Category: Life Insurance

The purpose of life insurance is to pay dividends to the policyholder’s beneficiaries upon the policyholder’s death. What happens if someone has a high-risk job, such as a firefighter, police officer, or stuntperson? That can seriously affect one’s insurance premiums. Even if your job requires a lot of driving, that could put you at a risk great enough to affect your premiums. That goes for any job that puts you in potential peril. 

Other Problems

A high-risk career can not only affect your life insurance premiums but also significantly impact the insurance riders that are available to you. You may, for example, be ineligible for a disability income rider that pays off monthly benefits should you be injured and unable to work.

But It’s Not Impossible!

Even if you have a high-risk job, it’s still possible to have affordable life insurance. Consider term life insurance. You only pay for it as long as you need it. This is perfect if your risky job is just temporary. If your job changes, shop around for a better policy. If your employer provides group insurance, go for it. In any case, see about being able to pay your premiums annually instead of monthly. 

Contact Knippenberg Insurance Inc. Serving Cumberland, MD

Buying life insurance need not be difficult, even if you have a high-risk job. If you are in the Cumberland, MD area and need life insurance, please contact Knippenberg Insurance Inc. Our skillful and courteous agents will help you find the policy that’s right for you. 

Life insurance is an important part of your financial planning. Your needs change over the years of your life and the amount of coverage you require also changes. At Knippenberg Insurance Inc. in Cumberland, MD, we pride ourselves on knowing our customers and being about to make recommendations about when to review life insurance needs. 

When to review your life insurance coverage

You buy a home

One of the first major milestones in your financial life is probably buying your first home. It raises your liability level, and when you have a mortgage, it is a big financial investment. Raising the amount of life insurance that you have will make sure that your family is not financially crippled by your taking over your debt. 

You change jobs

If you have life insurance as a benefit of your job, that is great, but it should not be the only life insurance you have. If you change jobs you will lose and maintaining it on your own may not be a wise financial decision.  

You get married

When you take a partner, the first thing you do is to make sure that you change the beneficiary on your insurance policy.  You may also need to increase the amount of life insurance that you have in order to provide financial protection to your spouse. 

You have children

Children change everything, so it is not surprising that they also change the amount of life insurance that you now have. You need to potentially provide for them for an extended period of time. 

You retire

When you no longer have dependents other than your spouse, you can go back to the amount of life insurance you require as a married person and perhaps even less since the income you are replacing is probably less. 

Get Insurance Coverage For Your Needs

Contact Knippenberg Insurance Inc. in Cumberland, MD for all your life insurance needs. We are happy to help!

Deciding how much life insurance from Knippenberg Insurance Inc. you need can be tricky. The most important factor to consider is your family’s financial situation in the event of your death.

How much life insurance do I need?

Do you have any dependents here in the greater Cumberland, MD area who may need financial support? Are there any debts, like a mortgage or student loans, that would need to be paid off? If so, you should plan for enough coverage to take care of those expenses. 

You should also factor in potential future costs such as college tuition or retirement savings for your family. Consider what kind of lifestyle your family wishes to maintain if something were to happen to you and make sure you have enough coverage to support that. 

Finally, you should think about any other insurance policies or investments you may have. Are they enough to cover your family’s needs after your death? If not, adjust the life insurance policy so that it does. We offer several options for coverage levels and can help you find the right balance for your needs and your budget. 

It’s a good idea to talk with an advisor or financial planner about life insurance options and the amount of insurance necessary for your particular situation. They can provide insight into different policies and guide you through the process of finding a plan that fits within your budget while still meeting all of your needs.

Reach Out To Us

For more information, give us at Knippenberg Insurance Inc. a call today. We are proud to serve the Cumberland, MD area and would be happy to help you find a policy that meets your needs and your budget.

As you are looking to create a quality personal insurance plan in the Cumberland, MD area, getting a proper life insurance policy is very important. When you are looking for coverage, a good type of insurance to consider is life insurance as it offers financial support for your dependents and other benefits.

When you are looking for coverage, there are different options to consider. It is important to consider the benefits of each option when you are evaluating your different options.

Types of Life Insurance

Term Life Coverage

If you are looking for a new insurance plan, a term life policy is a good option for many people. With term life, you will receive a certain level of coverage for a specific period of time, which can be 25 years or longer. If you are looking for coverage, this is often ideal as the plans can be more affordable and you are able to curtail coverage amount and length based on your needs. 

