The Benefits of Universal Life

Universal life insurance has some unique benefits that many appreciate. To understand universal life it is helpful to compare it to whole life insurance and term insurance. The main differences are found in the premiums, annual dividends, interest payments, flexibility in death benefits, and if the policy has any investment/savings value that can be borrowed against. Your agent at Mid Atlantic Insurance Financial, serving Laurel, MD, and the nearby communities, will help you understand the details; however, here is the overview.

Premiums

Premiums for whole life are a certain amount that does not change. If a person gets whole life insurance when young, the premiums are usually very modest. They stay the same over the whole life of the person. This is why whole life is called “permanent” insurance.

Universal life allows flexible premium payments as long as the minimum is paid. The payments can be adjusted up or down depending on the particular financial circumstances of the insured.

Term life has a set payment that remains the same for each month of the term.

Dividends and Earned Interest

Whole life pays annual dividends that can either be accumulated to build up value in the policy or paid out each year. Universal life has a variable interest rate that helps the policy build value. Term life does not have annual dividends or earn any interest.

Borrowing

Both whole life and universal life build value over time that can be borrowed against.

Death Benefits

Universal life has the option of a level death benefit, which stays the same over a person’s life or the ability to have an increased amount or decreased amount of death benefit.

Summary

There are many more details to consider when thinking about universal life. The main advantages are the flexibility in premium payments and death benefits. Additionally, universal life is permanent insurance meant to be kept for the entire life, just like whole life, as opposed to term life insurance, which is only good for a certain period.

Call us to get a quote for life insurance from your agent at Mid Atlantic Insurance Financial in Laurel, MD or if you prefer you can use the convenient online form.

Does Life Insurance Cover Non-traditional Burial Costs?

Life insurance is something that we often forget to worry about until it is too late. For the most part, your life insurance policy is going to be used by your beneficiary to cover the end of life expenses and to settle any accounts that you leave. These policies can also cover other costs. For those that live in the Laurel, MD area, the agents with Mid Atlantic Insurance Financial can help you to find the right life insurance policy for you.

In most cases, your life insurance policy is going to cover whatever it is that your beneficiary decides to spend it on. Unless you buy specific burial insurance or insurance that is meant only to cover final expenses, your beneficiary can use the policy to pay whatever they want to pay. This means that if you want to be cremated and buried at sea if you want to be buried in a natural grave with no embalming, or if you want some other non-traditional burial, your beneficiary can use the funds from your life insurance policy to cover the cost of that burial.

Your beneficiary, unless there are specific stipulations put on your life insurance policy, is going to have the ultimate say in what the funds from your life insurance policy payout are used for. You can delegate what you want the funds to be spent on, you can prepay for end of life expenses, or you can put the trust in the hands of your beneficiary to do what you want to be done with your life insurance funds.

For those that live in the Laurel, MD area, the agents with Mid Atlantic Insurance Financial can help you find the life insurance policy that works best for you, for your beneficiary, and for the end outcome you want to see.  

Should I buy whole life or term insurance?

What kind of insurance you should buy, and how much, will depend on several personal factors, including your age, position in life, health, etc. Having a safety net for your loved ones is important, though, so it is important to learn as much as possible so you can make the best decision. If you are in Laurel, MD, you can always get advice from Mid Atlantic Insurance Financial, where we will be happy to discuss your options with no obligation.

Advantages of Whole Life Insurance

This kind of insurance is also called permanent insurance and will last for as long as you continue to pay the premiums. Both whole life and term life offer lower premiums when you are younger, and you can lock in a good price when you are young. Whole life policies have a cash value, and the money you pay every month in the form of a premium adds up. You can borrow or withdraw that money, which is yours, or let it accumulate.

Advantages of Term Life Insurance

Term life insurance will cost less, pretty much across the board. It is a simpler kind of insurance, only offering a benefit when you die. It is also called term life because there is an ending date, and after the end date you will not have the money or the policy anymore. For many people, it is adequate, because they need the assurance of knowing that if something were to happen to them there will be money available to their families to get through their time of grief without worry.

It may seem confusing, and but at Mid Atlantic Insurance Financial we have helped people at every stage of life to find the right policy. If you live in Laurel, MD, please feel free to call today with any questions.

What happens if there is a fire and I don’t have an inventory?

Even in beautiful Laurel, MD, incidents can happen such as fires or burglaries that could cause you to suffer great losses. When you get a homeowners policy through  Mid Atlantic Insurance Financial, you never really think anything bad will happen. 

That is one of the reasons so many people never make the suggested inventory of their belongings. It seems like a lot of work, and if you’re lucky, you will never need it.

Tracking Your Belongings 

Most of the insurance policy is covering the property itself, and unless you have extra coverage for particularly valuable items, your personal belongings will be insured for a much smaller amount. 

