Life Insurance in Maryland

Being a responsible adult requires a lot of planning. To be prepared for retirement, you set up a 401k or another type of retirement fund. Planning for your retirement is important to ensure that you are taken care of when you are older, but you also need to plan for your death. This means taking out a life insurance policy. There are several ways that your loved ones can benefit from your life insurance after you pass away.

Burial Expenses

Today, the average funeral costs between $7,000 and $10,000. This is a lot of money, and many people don't have this much in savings. If you pass away, your family will be responsible for coming up with the money to pay for your funeral. Unfortunately, the stress of paying for the funeral can make the grieving process harder. If you have a life insurance policy, there will be enough money to cover your funeral cost so that your family doesn't need to worry.

Financial Stability

If you bring in all or part of the household income, your family will have financial problems if you pass away suddenly. If you want to be sure that your family's financial needs are taken care of when you pass, you should take out a life insurance policy. Sure, the money won't last forever, but it will keep your family on their feet until new arrangements can be made.

Pay Off Debt

Just because you die, it doesn't mean that your debt dies with you. If you are married and you and your spouse have joint credit cards or if the mortgage is in both of your names, the debt would fall totally on your spouse's shoulders if you were to pass away. If you have a life insurance policy, your spouse can use some of the money to pay down your debt so that the financial issues don't get out of control.

If you want to be sure that your family is taken care of if you pass away, the agents at Renee Oliver Insurance Agency in Silver Spring, MD can help. We can help you find a life insurance policy that offers enough coverage to care for your family when you are gone. To get your policy started, give us a call or stop by our Maryland office today. Our agents in Silver Spring, MD will be excited to help you.