a 35-year-old female preferred risk nonsmoker: $35.69
- Sample monthly premium for $500,000 of 20-year term life coverage for a 50-year-old female preferred risk nonsmoker: $86.98
When beginning the search for a life insurance policy, be ready to provide the following information:
- Your age
- Your occupation
- Your complete health history
- Number of children/pregnancies
- If you smoke/drink/use drugs
- Your driving record
- Any medications you currently take
- Any surgeries you've had
These factors, along with a medical exam, will give insurance companies the information they need to get you a quote.
How Do I Get Life Insurance in Maryland?
Choosing a life insurance policy is an important decision for both you and your family. When considering your options, an agent is there to help. From suggesting coverages and explaining terms, to even helping you find discounts, our agents are there to get you the best coverage at the best price.