LIFE INSURANCE COMPANIES IN MARYLAND (MD) 2023

It is a priority for Maryland residents to find affordable and comprehensive life insurance. To provide for one’s loved ones and give yourself peace of mind, it is crucial to have life insurance. If you are a Maryland resident looking for the best life insurance companies, you have found the right place. You can quickly and easily get a free online life insurance quote from Gerber Life. Term life insurance plans from Transamerica include the Trendsetter Super Series and the Trendsetter LB. There are numerous life insurance companies in Maryland, each of which offers a variety of plans. Which firm, however, should you choose to ensure your financial stability?

Best MD Life Insurance Company

You should remember that not everyone has the same needs when shopping for life insurance in Maryland. Having children or other dependents may increase your need for a larger life insurance policy than someone without such responsibilities.

The standard recommendation from life insurance agents is to purchase 10–15 times your annual salary in coverage. The gender of the policyholder has a significant impact on life insurance premiums in Maryland. Women typically live longer than men, which means they can get lower rates on life insurance in Maryland

For coverage of $250,000, women pay an average of $16.50 per month, while coverage of $932,000 costs an average of $42.28 per month. Also, insuring a man for $250,000 costs on average $18.21 per month in premiums, while insuring him for $926,000 costs on average $44.41 per month in premiums.

When determining the cost of a life insurance policy in Maryland, a person’s age is a major factor in the underwriters’ evaluation of risk. Insurers typically view younger people as lower risk because of their generally good health. Young people enjoy affordable life insurance premiums because of this fact. The younger you are when you purchase a life insurance policy, the lower your monthly payments will be.

Life insurance quotes in Maryland are more expensive for the elderly because insurers view them as a greater risk. If they shop around, however, retirees can still find reasonably priced coverage. Due to the detrimental effects smoking has on their health, insurance companies in Maryland classify smokers as high-risk customers. Their insurance premiums are consequently higher than those of nonsmokers.

The Maryland Insurance Administration

If you are looking for who controls life insurance in Maryland, look no further than the Maryland Insurance Administration and its commissioner. They oversee the insurance markets for homes, cars, and people’s health and lives. They oversee life insurance firms and agents and assist policyholders.

The Maryland Insurance Administration is in charge of issuing licenses to life insurance companies and agents in the state of Maryland, checking that all life insurance policies adhere to state regulations, looking into customer complaints, and approving premiums, policies, and any other changes to the life insurance market.

Maryland Life Insurance Laws To Know

Protecting your financial interests as a policyholder requires familiarity with Maryland’s unique requirements if you are thinking about purchasing life insurance there. Here are the key laws:

#1. Contestable Period

Life insurance companies in Maryland are allowed to reject a claim within the first two years after the policy’s inception if they discover the policyholder lied on their application. Any discrepancies will have no bearing on the application after two years.

#2. Free Look Period

There is a 10-day period after you receive your life insurance policy during which you can go over the details. There will be no penalties for canceling your policy during this time, so you can count on getting your money back in full.

#3. Grace Period For Missed Payments

Maryland law gives people who are late on their payments 30 days to catch up. As long as you keep making payments, you will not have to worry about losing your coverage.

#4. Timeframe For Settling A Claim

Beneficiaries need to claim with the insurance company to get their money. Life insurance companies in Maryland have to settle a claim within 30 days of receiving it.

Cost of Life insurance in Maryland

People who smoke also have to pay more because their life expectancy is lower. When calculating your insurance premium, insurance companies in Maryland may also look at your credit history. Insurance premiums can rise if you opt for more coverage, so think carefully before adding extras like a disability waiver of premium or child riders. Many variables affect the price of life insurance in Maryland.

The life insurance company you choose
Your age
Your gender
Your health condition
whether you smoke or not.
Your credit score
Any additional options added to your policy

Life Insurance Company

To protect your loved ones financially in the event of your death, you should consider purchasing life insurance. You can rest easy knowing that this plan will cover all of your family’s debts, daily needs, future education costs, and final expenses.

In exchange for periodic premium payments, an insurance provider will pay out a death benefit to the people you name in the event of your death. In a time of extreme hardship, both financially and emotionally, this assistance can be invaluable to your loved ones.