Whole Life Coverage

Another option to consider is whole life coverage, which can provide you with support for the rest of your life. An added benefit is that part of the payments goes into an account that will build with interest and eventually can be liquidated. This has continued to make it a good and conservative addition to any personal financial investment plan as you prepare for the future.  

Contact Us Today

Anyone living in the Cumberland, MD area will want to know that they have proper insurance in place. When you are looking for this insurance here, calling the team with Knippenberg Insurance Inc. is a great idea. The professionals with Knippenberg Insurance Inc. know the value of this insurance and will help you create an ideal policy. This will include helping you understand the different options, so you pick the right plan. 

Life insurance is one of the most important types of insurance you can purchase to benefit your family. At Knippenberg Insurance Inc. in Cumberland, MD, we provide personalized service for our customers and we can design an insurance plan that is right for them. We have access to many insurance carriers and it allows us to offer you more choices. 

Life Insurance FAQs

Is there a limit to how much life insurance I can have?

No, your finances are your only limit to how much life insurance you can have. You may get life insurance as part of a benefits package and you should have some of your own as well. You can also purchase it from different companies and have both whole life and term life insurance. 

Can my life insurance be canceled?

Yes, like any kind of insurance, your life insurance can be canceled if you don’t pay your premium. Most policies have a grace period, so if you are having financial difficulties, call your insurance company. If it’s discovered that you lied on your application for life insurance, your policy may be canceled as well. 

Can I choose anyone I want as a beneficiary?

Yes, the choice of beneficiary is strictly up to you. However, keep in mind that a minor will not be able to collect the benefit until they are of legal age in the state where they live. 

Can I borrow from my life insurance policy?

If you have a whole life policy and it has cash value accumulated, you can borrow against it. Term life insurance doesn’t accumulate cash value. 

Contact Us Today

Knippenberg Insurance Inc. in Cumberland, MD is here for you from the moment you purchase your policy through any claims you have. Give us a call or send us an email to discuss your life insurance needs. 

Knippenberg Insurance Inc. serves the Cumberland, MD community, as well as the surrounding areas. For over 30 years, we have helped our clients obtain the coverage they need. We work with multiple carriers throughout the East Coast. This allows us to help people regardless of their needs. We are confident that we can help you find the coverage that you are looking for.

A Look At The Different Types Of Life Insurance Coverage

Many people enjoy taking things one day at a time. Perhaps you prefer to focus on visiting all the local Cumberland MD attractions and planning your next vacation. However, at some point, you have to start planning for the future. If you want to leave a legacy behind and a foundation for your loved ones, consider the benefits of life insurance. Life insurance provides a safety net for your loved ones as they cope with your passing. Life insurance helps your loved ones finalize your funeral arrangements and take care of your affairs. The policy can also help your children as they pursue higher education. Here’s a look at the different types of life insurance policies.

Term Life Insurance

Term life insurance policies provide coverage for a specified period of time. The average length of a term life policy is 15-20 years. Once the term expires, you’ll have to acquire new coverage.

Whole Life Insurance

Whole life insurance covers you throughout your entire life. It’s a stable form of coverage.

Universal Life Insurance

Universal life insurance covers you by providing guaranteed help with your funeral arrangements.

Knippenberg Insurance Inc. Will Help You Find Coverage

Visit our website to learn more information about life insurance.  

There are several reasons to have a life insurance policy in place, including the peace of mind in knowing that your loved ones will be financially protected when you pass away. The agents at Knippenberg Insurance Inc. in Cumberland, MD are explaining the reasons life insurance is important to have and the different types of policies that are available to help you decide which one is best for you.

Reasons for a Life Insurance Policy

A life insurance policy is important to have in place for a multitude of reasons. One of them is the fact that the meaning of your debts can be paid off when you pass away which will relieve a large amount of stress from your loved ones. This is especially important if you are the main breadwinner of your family. Your loved ones will be grieving the fact that you have died, and a life insurance policy will help them to not worry about things like how to make the car payment or pay the house payment.

A life insurance policy can also help with your funeral and burial costs. Keep in mind if you have a small policy through your employer, though, that is usually only enough for your funeral and not enough to keep your loved ones financially stable.

Types of Life Insurance Policies

There are three main types of life insurance policies available.

Universal Life Insurance

The most popular life insurance policy choice for most people is a universal life insurance policy since you can borrow money from it while you are still alive. This means you can pay off large debts, such as your home mortgage before you pass away which will help you have a better quality of life before you die and will provide your family with security.

