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Life Insurance Information
Life Insurance in La Plata, MD and Waldorf, MD
PROTECT WHAT MATTERS MOST
If you have loved ones you care about, an estate you want to protect and monetary needs that need to be met, then life insurance is for you. Regardless of when you die, it will be there to provide a financial settlement to those you care about, so that they can support themselves despite your absence.
At John L. Sprague Agency, we take pride in providing quality personal insurance solutions and financial services to all southern Maryland families. Call us today at (301) 934-6010 or click here to request a free, no-obligation life insurance quote.
Common Life Insurance Questions
How does a life insurance policy work?
Life insurance is exactly what it sounds like—it's a value of money that is assigned to someone’s life. When that person dies, life insurance will pay a designated living party a financial settlement, also known as a death benefit.
Two parties have roles to play in the life insurance policy’s setup.
Insureds are the parties who insure their lives. If you are the insured, then you will attach a monetary value to the debts, expenses and other financial obligations in your life. If you die while you have life insurance, then your insurer will pay out this death benefit.
Beneficiaries are the people who receive the death benefit from the insurance policy. The beneficiary might be a spouse, adult child, close friend or even a charity. The insured is the party that chooses the beneficiary.
Why is life insurance important?
Of course, you want to save well and establish a strong estate to leave to your loved ones when you die. However, even a strong estate doesn’t mean that your loved ones won’t face financial hardship when you pass away, whether it is tomorrow or fifty years from now.
A carefully designed life insurance policy can help your loved ones receive the financial support they need despite your death. Your policy might help them cover:
Funeral bills or other final expenses
Mortgages, car payments or other debts
Targeted costs like a child’s school tuition or a disabled relative’s long-term care costs
What’s more, you can often set rules on how a life insurance payout is to be used. By naming a trust fund as your policy’s beneficiary, you can control where the plan’s money goes. The rules of the trust will limit its use to approved expenses.
What are the three types of life insurance?
There are three general types of life insurance:
Term Life Insurance: These plans only offer coverage for a certain number of years. For example, a 20-year term plan will only be active for 20 years. If you do not die during this term, then your plan will expire at the end of the term. You must apply for new coverage at that time.
Whole Life Insurance: A whole life plan lasts from the time of enrollment until the end of your life. It will only expire if you fail to pay your premiums. Besides a death benefit alone, a whole-life policy will also offer cash-value investment opportunities. With a cash value option, a portion of your premium is invested into a savings account that accumulates value over time. You can then draw on this investment as a source of income during your own life.
Universal Life Insurance: A universal policy is a whole life policy that does offer savings and cash value options. However, their premiums are a bit more versatile than a whole life policy. Some require some require single lump-sum premiums and others require scheduled fixed premiums.
How many life insurance policies can I buy?
Our agents are happy to help you establish the life insurance portfolio that provides the most appropriate financial framework for your future. You can even buy several life insurance policies on yourself at once, reserving some for general use while others are tied to specific financial goals.
How much does life insurance cost?
Numerous factors can influence the cost of your life insurance plan, including your age, income, occupation and overall health.
If you are concerned about costs and eligibility, our agents are happy to work to find both the type of policy and the death benefit option that are best for you budget and your long-term financial needs.
John L Sprague Agency offers insurance services in La Plata, Port Tobacco, White Plains, Newburg, & Waldorf, MD.