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 The cash value can be used to increase the death benefit, can be withdrawn as cash, or can be used as collateral for a loan.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.

Why life insurance is necessary for Maryland families

Families around the state, especially in the greater Laurel, MD area, can count on Mid Atlantic Insurance Financial for all of their personal insurance needs. Life insurance is a key part of every insurance portfolio, and we are here to help you find the appropriate policy to protect your family. We provide a comprehensive portfolio of insurance policies that can provide your family with the protection it needs.

Why life insurance is a good idea for your Maryland family

Life is filled with unexpected events and situations that we may not plan for. When you know that your family is protected by a comprehensive life insurance policy, it is easier to maintain the quality of life that you desire for your family. There are a number of different policy types and coverage levels available to families in the Laurel MD area.

  • Peace of mind – knowing that your family will be cared for, even if something should happen to yourself or your spouse, is important
  • Financial security – children need stability and life insurance can help to provide that essential feeling to your family in the event that an early death should occur 
  • Possible future growth – depending on the type of policy that you choose, life insurance can also add financial protection during your life

Now is a perfect time to review your life insurance needs. Find out more about the options and features that are available to families in Maryland from one of our knowledgeable and friendly agents today.

Contact Mid Atlantic Insurance Financial today to learn more

If you are in the greater Laurel, MD area and would like to learn more about the many benefits of life insurance for families in our area, call or stop by today!

Three of the most important decisions you need to make when you buy life insurance

Selecting a life insurance policy involves making some important decisions. At Mid Atlantic Insurance Financial, we provide life insurance to consumers in Laurel, MD. 

The following are three of the most important decisions you need to make when you buy life insurance.

How much coverage to purchase

Life insurance policies come along with widely varying coverage amounts. The coverage amount you need depends on a variety of factors. These can include how many beneficiaries you have and how long these beneficiaries are dependent on you financially. 

It’s important to think carefully about how much coverage you want to buy. You need to make sure that your family will be financially secure if you pass away unexpectedly. That’s why it’s so important to purchase an adequate amount of coverage. 

Whether to buy term or permanent insurance coverage

A term life insurance policy is a form of temporary life insurance. You’ll purchase a policy for a given period of time like 10 or 15 years. If you pass away within this term, your dependents will receive a death benefit payment. However, you’ll get nothing back if you don’t pass away within the policy term.

Permanent life insurance is more of a long term savings solution. You’ll accumulate savings over time and potentially benefit your family through a death benefit payment. 

You need to choose between a term policy or a permanent form of life insurance coverage depending on savings goals and how long you need coverage for. 

Which life insurance provider to buy from

There are many providers of life insurance out there. It’s best to purchase from a provider that is financially secure and has a long history of customer satisfaction. 

We’re here to help you with the decision making process when you’re purchasing life insurance. Contact us at Mid Atlantic Insurance Financial if you have questions about your life insurance options in Laurel, MD. 

Life Insurance Myths Maryland Residents Must Avoid While Researching Policies

Based in Laurel, MD, Mid Atlantic Insurance Financial assists local residents by helping them find insurance coverage. Our primary goal is to help our clients find policies that will prepare them for whatever obstacles life may throw their way. As an independent insurance agency, we have established successful relationships with several different carriers around the greater Washington DC area.

Life Insurance Myths To Avoid

Researching life insurance policies can be uncomfortable at times. However, having coverage can help alleviate some of the stress and burden on your loved ones after they pass away. Life insurance can help secure your assets and ensure that your family has some structure after your passing. While you are researching different policies, avoid some of these common life insurance myths.

I Don’t Need My Own Policy Because I Have Coverage Elsewhere

Many people make the mistake of relying on coverage through their Laurel, MD employer. In order to make sure that you have the benefits that you need, research your own policy. With an individual policy, you can tailor the coverage exactly as you want.

I’m Single So Life Insurance Isn’t Necessary

Things can change in the future. While you may be single now, that may not be the case in a few years. Life insurance makes things easier in the event that you do get married and start a family one day. Even if you don’t get married, life insurance will ensure that the process of transitioning your assets after your passing is less stressful.

I’m Young With No Real Assets, I Don’t Need Coverage

It is a mistake to think this way. Do not wait until you start aging to research policies. Regardless of the stage of life that you are in right now, it’s never too early to plan for the future.

Mid Atlantic Insurance Financial Will Help You Plan For What Comes Next

Visit our website today to learn more information about life insurance.  

Is Life Insurance Worth It?

If you live in Laurel, MD, you may have considered getting life insurance or getting a new policy. For those that are relatively new to the concept, life insurance covers you with a cash benefit in the case that you die before your policy is over. This money is intended to help your family or loved ones after your passing. Learn all about the in’s and out’s of life insurance with Mid Atlantic Insurance Financial. 

What Does Life Insurance Cover? 

As mentioned, life insurance provides financial relief in the case that you die before your life insurance policy is up. Here are some additional things that are covered by life insurance that Laurel, MD residents should know: 

  • Funeral costs
  • Medical expenses
  • Education costs
  • Standard bills
  • Dependent care
  • Family aid

These are just some of the areas in which life insurance can provide coverage. The level of what type of coverage and how much coverage you can receive depends on the type of life insurance policy you choose. For consultation on what life insurance coverage would be beneficial for you, visit Mid Atlantic Insurance Financial. 

Why Is Life Insurance Important? 

Especially when you’re young, it can be hard to grasp the importance of any kind of life insurance policy. After all, that’s usually something only older people worry about, right? But life can be unpredictable and you never know what can happen. Obviously, no one wants to think about what could happen if they had died and what they’re family would be like without them, but it’s something worth considering.  

