Forty percent of life insurance holders wished they would have purchased their policy at a younger age, while less than sixty percent of Americans even have a policy. It is important to make sure the ones you care about are financially ready to support themselves in case of a sudden death. Baltimore residents can trust that their loved ones will be cared after in an unexpected passing by purchasing a life insurance policy.
A life insurance policy in Baltimore is made easy when you use an independent insurance agent. A local agent will guide you through the many different coverage options and policy types available to you, so you can be sure to make a smart decision. Connect with an insurance agent near Baltimore to get started.
What Can Baltimore, Maryland, Life Insurance Do for You?
You never know when a sudden death will occur. With accidents as the 4th leading cause of death in Maryland, it is important to make sure that you have a policy in order so your loved ones will be taken care of.
Your loved ones can focus on mending, while your life insurance policy will help them financially. Your policy will provide coverage to things such as:
- Paying off accumulated debt
- Paying for a dependents college tuition or mortgage
- Covering the funeral and burial costs
- Donating to your favorite charity
If you have a whole life policy, you can use accumulated funds at any time if you need to recover lost income or cover financial burdens such as loans, rent, mortgage, or any other debts.
Reasons to Have Life Insurance in Baltimore, MD
A life insurance policy is an important purchase for Baltimore locals to protect your loved ones from financial hardships in case of an untimely passing. This policy is especially beneficial for new families, homeowners, and anyone who is relying on you monetarily.
Most importantly, the younger and healthier you are, the less expensive life insurance will be. It is recommended to purchase this policy while you are still young so that the rate is affordable, because the older you get, the more health risks you have.
Maryland Mortality Statistics
The average life expectancy in Baltimore is 84 years, which is a few years longer than the national average of 78.5 years. The state of Maryland is rated as the 21st in the nation for life expectancy, meaning that residents on average live longer than a majority of other states.
|The top five causes of death in Maryland each year:|
|Heart disease||11,653 deaths|
|Chronic lower respiratory disease||2,079 deaths|
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Average Funeral Costs
- Cremation with no memorial service: $2,000
- Cremation with a traditional funeral service: $10,000-$12,000
- Burial with a memorial service: $10,000
- Burial with a traditional funeral service: $15,000
These days the average funeral can cost upwards of $15,000. It’s significant to make sure that your loved ones are left with a life insurance policy that will help them through this expense.
Types of Life Insurance Policies
There are two major types of life insurance policies available known as term life insurance and permanent life insurance.
Term Life Insurance
Term life insurance is a great place to start if you do not currently have life insurance. This policy is the less expensive option and is designed to provide coverage during times that you really need financial security. This policy is typically chosen by new families or people who have just bought a house.
Term life is available in varying time periods and is flexible with your changing needs. However, at the end of your term you will no longer have the policy and you will have to purchase a new policy. If you are older or sick, you may find it difficult to acquire affordable coverage within this policy.
Permanent Life Insurance
Permanent life insurance is an umbrella for different types of life insurance policies that never expire. These policies include:
Whole life insurance: This policy is paid out to the beneficiary or beneficiaries upon the insured’s death. In addition to being covered your whole life, it also contains savings where cash value may accumulate. The policyholder can access this cash while alive if needed.
Universal life: This policy is characterized by its unbounded pricing structure and flexible premiums. Any time you make a payment towards this policy, part of it goes into an investment account and you receive the interest. This policy is paid out to the beneficiary or beneficiaries upon the death of the insured.
Get Help from a Baltimore, MD, Insurance Agent
A local Baltimore independent agent can help guide you through your various options and answer your life insurance questions. Your agent will compare numerous rates from multiple insurance companies to guarantee that you get the best policy. Contact a local TrustedChoice.com independent agent in Baltimore to get started.
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