Regardless of your age or walk in life, you should consider whether you need a life insurance policy. Although you are never required to have life insurance in Maryland, many people choose to be covered.
If you were to die, would your family members struggle to pay your final expenses? Are you leaving behind co-signed debts that the co-signer would have a hard time paying? Would your family have a hard time maintaining their standard of living without your income and household responsibilities? If the answer to any of these questions is yes, you should consider getting a life insurance policy.
Types of Life Insurance
Term life insurance covers you for a specific term, usually between 10 and 30 years, as long as you pay the premiums as agreed. Once that term is over, the premiums can increase significantly, and in some cases you can be denied coverage because of your health at that time.
Permanent life insurance includes policies like whole life insurance, universal life insurance, and variable universal life insurance. These policies cover you indefinitely, and they often include a cash savings and investment component as well. Because of this, the premiums on permanent life insurance tend to be higher than those on term life insurance.
Many factors affect what type of life insurance is best for you, and our independent agents here at WC Insurance Services are here to help. We can talk you through the types of life insurance in Maryland, help you compare quotes, and answer your questions to help you decide what type of life insurance to purchase. It's important to have access to knowledgeable agents who can help you get the policy that is right for your needs.