Most young people avoid the concept of life insurance because they don’t yet. However, you still have relatives, friends, and other people close to you that would be impacted by you being gone. For this reason, life insurance is worth considering. 

Stay Protected with Mid Atlantic Insurance Financial

When it’s time to choose a life insurance policy, visit our office near Laurel, MD to find the perfect policy for you. Let us help you get the right coverage at the right price to put your mind at ease. 

Can Couples Share A Life Insurance Policy?

It may sound a little odd, but yes, Laurel, MD couples can buy a single, shared life insurance policy.

Your insurer is going to take into account health risks and age for both you and your partner, and your premiums will be priced accordingly. From there, you have two options for joint life insurance:

  • First-to-die insurance. This is what you’re going to want if your plan is for the surviving spouse to be the recipient of the benefits. In a first-to-die policy the surviving spouse, and other beneficiaries, will claim the benefits when their partner dies.
  • Second-to-die insurance. With this policy, the insurance pays out to your beneficiaries when both partners have passed on. This is preferable if you have dependents who will continue to care for no matter which partner lives the longest, and if you would like to make sure that they continue to be cared for when you have both passed on.

Joint life insurance is a handy solution for many people who want to buy life insurance but want to make sure that either partner is taken care of no matter how things play out. A conventional life insurance policy may be fine for many, but for couples with shared finances, a joint life insurance policy can be helpful in ensuring a financial safety net for both partners.

If you’re looking to get insured in Laurel, MD, you may want to get in touch with us at Mid Atlantic Insurance Financial. At Mid Atlantic Insurance Financial we can compare several quotes based on your insurance needs and help you to secure the peace of mind that you’re after.

Protecting Your Family with Life insurance

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. 

3 Reasons Why Single Maryland Residents Need Life Insurance

One of the things that many of our single clients living around Laurel, MD is life insurance. This is not something they seek out when they visit us at Mid Atlantic Insurance Financial. Below are the reasons why you should change your mind. 

Funeral Costs

Should you pass unexpectedly, a funeral and burial are necessary. Even without children or a spouse, you will need to have these costs covered. Life insurance policies are often used to cover the following:

  • Funeral home services 
  • Burial costs 
  • Cremation services (if necessary)

Having your remains secured is critical so that your closest relatives do not have to cover these costs while trying to mourn. Depending on the services you would like and the way in which you want to leave your remains, having enough funds for these services is essential. 

Joint Debts

Although you are single, you may still have some debt lingering that is tied with another individual. Should you pass unexpectedly, the debt that you have will not be eliminated. In fact, it will fall completely on the joined party. You want to ensure that you have enough funds in your policy to cover at least half of the debt to cover your portion. If you used a cosigner and are the primary holder of the debt, then you should have enough funds in the policy to cover the remaining debt.

Take Advantage of Good Health

Attempting to get a policy later in life could be difficult if your health begins to decline. While you have a good bill of health and eligible for health insurance, you should take advantage of it. Once your health starts to go down, your ability to get life insurance becomes harder. 

We’re Here For You!

Give our agents at Mid Atlantic Insurance Financial a call today for more information. We proudly serve the Laurel, MD area and look forward to hearing from you soon. 

Why Have Life Insurance before You Have Children?

Having a child can trigger a lot of financial changes in your life and reassessing your life insurance needs in Laurel, MD is important to do after you have a child. However, you could be losing money by waiting until after your child is born to get life insurance and it may be best to get a policy before your new baby arrives.

Life insurance in Laurel, MD goes up as you age. Being younger usually means being healthier so you can get cheaper life insurance policies. Even waiting just a few years can add $10 more per month. If you jump the gun and get life insurance many years before your first child is born then you are saving a lot of money in the long run.

Buying life insurance before you have children is even more important for a woman. Weight can affect your health insurance premiums and getting pregnant means weight gain and many women keep some of the weight on after pregnancy. Just because you’re pregnant, the life insurance company doesn’t take into to affect. They take the weight at face value, whether there is a baby or not. However, many life insurance companies will let you take a new medical exam after a year so if you can demonstrate weight loss, you may get lower premiums. An agent at Mid Atlantic Insurance Financial can help you with the requirements for the medical test. Pregnant women can also develop other health problems, such as high cholesterol and blood pressure, which can also increase premiums.

When you and your partner decide to actively start trying to have kids, also get life insurance. If your first child is more of a surprise, you want to get life insurance as soon as possible.

Contact Mid Atlantic Insurance Financial to get a quote on life insurance. 

Is Life Insurance Needed When You’re Young?

The idea of getting life insurance is one that most people don’t think of when they’re younger. They focus on it as they get older, and have a family to care for. But even when you’re young, life insurance can be a great choice. Mid Atlantic Insurance Financial can help you if you’re in the Laurel, MD area, so you can get the right level of life insurance for your needs and stage of life. Don’t ignore the options for good quality protection when you’re young, so you can keep that level of protection or increase it as you age and your stage of life changes.

Even Young People Can Use Life Insurance

A lot of young people have families today, and they want to make sure they’re protecting those families if something should happen to them. Even for people who don’t have a family yet, protecting parents, siblings, friends, or other loved ones is all possible through life insurance. The younger you are when you get a policy, the easier it can be in some cases. You may also have different options to consider, and those options could be more limited as you age. Focus on what your agent suggests, and you’ll have the best chance of getting the right policy for your needs.

Talking to Your Agent Can Make a Difference

Before you choose a life insurance policy, make sure you talk with us at Mid Atlantic Insurance Financial. We want all our Laurel, MD clients to have the right life insurance for their needs. Even when you’re young, having life insurance can protect the people you care about and give you peace of mind. We can help you with those things, and ensure that you have a policy that fits where you are in life right now.