If you are the type of person who believes that your family is your life, you should take initiatives that can keep them financially secure for a lifetime.
Out of the 50 states, Maryland shares the 35th position in terms of life expectancy. At CNR First Insurance Services, we can help you provide for your family after you have passed away. If you live near Baltimore, life insurance is affordable and reliable when you contact our experienced agents.
Our knowledgeable and professional agents can help you navigate your way through one of the most crucial policy decisions you will ever have to make in your lifetime. Whether you need Baltimore life insurance , or coverage anywhere else in the state, we have the expertise to secure you the best life insurance in Maryland .
Here at CNR First Insurance Services, we offer two types of life insurance: whole and term life insurance. Individuals and families considering these options should know that there are benefits and drawbacks to each type of policy, so it is important to weigh your options and speak to an insurance professional about your needs prior to purchasing life insurance.
Term Life Insurance Basics:
- Coverage for a “term” or period of your life.
- Lower premiums for higher coverage.
- Rates can change after specific terms expire.
- No equity – cannot be used as cash value.
Whole Life Insurance Basics:
- Exactly like it says – permanent, not for a specific period.
- Protection carries with you your whole life.
- Can build equity and have cash value.
- Higher premiums than term life, but can be more valuable in the long run.
Term and Whole Life Combined:
- Build lifelong base of whole live coverage.
- Supplement specific times of your life with term insurance.
When to choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it may make more sense to have a term life policy that covers the mortgage and living requirements until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
When to choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Often times whole life policies will pay dividends – although not always.
If you are unsure of which Baltimore life insurance plan is right for you, give us call today at 888-801-2171 for a personalized consultation with one of our experienced agents.