Update Your Life Insurance After These Events

We often forget about our life insurance policies after we sign the contract and pay the premium. However, life changes quickly and unexpectedly. That’s why it’s essential to review your policy regularly and update it when necessary. Here are four events that should prompt you to update your life insurance in Laurel, MD.

1. Marriage

One of the most significant life changes is marriage. Once you tie the knot, you’ll want to add your spouse to your policy. If you have children, you also want to ensure they are adequately covered.

2. Children

Speaking of children, starting a family is another significant event that calls for an update to your life insurance policy. Whether you have one child or several, you’ll want to ensure they are taken care of financially if something happens to you. A Mid Atlantic Insurance Financial representative can help you determine how much coverage you need to protect your loved ones.

3. New Job

A new job generally means a higher salary. That means you can afford a more expensive life insurance policy with more coverage. If you have switched jobs and your salary has decreased, you may consider reducing your coverage or switching to a cheaper policy.

4. Starting a Business

Starting a business is a huge accomplishment! As the breadwinner of your business, it’s crucial to ensure your family is taken care of financially if something happens to you. Review your policy and increase your coverage if necessary.

Reviewing your life insurance policy regularly helps ensure that you and your family are always protected financially. Be sure to update your policy after significant life events such as marriage, having children, starting a business, or retirement. For help updating your policy in Laurel, MD, contact Mid Atlantic Insurance Financial today!

What Are The Different Types Of Life Insurance?

There are several different types of life insurance policies available on the market. It can be confusing to figure out which policy is right for you, but this article will help clarify things. We’ll discuss the most common life insurance policies and what they cover.

1. Term Life Insurance

Term life insurance is the most basic and straightforward type of policy. It provides coverage for a period of between five and 30 years. You may die within that period, in which case, your beneficiaries will be the ones that receive a death benefit. If you don’t die during the term, the policy expires, and you (or your beneficiaries) get nothing. However, it does not build up cash value like some of the other types of policies we’ll discuss.

2. Whole Life Insurance

Whole life insurance is the most common permanent life insurance. The best thing about it is that it’ll provide coverage for your whole life. The only thing you have to do is pay your premiums continuously. Whole life insurance has two main components: the death benefit and the cash value.

3. Universal Life Insurance

This is permanent life insurance that offers more flexibility than whole life. With universal life, you can choose how much coverage you need and how much you want to pay in premiums. Universal life also has a cash value component, which grows tax-deferred over time.

4. Variable Life Insurance

This is permanent life insurance that offers the potential for cash value growth. With variable life, your premiums are invested into sub-accounts, which can grow or decline in value depending on the performance of the market.

5. Variable Universal Life Insurance

This permanent life insurance offers death benefit protection and the potential for cash value growth. With variable universal life, you can choose how much coverage you need and how much you want to pay in premiums. Just talk to Mid Atlantic Insurance Financial in Laurel, MD, to make an informed decision.

Conclusion

There are several different types of life insurance policies available on the market. The type of policy you choose should be based on your needs and goals. Be sure to work with a life insurance agent from Mid Atlantic Insurance Financial in Laurel, MD to find the best policy.

Life Insurance: A Smart Investment

When most people think of investments, they are thinking of retirement plans or savings accounts. Few people realize that life insurance is also a type of investment. At Mid Atlantic Insurance Financial, serving Laurel, MD and the surrounding areas, we want to help clients make smart insurance choices. Keep reading to learn how life insurance is a smart investment. 

Life Insurance As an Investment

An investment is any money you make use of now, in order to protect or enhance your finances in the future. Life insurance is truly an important investment when you consider how the policy will help to protect the finances of your family upon the passing of yourself or of a loved one who is covered by the policy. Final expenses can become a huge burden on a family when they must be paid out of pocket. By investing in life insurance, you relieve this burden. 

How Much Life Insurance Do I Need?

The amount of life insurance a family will need will vary greatly depending on many factors. It is also important to remember that each member of the family does not need the same amount of coverage. For instance, children would not need the same amount of coverage as parents or other adults who are income earners in the family. The primary income earner in the family may need a greater amount of insurance coverage than those who are not bringing in an income or who are bringing in far less income. 

In order to determine how much insurance coverage you will need, it is a good idea to sit down with an insurance representative to discuss the specific details of your family. 

If you would like to learn more about our insurance products, please contact us at Mid Atlantic Insurance Financial serving Laurel, MD, and the surrounding areas. 

Why Making Your Final Arrangements Now Is Important

Death is not something most people feel comfortable discussing. But it is a reality for everyone. There is a lot an individual can do, however, to make their passing easier for those they leave behind. At Mid Atlantic Insurance Financial serving Laurel, MD and surrounding areas, we want to help our clients better understand the steps they can take to ensure their families are taken care of in the future. Keep reading to learn about why making your final arrangements now is important. 

