Life insurance is something that you should not go without in Frederick, MD. Not only does an assurance policy of this sort help you plan for the future, but a life insurance plan also gives your family a sense of peace.
You can speak with an agent at Wellspring Insurance Network Inc. for details regarding life assurance. Read on to learn three basic concepts about having a plan!
1. Life insurance has nothing to do with placing a monetary value on your life
Human life is priceless. Life assurance is not an entity that seeks to place value on a person’s existence. Instead, an indemnity plan works to assure that final expenses and remaining bills are paid after a person passes away.
Life insurance is especially crucial for breadwinners in this regard. Many individuals who are the head of a household have the responsibility of paying the mortgage. Family members who are left behind after an untimely death may not have the means to pay for shelter while maintaining the same lifestyle. It is during such dilemmas that a life insurance plan can serve as a sort of saving grace.
2. There are three types of life assurance
Term life insurance is the cheapest in terms of premiums. The buyer agrees to pay a certain amount per month for a specified period. It is during such time (usually between 10 and 30 years) that the purchaser is covered in the instance of death. You have to find a new policy once your term runs out or run the risk of going uninsured.
Whole and universal life insurance policies, on the other hand, are typically unlimited and come with other perks. There are instances where policyholders can cash out the interest attached to their plans and use the money for expenses. Whole and universal life insurance tends to be more expensive than term assurance.
3. Life insurance comes with stipulations
As with any indemnity plan, there are certain rules that you must follow in order to keep your life assurance plan active in Frederick, MD. Contacting an agent at Wellspring Insurance Network Inc. is the best way to ensure that you get the most out of your policy. Call today for a quote!