LifeInsurance for Maryland Residents

A life insurance policy is an agreement that you make with your insurance agency for your beneficiaries to receive a death benefit upon your demise in exchange for your premium payments. Typically, you will choose a life insurance policy from Shelley's Insurance Agency based on your specific needs and goals. While term life insurance can only protect you for a specific period, whole and universal policies provide lifetime coverage.

Term life insurance

This coverage provides you enough protection for a certain period of time. The premium payment amount that you will be required to pay for the period of around 10 to 20 years will remain the same. After the period you select elapses, the policy may offer you continued coverage, which will also translate to a premium payment rate that is slightly higher. In general, it is not as expensive as permanent life insurance coverage.

Universal life insurance

This is a life insurance solution in Maryland that is designed for people who are looking for lifetime coverage. However, it is quite flexible regarding allowing the insured to lower or raise their coverage or premium payment amounts. Also, due to its lifetime nature, it attracts higher premium payment rates than term life insurance.

Whole life insurance

It is designed to provide you with lifetime coverage. Its premium payment rates are higher than those of term life insurance. Premium payments for whole life insurance in Maryland are fixed. It is a great estate planning tool for people who want to use it to plan how to transfer their wealth to their beneficiaries.

Life is very unpredictable. Therefore, you should consider purchasing a life insurance solution that will take care of your loved ones when you are gone. For more information on life insurance policies and how to choose the right package that suits your lifestyle, contact us at Shelley's Insurance Agency.