Frequently Asked Questions

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?

Yes: the purchase of a new mortgage protection term insurance policy is usually not required by the lender. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of the insured’s death.
Credit life insurance is frequently recommended in conjunction with the taking out of an installment loan when purchasing expensive appliances or a new car, or for debt consolation. Is credit life insurance a good buy?

Credit life insurance is frequently more expensive than traditional term life insurance. Further, if you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.

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Contact Information

Churchville location »
2907 Churchville Road, P. O. Box 70
Churchville, MD 21028
(800)519-8387

Elkton location »
211 West Main Street
Elkton, MD 21922
(800)519-8387

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BUSINESS INSURANCE

Business owners in Harford and Cecil County can rest assured knowing there is a local, independent agent nearby able to access and customize insurance plans to meet the needs of your specific industry and situation.


 

A bond is purchased to safeguard your business from financial loss and guarantees the repayment of the principal and all associated interest payments in the event of default.

Bonding insurance allows businesses to protect themselves against liabilities resulting from routine work. Protect your business against financial loss by safeguarding valuables, employees and assets against high-risk situations. In some cases, businesses are required by law or mandated by the state to carry surety or fidelity bonds.

Types of bonds include:

  • Commercial Surety Bonds – A written agreement between three parties where a surety guarantees a specific performance of an obligation or compliance.
  • Fidelity Bonds – Indemnify the insured for loss caused by fraudulent or dishonest acts of the individual covered by the bond with the intent to cause the insured a loss and benefit the individuals.
  • Contract surety bonds - Offers bid, payments & performance bonds specifically underwritten to address the needs of general, highway/heavy, trade and specialty contractors of all sizes