Best Life Insurance Companies in Baltimore

FAQs

• 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.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.