Life Insurance

Every day, we work to provide a comfortable life for our families. However, when we pass away, we may leave behind financial obligations like debts, education costs and mortgage payments. Life insurance can help ease this burden by preserving your wealth and securing your family’s financial future. If you’re considering life insurance, Deale & Associates Insurance Agency in Annapolis, Maryland, is here to help.

What Is Life Insurance and How Does It Work?

Life insurance can provide essential financial protection for your family. When you buy a policy, you establish an agreement with an insurance provider. As the policyholder, you commit to paying regular premiums. In exchange, named beneficiaries can file a claim for a sum of money (death benefit) following your passing.

This benefit can cover various costs, including debts, mortgage payments and educational expenses for your children.

How Much Do I Need?

Determining your life insurance needs requires evaluating factors such as your financial obligations (e.g., debts, mortgage), income, your family’s lifestyle, future expenses and additional goals like leaving an inheritance. Life insurance generally comes into two main types:

• Term life insurance—This policy can cover a specific period (e.g., 10, 20 or 30 years). Beneficiaries may claim the death benefit if an insured person dies during the term. However, if the insured outlives the term, the policy expires unless there is an option to renew or convert the policy, which isn’t always available.
• Permanent life insurance—Unlike term life, permanent life insurance can last as long as you continue paying premiums. Moreover, it may accumulate cash value over time, which you can access during your lifetime, according to the policy’s terms.

Learn More

Don’t wait to secure your family’s financial future. Protect yourself and your loved ones now with life insurance from Deale & Associates Insurance Agency. We are here to protect what matters most to you. Contact us today or request a free quote.