Who Needs Life Insurance?
How Much Insurance Do You Need?
This depends on a few factors. Generally, the rule of thumb is 7 times your salary; however, as life changes, your insurance needs might, too. It’s a good idea to reassess your needs annually to make sure you have enough to properly protect your family. Beyond protection, life insurance can be the cornerstone of your family’s financial security by providing savings and wealth transfer opportunities. In fact, the very first step in selecting life insurance is to decide how you want the insurance to work for your family. When you’re ready, we can help you determine the amount of protection you may need and the type of insurance that’s right for you.
You want to select the right coverage to protect your family. Learn more about the options available:
What Do You Want from Your Life Policy?
Term Is for a Time
Renew or Convert
Is Term Insurance Right For You?
Consider term insurance if:
- You are currently unable to pay the premium of a permanent policy
- You are looking for home mortgage or other loan protection
- You have young children
- You’re looking for additional protection to supplement another life insurance policy
- Term life insurance is generally less expensive than permanent life insurance
- You can select a policy with decreasing coverage to match your decreasing mortgage or loan balances
- You can buy protection for the length of time it will take for them to be financially independent
- Term life insurance offers affordable increments of coverage for the length of time you choose
Permanent Is For Life
One main difference between term and permanent life insurance is that permanent doesn’t expire. As long as premiums are being paid, it stays with you permanently.
The law currently allows your cash value to grow tax deferred. Because of this benefit, a permanent life insurance policy has become more than a protection tool for some people—it’s also a financial tool.
Is Permanent Insurance Right For You?
Consider Permanent Insurance If:
- You are looking for tax advantages
- You may need access to your money
- You are looking for a hedge against inflation
Start saving money on insuranceLet us do the shopping for you. We’ll compare Maryland insurance quotes for you!
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