The best life insurance companies In Maryland offer competitive rates, excellent customer service, a wide variety of policy options, and a secure financial footing. Finding the best life insurance companies requires looking at several factors, such as financial stability, customer service, policy options, extras (like riders), and ease of application. Select the best, and then compile quotes from them. If you put in the time now to find a reputable life insurance provider, you can rest assured that they will be there for your family if they ever need it.

Things to Think About When Picking a Life Insurance Company

Finding the best life insurance for your needs requires careful consideration of several factors before settling on a provider. One size does not fit all when it comes to Maryland life insurance.

The insurance firm’s financial health is an important factor to think about. If an insurer has a high financial stability rating, it means they are solvent and can pay their claims without delay. Having faith that a company will be there for your loved ones in times of crisis is made easier when that company has a solid financial foundation.

One more thing to think about is how many different policy options each life insurance provider gives you. Find an insurance company that offers different types of life insurance, like term, whole, and universal. Various insurance plans accommodate a wide range of needs and ambitions in terms of financial security.

Life insurance customers need top-notch customer service from their companies. Consider the company’s past performance in terms of customer satisfaction, response time, and ease of contact. Look for businesses that accommodate your preferred method of communication by providing several options, such as phone, email, and live chat. You should look for an insurance provider with a quick and painless claims process when the time comes. Learn as much as possible about the insurer through online reviews and personal recommendations. Look into businesses that have a track record of speedy claim payments and an easy claim filing procedure.

Best MD Life Insurance Companies

Popular and dominant market players are usually safer bets when shopping for a term life insurance policy.

#1. MassMutual

The financial security of MassMutual was also an important factor in our evaluation. In recognition of its exceptional financial strength and claim-paying capabilities, AM Best has awarded the company its highest possible rating: A++ Superior. MassMutual is the go-to company for life insurance in Maryland because of its low rates and reputation as an industry leader. There are several affordable term insurance companies in Maryland, but MassMutual consistently offers the best rates.

The company provides affordable and comprehensive life insurance policies, including term, whole, and universal. In addition, their policies come with a plethora of optional extras. This company is not just about having the lowest prices; they also have a wide variety of products and a helpful sales staff.

MassMutual has the cheapest life insurance rates in Maryland, despite the company’s reputation for professionalism rather than affordability. MassMutual is a great choice because of the reasonable rates they offer and the high levels of protection they provide. Since permanent life insurance is typically more expensive, MassMutual’s whole and universal life policies may not be the best value. However, the company’s term life insurance policies are quite generous.

#2. Mutual of Omaha

Mutual of Omaha is well-known for being an industry leader in serving the insurance requirements of retirees. In particular, the insurance firm’s selection of life insurance policies targeted specifically at retirees has garnered a lot of attention. There are two categories of such items, both of which are made with senior health in mind. One option is a guaranteed-issue policy, which covers you regardless of your health. Therefore, it is a great choice for older people who are dealing with serious health problems like cancer, a stroke, or a heart attack.

An alternative is a simplified-issue policy, which still necessitates some information about your health but does not require a physical exam. This makes it a good option for retirees who would rather avoid a doctor’s visit despite having health concerns, such as high blood pressure or type 2 diabetes.

#3. Transamerica

Transamerica knows what it does well, and one of its best features is offering life insurance at prices that young adults can afford. They are aware that many young people are financially responsible, particularly regarding life insurance. That is why Transamerica’s premiums are reasonable; the company knows that younger, more cost-conscious customers still need substantial insurance protection.

Transamerica prioritizes providing useful content and an intuitive interface on its website. They work hard to ensure that their products are user-friendly. Transamerica is adamant that everyone has a right to the security and peace of mind that life insurance offers, regardless of age or means.

#4. Nationwide

Smokers in Maryland need to know that life insurance provider Nationwide “is on your side.” Smokers will pay a slightly higher premium with Nationwide than they would with its main competitors, but the company still comes out on top thanks to its low overall rates, convenient online tools, and excellent support staff.

Life insurance premiums are much more expensive for smokers than for nonsmokers. However, if you can prove that you have been smoke-free for 12–24 months, your insurance premiums should be reduced to levels similar to those of non-smokers. A blood test and other paramedical procedures are needed to confirm that nicotine is no longer present in your blood.

