Maryland Life insurance coverage

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Life insurance coverage

Life Insurance

Q: What is Life Insurance?

A: Life insurance is your financial safety net. Life insurance can help your family maintain the lifestyle they've grown to love and provide longer-lasting financial security. Your family can use it to help pay for funeral expenses, housing costs, medical bills not covered by health insurance, children's college, debts and just about anything else they may need.

Simply put: life insurance can remove many of your financial worries. Just get a life insurance quote today, check these worries off your list and your family could be better protected.

Life insurance rates are more affordable than you might think

Life insurance rates start at $14 per month.

What is life insurance, and how it works?

A life insurance policy works similarly to any other type of insurance policy. You determine how much coverage you need, how long you need it and then you make your payments (called premiums). You typically can choose to pay monthly, annually or quarterly for 10, 20, 30 years or over your lifetime to maintain the coverage. When you die, if your policy is still active, the people you've listed on your policy (called your beneficiaries) get paid the death benefit. In most cases, this payment is paid in one lump sum.

Different types of Life Insurance

Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that "term". Typically gives the most bang for your buck with the most affordable premium payments and a comparable payout.

  • Help provide for a family's loss of income
  • Cover short-term debts and needs
  • Provide additional insurance protection during the child-raising years
  • Provide longer term protection to help your family pay off a mortgage or to help pay for a college education

Whole life insurance: helps your family prepare for the unexpected. The death benefit can help replace a family's loss of income, help with mortgage costs, or educational needs — or to leave a legacy for the next generation. Over time, whole life policies build cash value that grows tax-deferred, and can be accessed during your lifetime. T. L. Big offers Whole Life policies that can be paid with a single premium, premiums payable to 100, or premiums payable up to a limited number of years. Policy loans do accrue interest, and any outstanding policy loans and interest will reduce the death benefit and cash value

Universal Life Insurance: premiums are paid into your policy's account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month.

Final Expense
Final Expense Life Insurance can help families deal with grief, rather than worry about burial expenses. We offer affordable premium packages designed for final expenses, such as medical bills, credit card debt, funeral costs, etc.

Benefits of Final Expense

  • Premiums remain level and may be payable beyond age 100
  • The death benefit is guaranteed as long as premiums are paid as required
  • You can choose between monthly or annual premium payments.
  • The cash value of the policy accumulates tax-deferred.
  • Your beneficiary chooses whether or not to use the death benefit for burial expenses.
  • Your policy may earn dividends (there's no guarantee). If it does, those dividends can accumulate while earning interest, purchase paid-up additions, be used to reduce a premium that's due, or be paid in cash – it's up to you

How To Calculate Life Insurance Needs

Life Insurance —Steps To Calculate Limits

If you are in the market for affordable life insurance, one of the first things you should think about before calling T. L. Big, is how much life insurance you need. Here is a quick way to estimate your life insurance requirements. Keep in mind that many financial planners recommend that you carry no less than ten times your annual income.

  1. Determine your current annual income or family contribution.
  2. Determine how many years your partner or children will need to replace your contribution.
  3. Multiply the annual contribution by the number of years. This is your full estimated contribution.
  4. Add up your existing assets that could be liquidated in the event of emergency.
  5. Add up your existing debts, mortgages, loans and other balances that would need to be paid. Include funeral expenses, medical bills and taxes.
  6. Subtract the debts from the assets to obtain your household "net worth".
  7. Add the net worth to the full estimated contribution amount. This will provide an estimated amount of family life insurance required to make sure the financial needs of your family are met.

Our Partners

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  • AAA Insurance
  • Acuity
  • American Modern
  • Arch Property
  • Argonaut
  • Auto Owners Insurance
  • Columbia Insurance
  • Continental western group
  • EMC Insurance
  • EMC Life Insurance
  • FMH
  • FMI Associates
  • Great Northern Insurance
  • Great American
  • Grinnell Mutual
  • Nationwide
  • Progressive
  • Travelers
  • United Fire