Are you thinking of getting life insurance to protect your loved ones in case of an unexpected event? If so, you’re in the right place! Let’s explore the different types of life insurance policies available and how they can benefit you and your family.
Provides coverage for a specific period of time (usually 10-30 years) Ideal for people who need temporary coverage, such as those with young children or a mortgage.
Meet John – a 35-year-old father of two living in Maryland. He was the sole breadwinner for his family and had a mortgage on his home. One day, he tragically passed away in a car accident. Without life insurance, his family would have been left with the burden of paying for his funeral expenses, mortgage, and other bills, which could have amounted to a significant financial strain.
Fortunately, John had a term life insurance policy with Erie Insurance. The policy provided coverage for 20 years with a death benefit of $500,000. His monthly premium was only $30, which he could afford within his budget. When he passed away, his family received a lump sum payment of $500,000, which covered his funeral expenses, mortgage, and other bills, and provided financial stability during a tough time.
John’s story is not unique. According to a study conducted by LIMRA, 30% of households in the United States have no life insurance at all, and 48% of households recognize that they need more life insurance. The same study also found that the average amount of life insurance coverage for those who have it is $250,000, which may not be enough to cover all expenses.
It’s important to note that relying solely on the life insurance provided by your employer may not be sufficient. When you change jobs, your employer-provided policy may terminate, leaving you and your family unprotected. Additionally, the coverage amount offered through employer-provided life insurance may not be enough to meet your family’s needs in the event of an unexpected loss.
In summary, John’s story highlights the importance of having life insurance coverage, even if you’re young and healthy. It can provide a safety net for your loved ones and protect them from financial hardship in the event of the unexpected.
If you’re unsure about how much coverage you need or which type of policy to get, consider consulting with one of our experienced insurance agent who can help you make the best decision for your family’s future. And if you’re in Maryland, Virginia, or Washington DC, All Insured offers a wide range of policies to suit your needs.
Our focus is 100% on our client’s needs. We represent some of the best insurance carriers such as Erie Insurance, Progressive, Liberty Mutual, Travelers, and more.
We believe when you have choice you take back control of your insurance costs. Our range of solutions includes Auto Insurance, Home Insurance, Life Insurance, Health Insurance, Commercial Insurance, General Liability, Worker’s Comp, Commercial Property, Cyber Liability to name a few. We take on a very hands-on approach to ensure 100% client satisfaction.
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