Life Insurance: A Plus for Singles

Life insurance can be a tremendous asset to young, single adults in protecting their interests. In fact, the best time to purchase life insurance is when you’re young and healthy as you qualify for lower policy costs. Here are some of the advantages of purchasing a life insurance policy from Mid Atlantic Insurance Financial as a young, single adult.

Easier to Get Approved

Young, single adults are less likely to have problems getting approved for life insurance as they pose less of a health risk than their older counterparts. Life insurance is also more affordable to buy as a young adult, saving you substantially on your premiums.  

Clearance of Debts

A life insurance policy can come in handy to eradicate debts in the event of your untimely demise. If you took out a loan to pay for your car or college expenses with a co-signer, he or she will be held liable for paying back these loans if anything were to happen to you. This could put your co-signer under tremendous financial pressure. Life insurance benefits can be used to clear outstanding debts so no one is burdened financially.

Provides Financial Assistance to Dependent Family

If you’ve made a commitment to help your aging parents or younger siblings financially, they could suffer financial loss if you were to suddenly pass on. Life insurance can provide a buffer for loved ones who depend on your financial assistance to survive. Benefits from your policy can continue to support your family in Laurel, MD while they recuperate from your loss.  

At Mid Atlantic Insurance Financial, we recognize the important role that life insurance can play in your life. To learn more about life insurance coverage and what it has to offer, contact an agent from Mid Atlantic Insurance Financial in Laurel, MD today.  

Who Needs Commercial Umbrella Insurances in Laurel, MD?

Significant assets are at risk when a business is sued. If the claim is higher than your insurance coverage, you can lose everything. However, commercial umbrella insurance provides another layer to protect business assets. Keep reading to find out who needs commercial umbrella insurance in Laurel, MD. You can contact Mid Atlantic Insurance Financial at any time for more information.

Do You Really Need Commercial Umbrella Coverage?

You need commercial umbrella insurance if you have a high net worth and significant assets to lose. Another factor is how likely it is for you to get sued. This can be impacted by your career and activities. For example, if you are on the road a lot, auto accidents are more likely, and you are more likely to be sued.

What Umbrella Insurance Covers

You may work in a field where your existing insurance doesn’t have a high enough limit to cover potential lawsuits. Commercial umbrella insurance acts like a real umbrella on a rainy day and protects you from having to pay large lawsuit damages out-of-pocket. It has the same general categories as regular policies but kicks in only when your regular insurance has been exhausted.

  • Bodily Injury. For instance, your employee is working at a job site and causes an accident. that injures another person. Your commercial umbrella insurance picks up where your general liability stops.
  • Property Damage. If your delivery person crashes the company van into an 18-wheeler, your regular commercial auto insurance may not be enough to cover property damages. Your umbrella policy has you covered.
  • Other Kinds of Legal Damages. Umbrella insurance can pay for things not covered by typical insurance policies, such as getting sued for libel or slander. Further, it pays for damages if you are found guilty of privacy violation, false arrest, malicious prosecution and other civil charges.
  • Legal Fees. Commercial umbrella insurance pays for legal fees or court costs if you are involved in a lawsuit. With an umbrella policy, you can hire a great lawyer to protect your assets.

Contact Us

Contact Mid Atlantic Insurance Financial to find out how your Laurel, MD business can benefit from commercial umbrella insurance. You can also set up an appointment to discuss all your estate planning needs or to get a quote.