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Life insurance is one way to protect your family’s financial future. You will have the peace of mind that your children will be protected if you or your spouse pass away. Many people wonder if they will be able to cover the cost of a funeral and any final expenses. Children will need money to complete their education. Also, you may be wondering if you can designate funds for a charity that you support. All of these things can be taken care of with a life insurance policy. At Mid Atlantic Insurance Financial, our team works with people throughout the Laurel, MD area to understand how life insurance can safeguard their families.
Deciding on the type and the policy amount requires some consideration. Your agent will be able to help you with information so that you can make informed decisions. Inflation and estate taxes will need to figure into your decision-making process. Term life and whole life are the two types of life insurance. Both have their own merits. Term life insurance policies are for a predetermined time period. They are less expensive than whole life and can be renewed. Each renewal will cost more. Also, term life policies do not increase in cash value over time. As the name implies, whole life policies stay in place while the policyholder is alive. They do have higher premiums but they build cash value. This amount can be borrowed against if needed.
Our team at Mid Atlantic Insurance Financial can help you decide which life insurance policy option is best for you and your family. We work with families like yours throughout the Laurel MD area. We’ll answer your questions so that you understand your options. Your family is important. Contact our agents today to start protecting their future.