Life Insurance

Your need for life insurance will depend on family responsibilities and age. It can be an important step in your financial planning. There are a number of reasons why it makes sense to purchase life insurance and you may want to have it in order to replace the income that would be lost after your death. With life insurance, you can make sure that your dependents don’t also have a lot of debt when you die. You should consider your medical expenses prior to death, burial costs and estate taxes, monthly bills and expenses, retirement, and college tuition.

How much life insurance you need depends on specific financial needs. An agent at Siska Insurance Agency can help. You can start by asking yourself some questions about how much of the family income you provide and how your family will pay for final expenses.

Types of Life Insurance to Consider in Maryland

Not only will you have to make the decision to get life insurance since life insurance isn’t required, but you will also have to decide what type is best for your family.

Term Life Insurance: This type of life insurance only covers you for a term of a specific number of years you set. It will only pay your beneficiaries a death benefit if you die during that time. It also won’t build any cash value, but it does usually give you the largest insurance protection for your premium dollars. You can renew at the end of your term, even if your health has changed, but the premiums could be higher. You may also be able to trade in the term life insurance policy for a different cash value policy during a specific conversion period.

Permanent Life Insurance: There are also different kinds of permanent life insurance, including universal, variable, and whole. Each of these provides better long-term protection. There is a death benefit and, in many cases, cash savings. However, in order to have cash savings, the premiums are usually higher.

Contact Siska Insurance Agency to get a quote on life insurance.