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Home > Life Insurance | John L Sprague Agency - Maryland

Life Insurance


Life Insurance Quote Forms

Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.

Life Quote Form

Life Insurance Information

Life Insurance in La Plata, MD and Waldorf, MD

PROTECT WHAT MATTERS MOST



Life insurance can offer crucial financial stability to your loved ones after you’ve passed away. However, it’s worth noting that, depending on your policy, you may also reap benefits from your life insurance while you’re still alive. John L. Sprague Agency is here to help you learn more about your life insurance options and explain how life insurance can benefit you, even while you’re still alive. 

What Is Life Insurance? 


When you purchase a life insurance policy, you enter into a legally binding agreement with your insurer. If you die while the policy is active, the insurer agrees to pay a lump sum, commonly referred to as a death benefit, to your designated beneficiaries. The death benefit can be used to cover various expenses associated with your passing, including funeral costs, estate taxes, and burial expenses, as specified in your policy terms. 

What Are the Types of Life Insurance? 


Selecting the right life insurance policy is a personal decision that depends on your individual needs. There is no one-size-fits-all solution. When evaluating your options, you’ll typically encounter two primary types of life insurance coverage:  

  • Term life insurance is a budget-friendly option that provides coverage for a predetermined period, such as 10 or 20 years. After the term ends, your beneficiaries won’t receive a death benefit if you pass away.  
  •  Permanent life insurance offers lifelong protection with a level premium, meaning your rates are fixed at the time of purchase and won’t increase as you age or require additional coverage. These policies may also allow you to withdraw or borrow money to build wealth. Common types of permanent life insurance policies include whole life insurance, variable life insurance and universal life insurance. 

Ultimately, the best life insurance policy for you will depend on your unique circumstances and goals. Take the time to evaluate your options and consider consulting with John L. Sprague Agency to help you make an informed decision. 

Can You Use Life Insurance While You’re Still Alive? 


Depending on your specific insurer and policy, you may be able to access the funds from your life insurance policy during your lifetime. For instance, if you hold a permanent life insurance policy, it may accumulate a cash value that can be withdrawn or borrowed against as a loan. Additionally, you may have the option to sell your permanent or term life insurance policy or surrender it for a cash value. Remember that each policy is unique, and tax implications or penalties may be associated with accessing the funds early. It’s essential to discuss your options for utilizing your life insurance policy while you’re still alive with your insurer or a financial advisor to make an informed decision. 

How to Get Life Insurance 


If you need a life insurance policy, we’re here to help. Contact John L. Sprague Agency to learn more about your life insurance options or to get a quote today. 

 

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6529 Crain Hwy
La Plata, MD 20646

P: 301-934-6010 | Fx: 240-523-8633 | info@johnspragueagency.com
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