Frequently Asked Questions
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What are “Simple Issue” policies?
Generally speaking, you are asked a series of health questions but are not required to undergo any physical exams. Simple Issue policies are the most common type of policy available today.
What products does Baltimore Life Offer?
Baltimore Life is primary a Life Insurance company but does offer a variety of annuities, Roth and regular IRA options and Critical Illness insurance. Contact me for additional information about this and other types of insurance we offer.
Do I really need life insurance?
A better question to ask is “what happens to my loved ones if I don’t have life insurance? “ Life insurance is really designed to protect you from that “IF” in Life. If you have anyone that is dependent on your salary to maintain a certain standard of living or would need help to cover rent and mortgage payments or simply to cover the costs of a funeral. You need life insurance.
Let’s not forgot about possible medical expenses and other expenses of a protracted illness. If you are thinking “No, they wouldn’t, be prepared for any of that” then you should be considering what insurance options would work best for you and your needs.
What is a mutual insurance company and why does that matter?
Baltimore Life and other mutual insurance companies are owned by their policy holders. When you buy a policy, you become “an owner” in the company. Any profits that the company makes are paid out in dividends that can be used to buy more insurance for you, reduce your payments, or be sent to you in a yearly check. **Please note that not all policies will pay dividends, and the dividends will vary from year to year and are not guaranteed.
What is the difference between “Term” and “Whole Life” insurance?
The word “term” just means that the policy will cover you for a certain amount of time, normally anywhere from 10 to 30 years. These are great policies to ensure that your home is paid off for example if something happens to you.
A whole life policy covers your entire life, where the payment is fixed on the age and health of when you bought your policy. The policy may have some additional benefits like being able to collect dividends and often can be issued in a variety of ways depending on your needs.
What other services do you offer?
We offer Health and Medicare/Medicaid policies. If you are looking for auto insurance or pet insurance, please feel free to contact us and let us know in the comments box. We will pass your information on to an agent licensed by your state in that field.
Have additional questions?
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