Control Over Your Final Arrangements

When you plan ahead for this, you will be in control of what happens. You will be able to make choices concerning how your service will be conducted, how you will be buried or cremated, and where your final resting place will be. Everyone should have the right to make these choices for themselves. 

Relief To Your Family

When a loved one passes, it is one of the most stressful times of life for those that are left behind. During their time of grief, you can provide comfort to your family by already having many decisions concerning your final arrangements completed. This way, your family will know that your final wishes are being carried out, and they will not be put under the added burden of making these tough decisions. 

A Financially Wise Choice 

When you make your arrangements now, you will be able to save your family the added expenses of purchasing a casket or burial plot in the future. Your family will not be under a financial burden, and your final expenses will be paid for at the current prices rather than later when prices will increase. 

If you would like to speak with an insurance representative about life insurance and final arrangement planning, please contact us at Mid Atlantic Insurance Financial, serving Laurel, MD, and surrounding areas.

Is Life Insurance Required in Maryland?

Life insurance is not an essential form of insurance by any means, but the safeguards it puts in place for your surviving family members are invaluable. Shopping around for life insurance in Laurel, MD? Mid Atlantic Insurance Financial is here for you! 

If you have family members or dependents that rely on you for financial, emotional, and mental support, a life insurance policy is a great way to ensure that your loved ones are taken care of if you pass away suddenly or unexpectedly. 

It may seem strange to talk about the end of your life like it’s a monetary transaction, but the reality is simple – no one knows how much time we really have left.  The best thing you can do is work hard while you’re here, take care of the people who need you, and set them up for a great life in case you aren’t able to be there to take care of them yourself. 

Life insurance can also cover the cost of funeral expenses, end-of-life costs, a memorial, or a celebration of life. It’s a compassionate way to allow your loved ones to grieve their loss without the financial hardship and stress of coming up with the money to cover all those costs. 

If you’re thinking about investing in a life insurance policy for your family and loved ones, Mid Atlantic Insurance Financial is here to help. Residents of Laurel, MD and the surrounding areas will benefit from working with our team of experienced agents who can help you customize a plan that is suitable for your lifestyle and the needs of your loved ones.

Contact us today; we’re here to help! 

How High Winds Can Damage Your Laurel, MD Home

Homeowners in Laurel, MD are no strangers to high winds and the damage they can cause. However, you don’t want to sit around and wait for damage to occur. Instead, you should take preventative measures to ensure your home is ready to withstand high winds, which includes having the proper insurance coverage from a home insurance company like Mid Atlantic Insurance Financial.

Wind Speeds and Their Potential Damage

Many people assume that only hurricane-force winds can cause severe damage to a home, but even minor winds can cause serious problems for homeowners.

  • 20-25 mph Winds – There is a low risk of damage with these winds, but this doesn’t mean that no damage can occur.
  • 25-30 mph Winds – These winds will cause most trees to move, and branches may start to break and potentially cause damage. There is a good chance that shingles could be blown off the roof.
  • 30-40 mph Winds – Anything outside that is not secured will start blowing around and could potentially cause damage to your property.
  • 40+ mph Winds – There is a high chance that structural damage to your home will occur. The higher the wind, the greater the risk of damage to your home.

Protecting Your Laurel MD Home from High Winds

You can start by covering your windows and doors to prevent them from being broken by strong gusts of wind and/or debris. You should also secure any loose items outdoors, including gazebos, storage sheds, and the like. There are also ways to secure siding and shingles, so speak to a local contractor about how to do this.

Of course, regardless of how many preventative measures you take, it is still possible for your home to suffer damage from serious winds. This is where both home insurance and windstorm insurance come into play. For more information, contact Mid Atlantic Insurance Financial, serving the Laurel, MD area.

Is Life Insurance Necessary?

Laurel, MD residents seeking information on life insurance should be aware of their options when shopping around. Mid Atlantic Insurance Financial highly recommends life insurance for anyone who has dependents or family members who rely on them. 

Maintaining a life insurance policy means your dependents and family members will be financially taken care of if you should pass away unexpectedly. It also provides you with the peace of mind that once you are gone, your family members will be comfortable and secure with what you’ve left behind. 

While you can try to plan your entire life, everything you want to accomplish, and the money you want to earn, at the end of the day you can’t really plan for what may happen to you. All we can do is celebrate every moment and do our best to plan and be prepared for when that day inevitably comes. 

The best way to do this is to ensure that your family is supported and financially secure. There are so many life insurance policy options that can offer your family the relief they deserve in a time of mourning. Life insurance policies can also cover end-of-life costs and expenses, including a funeral or a celebration of life. 

Rather than having to worry about getting money together for those expenses, a life insurance plan will allow your loved ones to mourn and grieve together, rather than stress about the financial burden a funeral is putting on them. 

