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Renee Oliver Insurance Agency, Inc.

13975 Connecticut Avenue, Suite 312
Silver Spring, MD 20906

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Life Insurance

Why might whole life insurance be a better option for me?

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Those who are living in the Silver Spring, MD area will have a lot of crucial personal insurance decisions to make over the years. The most important decision to make could come when selecting a life insurance plan. When you are going to purchase life insurance, whole life could be a good idea. There are different reasons why this might be a good option for you. 

Lifetime Coverage

A primary reason to consider getting a whole life plan is that it can offer you lifetime coverage. Term life continues to be a popular insurance option, but a disadvantage is that this will only cover you for a specific period. In some cases, you may prefer to have this coverage for longer. When you have a whole life plan, you will get coverage for as long as you want if you continue to make payments on the policy. 

Investment Benefits

Another reason to opt for a whole life insurance plan is to take advantage of the investment benefits. When you have a whole life plan, your premiums may be higher than with term life. However, some of the payments you make each month will go into an account that can grow with interest. Eventually, you will be able to liquidate this account. This makes it an excellent addition to a personal investment plan. 

Suppose you are shopping for insurance in the Silver Spring, MD area. In that case, you should call our team with the Renee Oliver Insurance Agency Inc. Our professionals at the Renee Oliver Insurance Agency Inc. know the value of life insurance. They will help you select a plan that is right for your situation. This can offer any support you need to build a quality plan. 

Why Single Moms Need Life Insurance

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At Renee Oliver Insurance Agency Inc. we know there are many misperceptions regarding life insurance. Some in the Silver Spring, MD area, for example, believe life insurance is not needed for single mothers. That’s not necessarily the case.

Here’s why:

Childcare

Life insurance can help provide for the costs of quality childcare should something happen to the mother. Not all single mothers have family members nearby or available who can take on the financial responsibility of child care. Life insurance can be a big asset,  

Debts

The sudden death of a single mom can leave debts behind. These can include car payments, credit cards, and other personal debts. Life insurance can help take care of these debts without burdening loved ones who are left behind. 

Final Expenses

Final expenses can mount into the thousands. While cremation can be less expensive, the costs can still be significant. Even a modest amount of life insurance can be valuable to cover burial and cremation costs. 

College Costs

For a single mother who places a high value on education, life insurance can help ensure attendance for their child or children who may be left behind. This can be a wonderful gift should a single mother pass away prematurely. College costs can run into the tens of thousands of dollars. 

Explore Your Options

We invite single mothers to explore options for life insurance with a call to Renee Oliver Insurance Services, serving the Silver Spring, MD area. We can answer your questions and prepare a quote. You may be surprised with how affordable a term life insurance policy can be. You will also appreciate the peace of mind it can bring. Contact us to discuss your situation and goals and for your no-obligation quote.

A Guide to Understanding the Different Types of Permanent Life Insurance

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Permanent life insurance offers coverage for your entire lifetime in Silver Spring, MD. Renee Oliver Insurance Agency Inc. explores the different types of permanent life insurance, including their features, benefits, and considerations.

Different Types of Permanent Life Insurance

1. Whole Life Insurance

Whole life insurance is a permanent life insurance policy that provides lifetime coverage and a guaranteed death benefit. This policy also has a savings component known as cash value, which accumulates over time and can be accessed during the policyholder’s lifetime.

2. Universal Life Insurance

Universal life insurance is another type of permanent life insurance that offers both a death benefit and a savings component. The policyholder can adjust their premiums and death benefit amounts, making it a more customizable option. A universal life insurance policy’s cash value earns interest tied to a specific index or interest rate.

3. Variable Life Insurance

Variable life insurance is a permanent life insurance policy offering investment options in the policy’s cash value. The investment options for variable life insurance policies may include mutual funds, stocks, bonds, and other securities. The policyholder has more control over where their cash value is invested and may earn more significant returns.

4. Indexed Universal Life Insurance

Indexed universal life insurance allows the policyholder to allocate a portion of their premium payments to a cash value account tied to the performance of an index, such as the S&P 500. The index-linked cash value account has the potential to earn greater returns than traditional savings components without the risk of investing directly in the stock market.

We Are Here To Help

If you are in or around the Silver Spring, MD area, contact Renee Oliver Insurance Agency Inc. for help selecting a permanent life insurance policy that suits your financial goals and objectives.

Life Insurance – The Key to Your Family’s Security

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Do you know that your family will be financially secure when you pass? Would you like to be sure of their security? The Renee Oliver Insurance Agency Inc., serving in and around the Silver Spring, MD area, can provide you with the coverage you need to be sure.

Life Insurance – The Key to Your Family’s Security

How does life insurance work? It is a contract between the policyholder and the insurance company. The insurer promises to pay the designated beneficiaries a sum of money upon the death of the insured. Based on the contract, events such as a terminal or critical illness can also trigger payment. The insured will pay a premium, as one lump sum or on a regular basis. The benefits provided will usually include funeral expenses.

Other reasons to purchase life insurance are for childcare for any younger children in the event a spouse needs to return full-time to the workforce or increase the number of hours they work. It could cover maintenance services for your home, such as landscaping, or house cleaning services.

This benefit could be used for college tuition for older children, or to satisfy a mortgage, so they can live mortgage-free.

In the event they have a substantial savings account, it is unlikely that it would be enough to cover the expenses of a family for several years or decades if a policyholder should pass unexpectedly.

Contact Us Today

Let the insurance professionals at Renee Oliver Insurance Agency Inc. in Silver Spring, MD explain the different types of life insurance you can consider – term life, whole life, or universal life. Don’t leave your family unprotected. The passing of a loved one is difficult. You don’t want them to be faced with financial hardship as well.

Contact us today for a no-obligation quote or any answers to questions you may have. You will be glad you did.

