Life insurance policy can take many forms depending on your needs. Here at the Schaefer & Delauder Insurance agency in Germantown and Frederick, Maryland (Montgomery and Frederick Counties), we help people like yourself fashion just the right policy to secure the future, whether you live in Maryland, Virginia, Pennsylvania, West Virginia, North Carolina, New York , Delaware or Washington, DC.
Why Do You Need Life insurance?
- Purchasing a New Home
- Getting Married
- Starting a Family
- Replacing Income in the event of your death
- Ensuring your Families’ Financial Security
- Ensuring your Children’s College Education
- Covering Your College Loans
- Covering Your Children’s College Loans
- Meeting Final Expenses
- Changing Jobs
- Because most employer based life insurance is not portable
- Paying federal or state estate taxes to remove that burden from your heirs
- Creating an inheritance for your beneficiaries.
- Keeping your family in their home
We live in an era where two incomes are typically needed to run a household, pay the Home Mortgage, Car Loan, Charge Cards, Utilities, Food, and Clothing. These are just the basics listed, just enough to exist. With a growing family. the financial responsibility increases. If you are already experiencing even minor financial challenges, imagine just how much more difficult it would be for your family without you here.
Even in death, some financial responsibilities may or may not be forgiven. There are variables involved: jointly owned charge cards, co-signed loans, mortgages, student loans, car notes, medical bills. Are you prepared?
None of us like to think about dying, but the reality is that we are ALL going to die. It is not IF, it is WHEN! Since none of us have a crystal ball, the best thing you can do for yourself and your family is to be prepared.
Types of Life Insurance Policies
There are two types of life insurance – permanent and term.
- A Term life insurance policy pays benefits only if death occurs within the defined term of the policy, typically 1-30 years. It usually will not have a cash value that you may cash in or borrow against. Many term life insurance policies offer the option to convert to a permanent (cash value) policy.
- Permanent life insurance is structured to pay benefits for a “lifetime” – often even beyond 100 years of age. There are three types of permanent policies: traditional whole life, universal life and variable life insurance.
- With traditional whole life insurance, the death benefit does not change and the premium remains constant for the life of the policy. Over time, the policy accrues a cash value which you may withdraw or borrow.
- A universal life insurance policy is much like traditional whole life insurance, except that you have the option to change the amount of the death benefit and/or vary the premium within certain limits without having to purchase a new policy.
- Variable life insurance has an element of risk since it combines traditional or universal life protection with a savings feature that you can invest in stocks, bonds, money market mutual funds. You could be subject to financial risk and the loss of your policy’s cash value, depending upon the behavior of the market. This agency does not offer variable life insurance products at this time.
Why not discuss the many life insurance options with one of our experienced agents here at the Schaefer & Delauder Insurance agency in Germantown and Frederick, MD, who can help you explore the choices and answer your questions whether you live in MD, VA, PA, WV, DE, DC, or NC.
We look forward to taking care of you!
The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it. This website is not intended to advise, offer or bind coverage. You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent like those at the Schaefer & Delauder Insurance agency before making any decisions or choosing a course of action.