When you make an inventory, you have a list that you can provide if you suffer a loss. With a burglary, the list helps the police too, because they can look for the items if they are being sold by the thieves. 

When you don’t have the list, with the serial numbers and details of the items, and don’t have a really good idea of what was missing or destroyed. You may not recover your losses because you simply don’t remember what you had. 

Making an Inventory Isn’t So Bad 

There are some helpful tips for people making an inventory. First, you obviously want to keep the list somewhere safe so you can still access it in a disaster. 

Another great tip is to make a video where you list your belongings, room by room. That way you can break the job down into easier steps.

If you live in Laurel, MD, don’t wait to do an inventory until it’s too late. If you need any help or want to talk about your homeowner’s policy, please feel free to call Mid Atlantic Insurance Financial today. 

Insurance for Your Entire Life

There are different types of insurance to help protect the many different areas of our life. Auto insurance for our busy and mobile lives to protect our rides and trusted motorized steeds. Home insurance is another level of protection around our castles, like moats, only more effective. Of course, there is fire insurance for such unfortunate events or when dragons attempt to scorch the fortress walls of your castle. But life insurance is the one thing we do for ourselves and for those we love, it is the insurance to protect our lives.

The Right Life Insurance

From universal and whole to term structured insurance, finding the right policy to meet your needs will depend on you and your life. Our loved ones, our family, our children – this is what and who we leave behind, this is the essence of our lives. Protecting that and those who make our lives what they are is one of the most important things we will ever do. At Mid Atlantic Insurance Financial, we offer our Laurel, MD customers plans and policies designed to fit their lives and meet their needs.

Insurance for Real Life Concerns

Although our aforementioned fire-breathing dragons aren’t a real concern.  Protecting what and who we love is and life insurance is a step we can take to protect who we love from the real threats of life when we no longer can. We know this isn’t always an easy conversation but it is a vital and important one. Our team is here to help our friends and neighbors in Laurel, MD have that conversation and to get the right insurance plan for their lives.

Contact an agent today because, at Mid Atlantic Insurance Financial, we won’t build you a moat but we can build the right plan and policy for your needs. 

Life Insurance in an Era of Expanding Longevity

The world of life insurance has undergone substantial changes over the centuries of its practice, but one recent trend has had truly unexpected effects upon the industry.  This is the expanding lifespan of the modern human being.  People are living longer than they used to, and not just by a little bit. Life expectancy is decades higher for people living today and it was for their grandparents, and the future holds the promise of even greater length of time. This is wonderful news for humanity, but it does leave the art of life insurance. in a bit of a quandary.  After all, life insurance is meant to pay benefits to people who live for a certain amount of time. This time is well defined and predicted by actuarial tables of great specificity.  When that amount of time is increasing, and in many cases by greater than ten percent, then an enormous amount of change moves through the industry. Mid Atlantic Insurance Financial has been using this wonderful fact to create more options for customers in the Laurel, MD area. 

For example, it is now possible to buy a life insurance policy on a 95-year-old individual. 95 years old would have been too late for life insurance policies of previous eras to even mature, but now someone of that advanced age has excellent prospects of living another 10 years and reasonable prospects of living another 20.  The health of the customer has also improved. A 65-year-old in reasonable health can obtain monthly life insurance premiums that would previously have been available only to someone under the age of 45.  These are not extrapolations based on current data; this is the way that things stand at this exact moment. Extrapolations show that human beings might live even longer. Serious medical professionals believe that there are children born today who may live to see the age of a hundred and fifty.  Mid Atlantic Insurance Financial is working hard to secure the economic futures of these and all other citizens of the Laurel, MD area. 

 
 

Protect Your Legacy with Life Insurance

As a business owner, you want to consider how life insurance protects both your business and personal and business planning. It can even play an important role in the stability of your enterprise. Personal life insurance covers your business partners and your family by including benefits for each. In some cases, these policies are written so that your family gets a payout without having any further say in the business. This gives your partner the peace of mind that their interest in the business is protected in the event of your death or vice versa. Your Mid Atlantic Insurance Financial agent can answer detailed questions regarding eligibility and purchase terms for life insurance to protect your Laurel, MD business as well as your family.

Key Person Life Insurance

Key person life insurance is a type of insurance that protects the business. This is a way to cover losses resulting from the death of a key person that passes away unexpectedly. When this occurs, and no insurance is present, the company usually loses a lot of customers, who were used to dealing with the deceased party. In turn, revenue drops too quickly for the business to naturally recover.

This loss can be covered if the company has bought a life insurance policy on the deceased key employee (who can also be an owner or business partner). The proceeds of the insurance policy are given to the company to aid in the recovery of lost income. Some policies include a provision to hire, relocate and train a replacement.

