Term Life Insurance in Maryland, D.C. and Virginia
Term Life Insurance quotes are pure protection insurance for your loved ones in Maryland, D.C. and Virginia
Term Life Insurance
Will provide life insurance for a specified period of time. These policies provide benefits in the event of death, but they generate no “cash value”. If you have a limited amount to spend, and only need insurance for a finite period of time, you may be able to get more coverage by buying term insurance than by buying cash value insurance. Keep in mind that the cost of term insurance increases as you get older, which may make it more expensive than cash value insurance in the long run. Today’s term policies usually have two sets of premiums – guaranteed maximum premiums, and “current premiums”, which are usually much lower, but which can be changed by the company. The company cannot increase current premium above the guaranteed maximum premiums shown in the policy.
When you buy term insurance you need to make a choice as to how long you want the protection. You may renew the policy without a physical examination for the period of years specified in the policy. Some term insurance can be converted to cash value insurance up to a specified age with no physical examination. Premiums for the converted insurance will most likely be higher than the premiums you would be paying for the term insurance.
How much Life Insurance Do I need?
Some common Insurance guidelines are:
AGE Amount of Insurance you need 30 20 x your income 35 18 x your income 40 17 x your income 45 15-16 x your income 50 14 x your income 55 11 x your income 60 8 x your income 65 3 x your income