Do You Need Umbrella Insurance?

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Most people don’t give much thought to their insurance coverage until they experience a loss. Then, it’s too late to add coverage. That’s why it’s important to understand the limitations of your insurance policy and whether you need additional protection. After all, your home, renters, and auto insurance policies all have limits. If you experience a major loss, those limits could quickly be reached, leaving you responsible for the remainder. That’s where umbrella insurance comes in.

Umbrella insurance is designed to provide protection beyond the limits of your homeowners, renters, or auto insurance. It kicks in when you’ve reached the limit on your other policy and can help pay for things like medical bills, legal fees, and damage to property. In some cases, umbrella insurance can even provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. Renee Oliver Insurance Agency Inc. in Silver Spring, MD provides you with this guide on navigating umbrella insurance. 

How It Works

For example, let’s say you’re found responsible for a car accident that resulted in $100,000 in damages. Your auto insurance policy has a $50,000 limit for bodily injury liability. That means your insurance company would pay up to $50,000 toward the damages. The other driver could sue you for the remaining $50,000, and you would be responsible for paying that amount out of pocket.

If you had an umbrella policy with a $1 million limit, it would pay the remaining $50,000, so you wouldn’t have to.

An umbrella policy can also provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. For example, if you’re sued for libel or slander, your homeowner’s insurance policy likely won’t provide any protection. But an umbrella policy would.

If you’re looking for extra protection beyond the limits of your homeowners, renters, or auto insurance policy, Renee Oliver Insurance Agency Inc. in Silver Spring, MD can help you get the coverage you need. Give us a call today to learn more about umbrella insurance and how it can help protect you from major financial losses.

 

Protect your family with a whole life insurance policy

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The Renee Oliver Insurance Agency Inc. is here to help families and individuals in the greater Silver Spring, MD area with all of their life insurance needs. If you wonder which type of life insurance is the appropriate choice for your lifestyle, we can help! In this article, we will look at the benefits of whole life insurance policies.

Benefits of whole life insurance

With a whole life policy, you will receive a death benefit as you will also build up a cash value within the policy. The main advantage of whole life policies is that you can access the cash portion of the policy during your lifetime. 

If you are looking for alternatives to a term life policy, whole life may make sense for you and your family. Many people choose to access the accumulated cash value of their whole life policies once their children are grown. When one’s children have grown and become financially independent, a parent may choose to access the funds that have grown within their policies. 

Significant life expenses, such as a house down payments, college tuition, weddings, and retirement, can be defrayed with the funds from a whole life policy. Of course, it is also possible to leave the funds to be passed on to the policyholder’s beneficiary.

Now is a perfect time for you to find out more about the available life insurance options in our area. 

Learn more today!

If you are a resident of the greater Silver Spring, MD area, Renee Oliver Insurance Agency Inc. can help you with all of your insurance needs. Please stop by our office and learn more about the whole life insurance policy options available in our area.

How much life insurance is enough?

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One of the most common questions that get asked about life insurance is how much is enough. It would be great if there was a single answer, but unfortunately, there isn’t. Life insurance is a very personal thing and it is different for everyone. By talking to your independent insurance agent, you can get suggestions for ways to make sure you have the right coverage. In Silver Spring, MD, Renee Oliver Insurance Agency Inc. can give you the assistance you need. 

You need enough life insurance to make sure the ones you leave behind will be taken care of. That amount will not be the same when you are 25 years old as it will be when you are 45 years old. At 25, chances are you won’t be responsible for anyone other than yourself. You will only need a minimal amount of life insurance. 

Once you have people who depend on you, you need to have a different level of life insurance. Especially if you have children, you may have to provide for them for 20 years. How much money that will require depends on what your spouse or partner provides and what you will need to provide. You need to take a good look at what the future looks like without you there. 

Do you have a mortgage? Do you want your kid’s college paid for? Is your spouse a stay-at-home or working person?  Social Security will provide for the children until they are 18 with monthly payments, but would that be enough to keep them in their current home? Sit down and play with the figures. At least 7-10 years of your income is what experts suggest.  Only you can decide if it is enough or if you need more or less. 

Contact Renee Oliver Insurance Agency Inc. in Silver Spring, MD to talk about your life insurance needs. 

4 Important Benefits Of Life Insurance

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Renee Oliver Insurance Agency Inc. is proud to serve the Silver Spring, MD community. We offer our clients flexible and versatile policies to help them protect their assets. We can help you evaluate your options and find a policy so that you’ll be prepared for whatever obstacles life throws your way.

Benefits of Life Insurance

Planning for the future can be uncomfortable at times, especially when you start thinking about your eventual death. Life insurance can help you leave a legacy for your loved ones while they cope with your passing. You can use your life insurance policy to relieve the burden on your loved ones. You have the option to choose from a variety of different policies. However, the most common choices are term life and whole life. Term life coverage provides benefits for a specified period of time. Whole life coverage provides benefits for your entire lifespan. Here is a look at some important benefits of life insurance.

Provides Structure

Life insurance allows you to create some structure as you head into the future. You can outline how you’d like your resources to be allocated to your loved ones in the future. The structure that life insurance provides can give you peace of mind as you live your life.

Assist Your Loved Ones

Life insurance assists your loved ones in managing your affairs after you have passed away. You can help ensure that things run as smoothly as possible.

Funeral Expenses

Life insurance can help your family as they finalize your funeral plans. Your loved ones won’t have to worry about covering the costs and can focus on celebrating your life.

Your Children

If you have children, life insurance can help them pursue higher education in the Silver Spring, MD community. The policy allows you to protect your loved ones after you have passed away.

Renee Oliver Insurance Agency Inc. Can Help You Prepare For The Future

Visit our website to learn more information about life insurance.