Securing The Future Amidst the Crisis

​COVID-19 highlighted the fact that everyone is vulnerable to disease, and that it is important to secure one’s future. Thinking about death may sound morbid but investing in life insurance does not have to revolve around the negative. It could be thought of as securing financial stability for loved ones in case of tragic accidents. 

Right Timing
Securing one’s future is a responsibility that should always be considered, as no one could predict what could happen next. Knowing the right timing for getting life insurance is crucial to make a wise decision.

1. It is a rule of thumb for parents to get life insurance for every adult, working member of the household.
2. If one has huge financial responsibilities like credit card debt or mortgage.

A medical examination helps in determining which life insurance policy one could invest in. Financial factors and other relevant information would also be looked into to determine the most appropriate plan.

Term Life Insurance
One type of life insurance is term life insurance which pays a predetermined sum in case of unforeseen tragic accidents. It is temporary and is a relatively easier and cheaper policy to invest in.

1. The face value of the insured person is paid directly to the beneficiary after the accident.
2. All premiums paid by the insured person cover the insurance protection cost.
3. Expires after the indicated time but is usually renewable.
4. Can sometimes be converted into permanent life insurance.

Permanent Life Insurance
Permanent life insurance, on the other hand, offers long time insurance to the investor. The client only has to pay for the specified premiums on time and expiration would no longer be an issue.

1. Most insurance coverages of this type are offered with savings or investment components.
2. Are more expensive than term life insurance but also packs more benefits.
3. Builds cash value and offers loans that can be used within the policy terms.
4. Whole life types are the most expensive ones offering a fixed amount for the death benefit.
5. Universal types separate investment and death benefit components, both of which are customizable to cater to one’s current interests.

Conclusion
The COVID-19 pandemic has shown that being a step ahead is critical. People can no longer afford not to have a strategy for any potential crisis that may happen anytime.

At Old Bay Insurance Agency, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (410) 777-5390. Get your free quote today by CLICKING HERE.