Considerations When Purchasing Business Life Insurance

When you buy business protection insurance in the form of life insurance, be sure to obtain a permanent rather than a term policy. A term life insurance policy can expire, forcing the person insured to re-qualify later in life when it’s harder to do so. 

Mid Atlantic Insurance Financial can help you plan out how to use life insurance to protect your business interests without jeopardizing the financial security of your survivors in Laurel, MD.

 

 

 

How Can Life Insurance Affect Your Student Loan Debt?

Most of us understand the fact that financing an education can be an uphill task if one doesn’t have a stable source of income. Therefore, it isn’t surprising that approximately 75% of the 2016 graduates in Laurel, MD and all over the US borrowed money in the form of student loans to finance their education. Having a student loan debt and not managing it actively can be detrimental to your long-term financial life.

As a student operating on a limited budget, the last thing that is on your mind is taking a life insurance policy from Mid Atlantic Insurance Financial. However, the truth is that a life insurance policy can affect your student loan positively and help you or your cosigners stay out of debt if the worst happens. Read on to find out how a life insurance policy affects your student loan.

Debt After Death

Have you ever asked yourself what might happen if you die before you pay off your student loan? This is probably the last thing that you want to think about, but the truth is that misfortunes do happen. Things might not be so hard on those you leave behind if you have a federal student loan since most of them are discharged when the borrower dies. However, things might be worse if you have a private student loan.

Only a few private lenders do offer a death discharge, but most of them don’t. Private student loans are just like the traditional personal loans. If you die and you had a cosigner, your cosigner becomes legally responsible for your debt, and this is the primary reason why you should consider a life insurance policy if you have a student loan.

Student Debt and Life Insurance Policy

You can use your life insurance policy to help pay your student loans even when you die through the Indexed Universal Life Insurance Policy commonly referred to as IUL.  A UIL is similar to a cash growth vehicle since it offers you larger returns that don’t attract tax.  Since most IULs allow you to take early withdrawals or loans, you can use these withdrawals to pay down your student debt.

Are you a student with a student loan in Laurel, MD? Contact Mid Atlantic Insurance Financial today for a life insurance policy that will help you to pay down your student loan.

What Are the Benefits of Using an Insurance Company That Offers Tag and Title Services?

When you are looking to ensure your automobile, you should look at many factors in finding an insurance company. One of the factors you should look at is whether they offer tag and title services. This is a service that we at Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, are pleased to offer our customers. Learning the benefits associated with this service can help you see how it can be beneficial to you to find a company that offers this type of service. Here are a few of those benefits. 

You Don’t Have to Wait At a Crowded MVA Office

The biggest benefit associated with using an auto insurer who offers tag and title services is that you don’t have to wait at a crowded MVA office to get your tags and title. You can do everything you need to do with your insurance company. This can save you a great deal of time and is extremely convenient. 

You Can Get Answers to Your Questions

The other major benefit associated with using an auto insurance company that offers tag and title services is you can get answers to your questions easier. When you have questions about tag and title services, you have a few options. You can search the Internet and hope the information you find is current and accurate. You can call the MVA and wait on hold. Or you can use an auto insurer who offers these services. They can answer your questions quickly and accurately. 

If you are in need of auto insurance in the greater Laurel, MD area, turn to Mid Atlantic Insurance Financial. Not only can we help you get auto insurance, but we also offer tag and title services as well. Call us today to obtain a free estimate. 

Benefits of Tag/Title Insurance?

Buying a new or used car is always a big purchase. Because of this, you will want to make sure you have the right types of insurance in place. One important type of insurance to have is tag and title insurance which can provide a number of benefits.  

Ensures Clean Title

One of the most important reasons to have tag or title insurance on your car is that it can help to ensure you are able to receive a clear title report. When you buy a new or used car, there is always a risk that some lender or another party could have filed a lien against the vehicle. Even if you buy the vehicle through a normal process, you could still be found liable for these claims.  When you have tag or title insurance in place, you will receive coverage in the event these claims arise.

Ensures Transfer of Title

Another reason to get tag or title insurance on your vehicle is that it will ensure the transfer of the title.  While you can provide cash consideration for the purchase of a car, it will not become yours by law until the title transfers.  The title insurance provider will help to ensure that the title is transferred properly and that you are the recorded owner.  The insurance will also provide protection in the event the transfer is not handled correctly.  

When you are looking to buy a new or used car in the Laurel, MD area, reaching out to the Mid Atlantic Insurance Financial company would be a great option.  The Mid Atlantic Insurance Financial company will be able to provide you with more insight into the need for title and tag insurance to make sure you not only understand the benefits but also get the right policy.