Life Insurance FAQ

When it comes to life insurance, most people are not very knowledgeable. It isn’t unusual to have a lot of questions. Having an insurance agent you are comfortable with and trust is important. HBW Insurance Group in Catonsville, MD is locally owned and operated and our team is dedicated to making sure our customers get the insurance they need. 

The best time to buy life insurance is when?

The fact is, life insurance rates are determined by health and age. Being young and healthy makes purchasing life insurance at that time the most affordable. It isn’t always the most practical time since you may not have a lot of income. Starting with a whole life policy makes sense. 

How much life insurance do I need? 

The answer to this question is not a simple figure. It requires a few factors to be taken into consideration. The simplest answer is for someone with a family, having somewhere between 7 and 10 years of income in life insurance will help to get your children through their childhood. That figure needs to be adjusted for other aspects of your life such as age, dependent, and debt. 

What type of life insurance is best? 

Life insurance is offered in two basic types, whole life which lasts your entire life and earns dividends, and term life which lasts for the term it is written for and then is gone with no cash value. Both are valuable protection. 

Is the life insurance I get from my employer enough? 

Probably not, especially if you don’t stay with one employer for your entire career. You control the amount and the type of insurance you purchase. Having your own life insurance guarantees your protection. 

If you live in or near Catonsville, MD, HBW Insurance Group is your local independent insurance agent. Contact us for any insurance needs you have.