1. What is life insurance?
Life insurance provides financial protection for your loved ones in the event of your passing. It ensures that your beneficiaries receive a payout, known as a death benefit, which can be used to cover expenses such as mortgage, funeral costs, and daily living expenses.

2. Why do I need life insurance?
Life insurance is essential for ensuring that your family or dependents are financially secure if something happens to you. It can help cover living expenses, pay off debts, fund educational costs, and provide a financial cushion during difficult times.

3. What types of life insurance policies are available?
There are several types of life insurance policies, including:

• Mortgage Protection Insurance: Designed to pay down or pay off your mortgage in the event of your passing, ensuring that your family can stay in their home without the financial burden of remaining mortgage payments.

• Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years) and pays a benefit if you pass away during that term.

• Whole Life Insurance: Offers coverage for your entire life, with a savings component that builds cash value over time.

• Universal Life Insurance: A flexible policy that combines a death benefit with a cash value component and allows you to adjust your premiums and coverage.

• Indexed Universal Life Insurance: A type of universal life insurance where the cash value growth is linked to a stock market index, offering potential for higher returns with some protection against market losses.

• Annuities: Financial products that provide regular payments for a specified period or for the rest of your life, often used to supplement retirement income or provide a steady income stream.

4. How much life insurance do I need?
The amount of life insurance you need depends on factors such as your income, debts, family size, and financial goals. A common approach is to have coverage that is 10 to 15 times your annual income, but it’s best to consult with one of our agents to determine the right amount for your specific situation.

5. How do I choose the right life insurance policy?
Choosing the right policy involves evaluating your financial needs, goals, and budget. Consider factors like the duration of coverage, premium costs, and whether you need a policy with cash value benefits. Our experienced agents can help you assess your options and find a policy that best fits your needs.

6. What factors affect my life insurance premiums?
Your premiums are influenced by several factors, including:

• Age: Older applicants generally pay higher premiums.

• Health: Pre-existing conditions or a history of health issues can impact your rates.

• Lifestyle: Factors such as smoking or high-risk activities can increase premiums.

• Coverage Amount: Higher coverage amounts typically result in higher premiums.

• Policy Type: Different policies have varying premium structures.

7. Can I change my life insurance policy after purchase?
Yes, depending on the type of policy you choose, you may be able to make changes such as adjusting coverage amounts, switching between term and permanent policies, or modifying beneficiaries. It’s important to review your policy periodically and consult with your agent to ensure it continues to meet your needs.

8. What happens if I miss a premium payment?
Missing a premium payment may result in a lapse in coverage, but many policies have a grace period during which you can make the payment without losing coverage. If you’re unable to make a payment, contact us as soon as possible to discuss options and avoid a lapse in your policy.

9. How can I get a life insurance quote?
Getting a quote is easy! You can request a quote by setting up an appointment by filling out our contact form or calling us at 240-603-2542. One of our agents will work with you to provide a personalized quote based on your needs and preferences.

10. What should I consider when reviewing my life insurance policy annually?
When reviewing your policy annually, consider changes in your life such as marriage, the birth of a child, changes in income, or significant expenses. Ensure that your coverage amount and policy type still align with your current needs and financial goals. Annual reviews help you maintain appropriate coverage and adjust your policy as necessary.

If you have any other questions or need further assistance, please don’t hesitate to reach out to us. We’re here to help!