#5. State Farm

State Farm’s dedication to its customers is legendary, and it is something that policyholders praise the company for frequently. The company takes a novel approach in that it has numerous neighborhood offices where policyholders can meet their local agents in person to discuss sales or policy issues.

State Farm has been recognized as a leading life insurance provider by J.D. Powers for several years running. This is evidence of the firm’s commitment to satisfying policyholders.

State Farm is renowned for its rapid claims processing and excellent customer service, both of which are essential in the life insurance business. In the life insurance market, State Farm stands out for its rapid claim processing and excellent customer service. This is of the utmost importance when the policyholder’s loved ones are grieving and looking to the life insurance company for assistance.

#6. Bestow Life

Those interested in purchasing a term life insurance policy from Bestow can do so entirely online. There is no need for a physical, and you can get covered quickly and cheaply. Applicants to Bestow must be under 45 years old at the time of submission. coverage levels vary between $50,000 and $1.5 million.

#7. Gerber Life Insurance

Insurance plans from Gerber Life are highly regarded and can cover your entire family throughout their lives. Guaranteed life insurance for the elderly is also included in this category, along with whole life insurance for kids and adults.

Although the company’s name is synonymous with child life insurance, Gerber Life insurance company also provides coverage for adults, including those of retirement age. Gerber provides insurance coverage in every one of the 50 states and the District of Columbia. The Gerber Life Insurance Company is a Western & Southern Financial Group company.

People looking for low monthly payments, permanent protection for their loved ones, or senior citizens with no medical exam guaranteed acceptance should look into Gerber Life insurance policies. Read on to find out about the company’s products and how they can help you if you are looking for life insurance for children, guaranteed life insurance for seniors, affordable term coverage, or assistance paying for higher education.

Gerber Life Insurance Cost

You can quickly and easily get a free online life insurance quote from Gerber Life. With this perk, you can get an estimate of your potential premiums before applying, making it much simpler to compare rates across companies. Gerber offers term life insurance with rates as low as $15.42 per month, guaranteed to remain stable throughout the policy’s duration.

Gerber Life insurance premiums can fluctuate based on several factors, such as the insured’s age, health, desired policy term length, and desired level of coverage. While a medical exam is not typically necessary for most of Gerber’s plans, there are exceptions. You may pay more or less for insurance, depending on the outcome of the test. Life insurance premiums are typically more affordable if you buy the policy when you are younger and in better health.

Gerber Life Insurance Plans

Gerber Life insurance company provides no-medical-exam term life insurance as well as whole life insurance for adults, senior citizens who are guaranteed a minimum death benefit, and young people who are still developing their health. In addition to offering free coverage quotes online, one of the best things about this insurance company is that Gerber Life is very open about the details of the policies it sells.

#1. Term Life Insurance

Gerber Life offers term life insurance for 10, 20, and 30 years. Get insurance between $100,000 and $300,000 without having to worry about passing a medical exam. According to Gerber Life, the premiums for this type of insurance are set and will not fluctuate throughout the policy’s duration.

#2. Whole Life Insurance for Adults

Whole life insurance is available from Gerber Life for people over the age of 18. Death benefits for these plans can go as high as $1 million, but the typical range is between $50,000 and $300,000.

As long as premiums are kept current, the death benefit from Gerber Life’s whole life insurance will remain in effect indefinitely. Gerber Life also offers whole life insurance with fixed premiums that will not go up as you get older.

#3. Gerber Grow-Up Plan

For kids younger than 14, the Gerber Grow-Up Plan is like a whole life insurance policy that can be extended to last a lifetime. Parents invest in these policies so their dependents have lifetime protection. When an insured person reaches the age of 18, their coverage level automatically increases to the maximum level available for that occupation and health status.

#4. Gerber Life Young Adult Plan

For young adults aged 15 to 17, Gerber Life offers a whole life plan with automatic value doubling at age 18. You can keep your coverage even as an adult, and plan sizes range from $5,000 to $50,000.

#5. Guaranteed Life for Seniors

The guaranteed coverage offered by Gerber Life does not necessitate a medical exam for applicants aged 50 to 80. Your choice of coverage amounts between $5,000 and $25,000, depending on your specific circumstances. Gerber Life provides seniors with a guaranteed life insurance policy that also accumulates cash value they can borrow to pay for unforeseen costs.