If you’re shopping around for life insurance in Laurel, MD, be sure to contact Mid Atlantic Insurance Financial. An agent with experience can guide you through the process of selecting a suitable life insurance policy and give you peace of mind along the way.

Do I Need Life Insurance if I Do Not Have Kids?

Life insurance makes sense for most, especially parents, because it is a way to ensure the family is provided for should something unexpectedly happen. However, those who do not have children often ask if they need life insurance coverage. Life insurance offers Laurel, MD residents more than just financial security for families; it can help with financial planning and future money management. Call the Mid Atlantic Insurance Financial experts to discuss how life insurance can benefit you, even if you do not have kids. 

Here are some questions to ask yourself when determining if you need life insurance: 

Could you support yourself in the event something happened to your spouse? 

Life insurance helps replace the loss of income in the event a family member or partner prematurely dies. Therefore, it is necessary for couples to have life insurance, especially if they cannot survive without the other’s income. However, life insurance may not be essential if a significant amount of savings is built up or each partner could support themselves and maintain their current lifestyle should something unexpected happen. 

Do you have anyone depending on you? 

Even if you do not have children, you may have someone depending on you, other than a spouse. For example, are you caring for elderly parents? Do you share the debt with anyone else, such as a joint mortgage? Would someone else be financially impacted if something were to happen to you? These are all things to consider when deciding whether to purchase life insurance. 

Do you have a lot of debt? 

Those with a lot of debt, especially debt someone else has cosigned for, may want to consider purchasing life insurance. These debts may include an auto loan, credit card, or student loans where someone cosigned for you. 

Those in Laurel, MD, with questions about life insurance policies, can reach out to the experts at Mid Atlantic Insurance Financial for answers to their questions. 

Why life insurance is becoming an essential financial security plan for many people

Everyone buys insurance with the aim of saving some money on a rainy day. However, when it comes to life insurance, people buy the policy to protect their loved ones financially once they’re gone. In truth, irrespective of what you earn, nobody knows tomorrow, and if you pass away as the sole breadwinner of your family, the result could be devastating for your loved ones. That’s not the only reason why everyone in Laurel, MD, is buying life insurance. Mid Atlantic Insurance Financial explains other compelling reasons for buying life insurance.

To protect your loved ones after you’re gone

If your loved ones depend on your financial support, you should seriously consider buying life insurance for this specific reason. Life insurance generally replaces your income when you die. Your loved ones can pay school fees, pay for their daily expenses or even offset the loans you left behind.

You can achieve other long-term goals

Life insurance helps you achieve solid investment goals, especially long-term goals such as buying a home or planning your retirement. Different types provide varying investment options that work depending on your needs.

Life insurance is cheaper when you’re younger

If it’s cheaper when you’re younger, why not buy it when you can afford it? Remember, as you grow older, you have more responsibilities, age and diseases catch up with you, and your policy costs increase. By the time you’re 85, it’s too late to buy life insurance as most Insurance companies in Laurel MD, don’t sell insurance to people above that age.

Peace of mind

Like any other policy, life insurance provides you with the peace of mind that your loved ones will do just fine without you around. You really can never tell when you’ll pass away, and instead of worrying about death, the least you can do is have enough insurance to sort various financial needs.

If you haven’t bought your life insurance, don’t wait any longer. Mid Atlantic Insurance Financial can help you find a policy that fits your budget and needs. Call us today.

The Different Types of Life Insurance

According to recent research, just 30% of Americans have a sufficient amount of life insurance. If you are one of these individuals, the best way to ensure you have the right coverage is to first educate yourself on what policies are available to you. 

The most common types are:

Guaranteed life insurance: The benefit of this life insurance policy — sometimes called a “no questions life insurance policy” — is that you are not required to answer health questions or undergo a medical exam and review. The cons of this policy, however, is that there is typically a two- or three-year waiting period before the policy becomes active. If you die in that waiting period your beneficiary will not receive your full policy payout.

Group life insurance: Group life insurance is fairly common because it is often offered by an employer or other large-scale organization such as a labor union as part of a larger benefits package. In many cases, it is free or at least inexpensive. At the same time, however, the coverage amount is often relatively low.

Term life insurance: This is a non-permanent form of life insurance. It pays benefits to your loved one if you were to pass within the defined term. It is typically inexpensive, 

Variable life insurance: This permanent life insurance policy has both a death benefit and a cash value. The death benefit is what to pay to your beneficiary upon your death. The cash value can be used to increase the death benefit, can be withdrawn as cash, or can be used as collateral for a loan. 

Whole life insurance: This is the most common type of permanent life insurance policy that people purchase, according to the Insurance Information Institute. It is a life insurance policy that will remain in force for the insured individual’s lifetime as long as the premiums are paid. 

Learn more about your life insurance options in Laurel, MD.

If you would like to discuss your different life insurance policies, contact Mid Atlantic Insurance Financial.