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Individual Life Insurance

There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs.

Life Insurance

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.

Life-based contracts tend to fall into two major categories:

Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form – more common in years past – of a protection policy design is term insurance.

Investment policies – the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life

Term Life Insurance

Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 10 to 30 years. Other policy life periods are available.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

Universal Life Insurance

Universal Life is characterized by flexibility. Policyholders can determine the amount and frequency of premium payments (the more you pay, the less time it will take you to finish the payments). Your premiums cover the insurance, the savings or investment element and the expenses. The stated interest on the investment portion changes along with movement in interest rates; moves of 1/4% interest are typical as banks and other financial institutions make similar moves.

Whole Life Insurance

Whole Life Insurance provides permanent protection for the “whole” life of the insured – from the date the policy is issued to the date of the insured’s death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, you can take a loan against the cash value of the policy to help pay off a mortgage, or a child’s education. If the policy is cancelled after the policy has cash value, there will be a cash surrender value if all premiums were paid and all loans paid back.

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