#6. Gerber Life Insurance College Plan

The Gerber Life Insurance College Plan is a special kind of policy that can save money for college over ten to twenty years. This policy, depending on the amount of premiums paid, will either pay out a lump sum of between $10,000 and $150,000 at maturity, or a death benefit to the beneficiary if the insured passes away before the term ends.

The goal of this plan is to help families save for college over a predetermined period (typically 10–20 years) while also providing a death benefit to surviving family members.

Steps to Take to Make a Claim on Gerber Life Insurance

Although there is currently no way to initiate a claim with Gerber Life online, the company is generally open and forthcoming about its claims process. According to Gerber Life, a claims form can only be obtained by calling the company at 1-800-628-0560.

This number can be used to contact customer service Monday through Friday, 8 a.m. to 7 p.m. EST, and the following address is provided for correspondence regarding life insurance claims:

Gerber Life Insurance Company
Life Claims Processing Unit
445 State Street
Fremont, MI 49412

We recommend keeping meticulous records of all your communication with Gerber Life to facilitate a smooth life insurance claim. If you are filing a claim, do not forget to enclose the original, certified copy of the death certificate.

Transamerica Life Insurance

Having life insurance in place to provide for your loved ones after your death is crucial, and Transamerica has a variety of options to meet your needs. Transamerica’s policy rates are aimed at younger, more cost-conscious customers who still desire substantial coverage without breaking the bank.

Plus, the website caters to a younger demographic of customers. Transamerica knows that its target audience places a premium on easily accessible information, so the company has worked hard to make its website just that. Their goal is to make it easy for customers to understand and utilize all of their available options. Transamerica maintains the firm conviction that everyone, regardless of age or means, is entitled to the security and peace of mind provided by life insurance.

Transamerica offers life insurance policies that can be purchased up to age 85, and its Final Expense policy does not necessitate a medical exam, making it an attractive option for those in their later years who are concerned about financial security. Without an additional medical exam or premiums, the Trendsetter Super Series can be converted to a permanent life insurance policy. If you need life insurance right away but are on the fence about investing in a permanent policy and paying the higher premiums that come with a whole or universal plan, this may be a good option to explore.

Transamerica Coverage Limits

Depending on the plan, Transamerica’s term life insurance policies have face values ranging from $25,000 for the Trendsetter LB to $10,000,000 for the Trendsetter Super. Benefits under the firm’s Final Expense whole policy can be as high as $50,000 in the event of the policyholder’s untimely demise. In the event of your death, the Lifetime Whole Life policy can provide you with a death benefit of between $25,000 and $2,000,000. There is a wide range of death benefits available from $25,000 to more than $500,000 through the Financial Foundation IUL policy.

Transamerica Coverage Restrictions

There are age restrictions for potential participants. Financial Foundation IUL policies have a lower entry age in Florida (75) than the national average (85). However, the age at which a person can apply for a Final Expense policy is determined by the state in which they reside and the specific policy they seek.

Transamerica provides numerous options, including term, whole life, and universal policies. Most types of plans require the assistance of a broker, agent, or representative to obtain a quote or submit an application. Additionally, coverage limits are very adaptable, but you should be aware of age limits.

Cost of Transamerica life Insurance

Transamerica, like other life insurance companies, considers several variables when estimating your risk and premiums. Factors like your age, location, medical history, plan details, and coverage limits all play a role. Term life insurance is typically less expensive than whole or universal life insurance because it does not provide permanent protection and does not accumulate cash value.

How Do I Buy Life Insurance From Transamerica?

It is necessary to speak with a licensed agent to purchase a life insurance policy from Transamerica, as the company does not sell them directly to customers. Those who are familiar with their ZIP code and the type of insurance they wish to purchase can use Transamerica’s agent locator to locate a nearby representative who can assist them.

While you can not buy a policy from Transamerica over the Internet, you can get a lot of the paperwork you will need to manage your policy electronically.

Types of Transamerica Plans and Policies

Transamerica offers various types of life insurance.

#1. Transamerica Term Life Insurance

Term life insurance is a good option for those looking for guaranteed rates over a set time frame. If you want to keep your coverage after the level term ends, you should be prepared to pay much more in premiums. Since term life insurance does not accumulate cash value, it is typically the most cost-effective type of life insurance.

