Best Life Insurance Companies in Baltimore

Frequently Asked Questions

• In your whole life insurance policy in Baltimore, is the death benefit guaranteed?

  The death benefit amount's face value you select in Baltimore is assured, and the rate of return for the growth of your cash value in a whole life insurance policy won't alter. Additionally, throughout the duration of your insurance, the premium payment that you make on a monthly or annual basis will not change.

• Can you lower the cost of your Baltimore life insurance policy if you give up smoking?

  It depends on why you gave up smoking in Baltimore. Your rate categorization will change from "smoker" to "nonsmoker," which will result in a cheaper insurance premium if you give up smoking to lead a better lifestyle. On the other hand, your life insurance rate will not go down and, in some cases, it can go up if you quit smoking due to a medical reason, like having lung cancer or being diagnosed with COPD.

• If you were fired, would your Baltimore employer-provided life insurance coverage expire?

  Your Baltimore employer-sponsored life insurance will typically expire if you are fired. The conditions of your employer's benefits will determine when your coverage expires. After being fired, you'll need to see whether you can switch your group policy, get group coverage through a new employer, or acquire personal insurance in order to maintain life insurance coverage.

• In Baltimore, when should your life insurance coverage be reviewed?

  At the very least, you should do a yearly assessment of your life insurance policy in Baltimore. However, regardless of how much time has passed since your last review, you should conduct one if you have experienced a major life event involving your health, family, or finances. Remember that major life events can alter your requirement for life insurance coverage and your choice of beneficiaries.

• What are the advantages of changing your term insurance policy in Baltimore to a whole life insurance policy?

  You can get permanent coverage by converting your term insurance in Baltimore to a whole life insurance policy, frequently at a lower cost than if you buy a brand-new whole life insurance policy. It also assists you in obtaining permanent coverage when you've acquired a health problem that would preclude you from qualifying through the traditional underwriting process.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.