Frederick Life Insurance

Your Complete Guide to Frederick, MD, Life Insurance

(Find the right life insurance policy for you)

Less than 60% of Americans have life insurance, and one in five say they do not have enough. Unfortunately, this means that the ones you care about may not be financially ready to support themselves if a loved one dies. Frederick residents can trust that they will be financially cared for in an unexpected passing by purchasing a life insurance policy.

A life insurance policy in Frederick is made simple 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 an informed decision. Contact an insurance agent near Frederick to get started.

What can Frederick, 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 will focus on healing, 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 dependent's 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 Frederick, MD

A life insurance policy is an important purchase for Frederick residents 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 Frederick is 81.5 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 residents in a majority of other states. The top five causes of death in Maryland each year:

1.Heart disease: 11,653 deaths

2. Cancer: 10,796 deaths

3. Stroke: 2,820 deaths

4. Accidents: 2,408 deaths

5. Chronic lower respiratory disease: 2,079 deaths

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. It 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 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 Frederick, MD, Insurance Agent

A local Frederick independent agent can help guide you through your various options and answer your life insurance questions. Your independent agent will compare numerous rates from multiple insurance companies to guarantee that you get the best policy. Contact a local TrustedChoice.com agent in Frederick to get started.

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