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SG Agency

1290 Bay Dale Dr., #278
Arnold, MD 21012

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Life Insurance in Maryland

Why Should You Have Life Insurance in Maryland?

Life insurance policies provide benefits to listed beneficiaries after someone passes away. If someone relies on you financially then it’s best to get a policy. The policy can provide financial stability for dependents to pay off debts and costs that come after death. Life insurance can be used to pay off the mortgage, for education purposes, or any everyday expenses. The cash policy aspect of certain policies can be used even before the policyholder dies. If you don’t have dependents, then you may not need a policy. It’s important to consider how much money your family would need after your death.

Shopping for a Life Insurance Policy

There are different types of policies that can be purchased in Arnold MD. Term life insurance will usually just provide a death benefit. The policy will be good for a certain period, and if the policyholder dies during that period then the benefit is paid out. Term policies provide inexpensive coverage. Permanent life insurance will provide coverage for your entire life and there is also a savings component that will grow over time. These policies can be invested, borrowed, or withdrawn against during the lifetime of the policyholder. With a universal life policy, the policyholder chooses the amount of coverage and premiums and the cash value over time. This type of policy offers more flexibility and you can tailor the benefits. Universal life insurance is also permanent and, if premiums are paid, insurance lasts throughout the entire life of the policyholder.

If you are shopping for a policy in Maryland, then it’s important you know about the grace period and free look laws. You can cancel your policy within 10 days of purchasing and still get a refund. You are also given a 30-day grace period if you miss a payment before your policy is canceled. Once a claim is made, insurers such as SG Agency have 30 days to make a payment on the claim.

Contact SG Agency, serving Arnold, MD, to get a quote on life insurance.