#2. Trendsetter Super Series by Transamerica

The Trendsetter Super Series policy from Transamerica provides coverage of at least $25,000 for 10, 15, 20, 25, or 30 years. Without submitting to a medical exam, you may be eligible for coverage of up to $2 million. You will receive the death benefit from your Trendsetter Super Series policy early if you are diagnosed with a terminal illness. This insurance plan can be tailored even further by selecting from among four available riders:

Disability waiver of premiums rider
Income protection option
Children’s benefit rider
Accidental death benefit rider

#3. Transamerica’s Trendsetter LB

Coverage amounts range from $25,000 to $2 million, and policy durations can be as long as 30 years. In the same vein as the Super Series term policy, those who apply for and are approved for coverage of $2,000,000 or less may not need to undergo a medical exam.

There are three health-related riders built into the Trendsetter policy that, should the insured ever be diagnosed with a terminal, chronic, or critical illness, would trigger the release of a portion of the death benefit. Trendsetter LB policyholders can choose from the same optional riders as Super Series policyholders, plus a monthly disability income rider.

#4. Transamerica Whole Life Insurance

Whole life insurance policies offer guaranteed death benefits, cash value growth, and premiums at a fixed rate for the duration of the policy.

Lifetime whole life insurance policies from Transamerica are available with coverage options ranging from $25,000 to $2 million. A portion of your death benefit may be paid out early in the event of a terminal illness, and this provision is included in all policies.

You can further tailor your insurance policy by selecting from the nine available riders. Both a children’s benefit rider and an income protection option (IPO) are available to give you more say over when and how much of your death benefit is distributed to heirs.

#5. Transamerica-Indexed Universal Life Insurance

Indexed universal life insurance (IUL) is a type of permanent life insurance that allows policyholders to build up cash value through investments. Multiple features set indexed universal life insurance apart from other long-term policies:

The money that the policy has built up is tied to the performance of an index, like the S&P 500. The cash value will increase proportionally with the index. The insurance company calculates the credit to your account based on the rate of return of the index.
A cash value may grow or shrink between a floor (lowest possible rate) and a cap (highest possible rate), regardless of fluctuations in the market.
The premium and the death benefit are both subject to change under the terms of the policy.

Transamerica has IUL policies for the Financial Foundation that cover between $25,000 and $2 million. Only those between the ages of 18 and 45 are eligible for the maximum policy benefit of $2 million. Candidates between the ages of 46 and 55 are eligible for coverage of up to $1 million. IUL policies allow for tax-deferred accumulation of cash value and tax-free movement of cash among accounts.

How Much Does Life Insurance Cost in Maryland?

The costs of your life insurance premiums are determined by several variables, including your age and the state of your health. Insurance premiums are more affordable if you buy coverage while you are young and healthy.

Is It Better to Get Term or Whole Life Insurance?

Since it is temporary and does not build up any cash value, term life insurance tends to be the cheapest option. The higher cost of whole-life insurance premiums is justified by the policy’s cash value accumulation and guaranteed lifetime protection. Comparing whole life to term life insurance has many advantages because whole life is permanent, has a cash value element, and offers more options for long-term financial protection for your family. Term life insurance is much more cost-effective if you only need protection for a limited time.

What Is a Decent Amount of Life Insurance?

Life insurance should cover ten to twenty times your yearly salary at a minimum. Most insurance agencies agree that ten times one’s annual salary is a fair minimum for a life insurance policy.

Where Is the Best Place to Get Life Insurance?

State farm
Northwestern
MassMutual
Mutual of Omaha
Guardian
Haven life
Bestow
Pacific life
Protective

Is It Worth It to Have Life Insurance?

Having life insurance can ease the financial burden on your loved ones in the event of your untimely passing. Life insurance is a good way to ensure that your loved ones will be taken care of financially in the event of your death. Both term and permanent life insurance policies are viable options to consider in this situation. However, if you have already taken care of major financial commitments like paying off a mortgage or saving for your children’s college, you may find that some forms of life insurance still make sense, while others do not.

Conclusion

Having adequate life insurance in place will ensure that your loved ones can maintain their current standard of living after your passing. Talk to an insurance professional who can advise you on the best policy for your situation and finances before making any commitments.