Maryland Life Insurance Coverage

Life Insurance

Life Insurance

Most people don't know much about life insurance besides that it is important to have a policy at the end of life so your family's needs are met. There are different kinds of policies, with advantages and disadvantages to both.

At Pohanka Insurance, we understand how confusing it can be. We help our Maryland clients understand which policy is best depending on their current situation. You can almost always get a lower premium, or monthly payment when you are younger. You can still benefit from a life insurance policy no matter how old you are or at what stage in life.

Whole Life Insurance

A whole life insurance policy is meant to follow the owner, or policyholder, throughout an entire lifetime. As long as the premiums are paid, the policy will remain valid. Many families purchase a whole life policy for a young family member, to lock in the cost savings.

The major advantage to a whole life policy is that it has an actual cash value, and the policyholder can borrow against it or withdraw the money when necessary. The money is normally not taxed and can help out in an emergency or when a large purchase is necessary. A whole life policy will also have the typical death benefit, so your debts can be paid off if you die.

Term Life Insurance

A term life insurance only lasts for the life of the specific term, such as 10 or 20 years. You can also lock in a lower cost if you buy a term life policy when you are younger, but the only benefit is a death benefit and there is no cash value left when the term is up.

If you are searching for a life insurance policy in Maryland, you can get all the answers you need at Pohanka Insurance. Please feel free to call if you are thinking of purchasing a life insurance policy, or if you just have questions.

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