Should term insurance or cash value life insurance be purchased in Maryland?

You know that life insurance is an important thing to have, but which kind is right for you: cash value or term life insurance? What’s the difference and which kind do you need if you’re living in Maryland? Here’s a brief overview of the different kinds of life insurance that you can buy:

Term life insurance is only bought for a specific amount of time, or a ‘term.’ Term lengths are typically 10, 15 and 20 years long, during which time you pay the monthly premiums and are insured until the term expires. Once the term is over, you don’t pay any more. You’re no longer insured, though you can buy a new term policy, but the cost will be higher as you’ll be older and the rates to cover you won’t be as low as they were during the first term.

A cash value policy is good for a long as you continue to pay the premiums, or your heirs collect on it. The main difference between this and a term policy is that should you decide you don’t want the policy any longer, you can get some of your money back, thus the cash value. The policy acts as a savings account of sorts, where some of the money can be returned to you if you decide to cash out your policy. If you haven’t passed on at the end of your term you get nothing other than the fact of knowing that you had life insurance, should you have passed away.

Another difference is the cost between the two policies. A term life insurance policy is typically much cheaper than a cash value policy since you won’t get anything back at the end of your term, though you’ll be adequately covered if your heirs need to collect on it. Both kinds of insurance provide good coverage, but are suitable for different people. If saving money is important, then a term policy is best. If you think you’ll not be able to extend your term policy once it expires, due to health concerns, then having a cash value one is probably your best bet. To get more information and help with determining the right one for you, contact us, your independent agent in Laurel for more information.

Commercial Insurance Minimum Requirements in Maryland

As a person seeking commercial insurance coverage in the Laurel area of Maryland, it is truly vital that you have access to the proper information on current minimum insurance requirements for commercial vehicles in this area. If you are driving a business owned car or truck you’ll need commercial insurance, especially if the vehicle ever does any deliveries.

At the current time, the state of Maryland requires you to have $20,000 in bodily injury coverage, which would apply if one person is injured or dies in an accident. You’re required to also have $40,000 in bodily injury coverage, which would apply in cases where more than one person is hurt or killed in an accident caused by you. Additionally, you will be required to have $15,000 in property damage coverage.

The state of Maryland also requires you to have uninsured motorist coverage with the same 20,000/40,000/15,000 limits discussed above. Finally, you must have personal injury protection of $2,500. Personal injury protection will help cover you if you were to get into an accident and need medical treatment such as seeing doctors or chiropractors.

The limits we have outlined in this article are the minimums that you will need to legally drive a commercial vehicle in Maryland. Driving with only the minimum amount of coverage is only advisable for certain groups of people, so it is very important that you and your independent agent discuss exactly how much coverage is truly necessary for your situation.

When you contact your independent agent about getting a commercial policy, be sure to tell him how many vehicles you’ll need to insure, what type of vehicles they are, who will be behind the wheel of the insured vehicles, and who is the legal owner of the vehicles. Make sure to give as much detail as you can, because this policy will help you stay legal and may even really be a financial lifesaver one day!

Where Can I Find Fast Tag & Title Services in Laurel, Maryland?

One of the chores that many people put off for as long as possible is getting the tag or title for their car. While you can go down to the department of motor vehicles and take care of this task, it is often a long, time-consuming process. Additionally, this is usually very frustrating, since you may have to wait in several lines and deal with employees that are not happy to be doing their jobs.

However, those in and around Laurel, Maryland have another option. Some independent agent offices offer a fast tag and title service. If you find that your insurance agent does not offer this service, it may be time to shop around. Look online and you will see that plenty of independent companies that have this service.

Consider getting your tag and title services at Mid Atlantic Insurance Financial. In addition to offering some of the best insurance rates and great customer service for insurance issues, the company also offers tag and title services. You will appreciate the ease of getting this done at an independent office, instead of at the department of motor vehicles.

You get the same level of customer service for your tag and title that you do when you obtain insurance. Additionally, if you have questions or concerns, you know there is someone on your side that will be more than happy to help you.

Do not risk the dangers associated with driving without proper tag and title. You can run into some major issues, especially if you get pulled over by a policeman. Now that you know how easy it is to get your tag and title taken care of through Mid Atlantic Insurance, you will not put this job off any longer.

What type of Insurance Discounts Can Save You Money in Laurel, Maryland?

If you are facing financial difficulties, and who isn’t, you are probably looking for ways to save money. You can cut your budget only so thin until it becomes impossible to cut much more. However, there is one place you may not have thought to look when looking for ways to save—your insurance policy.

While you do not want to reduce your coverage and put you and your family’s financial future at risk, there are a few discounts that can save you money. Learning more about these ways to save, either by reading online or by going in the office to talk with your independent agent, is well worth the time you contribute. You will find that saving money this way is easier than you may have thought.

One easier way to save money on insurance is by bundling. This is when you obtain your home, auto and other polices from the same insurance company. Most of the major companies will provide you a nice discount for purchasing multiple types of insurance from them. Talk to your agent and see if this is an option, or you may look into other companies if this isn’t an option.

Another way to save on insurance, especially in Laurel, Maryland, is by looking into safe driver discounts. These discounts reward you for doing what you were going to do anyway—be a safe driver. If it’s been several years since you have had an accident, or perhaps you have taken a defensive driving course, it is conceivable that your insurance company will reward you with reduced rates or perhaps a lower deductible. Check into these options, or see if there are other options available to you next time you talk to your agent.