Frequently Asked Questions

Should term insurance or cash value life insurance be purchased?

Although a difficult question – one whose answer will vary depending on circumstances – several principles should be followed in addressing this issue. It must first be recognized that in any life insurance purchasing decision, there are at least two basic questions that must be answered:

  • How much life insurance should I buy?
  • What type of life insurance policy should I buy?

The first question involves an “insurance” decision and the second requires a “financial” decision.
The insurance question should always be resolved first. For example, the amount of life insurance that you need may be so large that the only way it can be afforded is through the purchase of term life insurance (which has a lower premium).

If your ability and willingness to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, it is then appropriate to consider the “financial” decision – which type of policy to buy. Important factors affecting the “financial decision include your income tax bracket, whether the need for life insurance is short-term or long-term (e.g. over 20 years or longer), and the rate of return on alternative investments possessing similar risk.

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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