Term Life Insurance

Term life insurance policy is only paid out to your loved ones if you pass away during the term in which the policy is in effect. You get to decide how long each term is which can be one year or 50.

Whole Life Insurance

Whole life insurance, sometimes referred to as permanent insurance, will pay a death benefit when you pass away. The three major types of whole life insurance policies include variable universal life, universal life, and traditional whole life.

To decide upon the right life insurance policy for you and your family, contact the agents at Knippenberg Insurance Inc. in Cumberland, MD today!

Most people in Cumberland, MD understand the concept and need for life insurance, but the details are not always so clear. There are several misconceptions that a knowledgeable agent at Knippenberg Insurance Inc. would like to clear up.

Here are 6 life insurance myths you need to know.

1.  “Life insurance costs too much!” This is a major misconception. Depending on many factors, whether you obtain term or whole policies, your age, etc. there are many affordable options for life insurance.
2. I’m Not Old Enough To Need Life Insurance – The truth is that nobody really knows when they will die. But, morbid thoughts aside, the younger you secure your policy, the cheaper the rates.
3. I have life insurance through my work, I don’t need more. A policy through your place of employment is only good so long as you keep the job. You also might be overpaying through a workplace policy.
4. My Health Is Too Bad – Yes, some life insurance policies will disqualify you for poor health or certain conditions. But, there are other policies that require no physical.
5. I Have No Kids and Am Not The Financial Head of My Household – Regardless of whether you have children or a spouse that works, you need life insurance. If nothing else, who is going to pay for your final funeral expenses if you die without having coverage?
6. The Process Is Too Difficult – The secret is finding an agent you trust who will walk you through the process and respect your time. In the long run, your loved ones will be glad you took the time to take care of them.

Contact Knippenberg Insurance Inc. life insurance agent to discuss your specific needs regarding life insurance in Cumberland, MD.

People that are all over the Cumberland, MD area should spend time assessing their insurance needs. A form of coverage that many people in this area would benefit from getting is life insurance. This form of coverage will provide financial protection to someone’s dependents. There are a variety of situations in which having this coverage is a good idea. 

Those that Want to Provide Financial Protection

When someone needs to have a life insurance plan, they want to provide financial protection to those they care about. With a proper life insurance plan, you will create a policy that offers the amount of financial protection that your dependents need. This will allow you to cover any future costs, including the costs of housing, higher education, or any other costs that you see to be fit. 

Those that Are Looking for Investment Alternative

You may also want to get a life insurance plan if you are looking for an alternative investment. A whole life insurance plan can provide you with life insurance protection and be used to invest in the future. With each payment you make, some money you spend will build up in an account that grows with interest. Eventually, you can take money out or borrow against it, which boosts future liquidity. 

As you are shopping for life insurance in the Cumberland, MD area, you should call Knippenberg Insurance Inc. Many important factors needed to be considered when shopping for insurance. Knippenberg Insurance Inc. can make the process easier for you. The team here can help you assess your needs and options and give you the support you need to build an insurance plan accordingly. 

Life insurance is something most people don’t spend a lot of time thinking about. It is more of a necessary evil. It is not discussed around the dinner table, and no one takes a college class to learn how much life insurance is enough. Since an insurance agent’s job is to sell life insurance, you may have doubts about the advice you will get. Having an insurance agent who knows you and who you trust is the only way to feel comfortable with this critical decision. Knippenberg Insurance Inc. in Cumberland, MD is just such an agency. 

When you are considering how much life insurance is enough, there are some questions that you need to ask yourself. 

• How old am I? 
• Who counts on me for their support? 
• How much do I owe? 
• How many years of support do I need to supply? 
• Have I put aside money for my final expenses? 

Your age is not the primary determining factor when choosing life insurance, but insurance is at its most affordable when you are young and healthy. It will never be a better time to take a good look at your insurance needs than now. If you are young and single, you may not have anyone dependent on you, or you may want to help provide for aging parents.  

If you are married and have a family, you have lots of people who depend on you and your income to maintain their current lifestyle. If your children are young, this can be for many years. You may also want to provide for a college education for your children. Experts recommend that you have between seven and ten years of your income in life insurance. 

How much life insurance is enough is not one size fits all. You have to weight need against affordability. At Knippenberg Insurance Inc. in Cumberland, MD, we would be happy to sit down with you and set up a financial plan that includes life insurance. Give our office a call to set up an appointment to discuss your life insurance needs.