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Lutherville, Timonium & Cockeysville, Maryland

Life insurance comes in many forms and can be used for many other purposes besides just paying for your final expenses.  The older you are, the more expensive life insurance becomes and the less options you have.  Here at the William M. Sparks Insurance Agency in Timonium, Maryland (Baltimore County), we help people like yourself fashion just the right policy to secure their future.

Why Purchase Life Insurance?

Life insurance is a popular financial planning tool.  Since the benefits of a life insurance policy are typically paid upon your death, many people regard it as just a way to pay for your funeral and burial.  However, it can also be useful to:

• Pay federal or state estate taxes to remove that burden from your heirs.
• Replace dependents’ income in the event of your death.
• Create an inheritance for your beneficiaries.
• Create a charitable contribution fund.
• Accumulate savings if your policy grows a cash value.

Types of Life Insurance Policies

There are two types of life insurance – permanent and term. 

• A Term life insurance policy pays benefits only if death occurs within the defined term of the policy, typically 1-30 years.  It usually will not have a cash value that you may cash in or borrow against.  Many term life insurance policies offer the option to convert to a permanent (cash value) policy. 
• Permanent life insurance is structured to pay benefits for a “lifetime” – often even beyond 100 years of age.  
  • With traditional whole life insurance, the death benefit does not change and the premium remains constant for the life of the policy.  Over time, the policy accrues a cash value which you may withdraw or borrow. 

Long-Term Care (LTC) Insurance

• With a Long-Term Care (LTC) Accelerated Death Benefit Rider from Erie Family Life Insurance Company, you’ll have the flexibility to use your money for what you need. Here’s how the coverage works:
• You can choose a monthly benefits distribution of 2 percent, 4 percent or 8 percent of the death benefit of the life insurance policy. You can collect (as long as you meet eligibility criteria as outlined in the policy) up to the value of the residual death benefit.2 (The minimum payable for any month is $1,000.)
• The LTC benefits are distributed directly to you and can be used for anything you deem appropriate, including adult day care services, assisted living care, home health care and other forms of care.
• The acceleration percentage does not change with payment of benefits, unless you request a change when you have a claim.
• When you add an LTC rider to a Universal Life or Whole Life policy, you’ll also have the convenience of working with one company and paying one premium.

Medicare Supplement Insurance

Erie now offers Medicare Supplement insurance that can help you pay for medical costs that may not be covered by Medicare. Erie Family Life and our insurance agents will work with you to help you select the best supplement insurance for your needs and budget.

Is it time to plan for your future and the protection of your family? 

Why not discuss the many life insurance options with one of our experienced agents here at the William M. Sparks Insurance Agency in Timonium, MD, who can help you explore the choices and answer your questions.  Just contact us today to discuss how we can help or to get a Life Insurance quote.

The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent like those at the William M. Sparks Insurance Agency before making any decisions or choosing a course of action. 

No matter how well you plan, accidents can still occur; and depending on the circumstances, the resultant claims against your business can far exceed your planned coverages. When this happens, it can put your entire business at risk unless you have an ‘umbrella’ for protection.

Here at the William M. Sparks Insurance Agency in Lutherville / Timonium, Maryland (Baltimore County) we will look at your current business liability insurance coverages and help you decide on the right path whether you are located in Maryland (MD), Virginia (VA) or Pnnsylvania (PA).

 What is Business Umbrella Insurance Coverage?

Business catastrophe liability insurance is sometimes referred to as 'business excess liability' or  ‘business umbrella’ insurance.  This insurance adds an additional one million dollars or more beyond the amounts available in your company’s present policies for auto and other liability, and it stipulates certain levels of coverage on your company’s various primary insurance policies.

 Already have Umbrella Coverage for your business? 

Why not sit down with one of our agents for a no-obligation policy review to assure that you are getting the best rates for the coverage you need for MD, VA or PA?

 If you don't yet have umbrella coverage for catastrophe and excess liability protection, why not speak to our representatives at the William M. Sparks Insurance Agency today to arrange for that extra umbrella over your business? 

Just contact us to learn how to get started.

The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent like those at the William M. Sparks Insurance Agency before making any decisions or choosing a course of action.

As a business owner, you work hard to stand out and be competitive in your market, and the reliability of your staff and employees is an important part of making that happen.  So when you lose one of those people, particular through death, the impact on your business can be substantial. You can protect against that impact with Key Person / Employee insurance. 

Here at the William M. Sparks Insurance Agency in Timonium, Maryland (Baltimore County), we can help you prepare for whatever might happen.

Why Have Key Person (Employee) Insurance?

If your business involves a key person, especially if that person is your company’s key contact for suppliers or customers or is pivotal in the management of the business, then the loss of that person would present a major threat to the well-being of your company.

How Does Key Person (Employee) Insurance Work?

If your key person is lost by death, your company can receive a death benefit through your Key Person insurance.  Such insurance is a variation of a life insurance policy for which your company pay premiums.  The benefit amount depends on the situation, the role the key person plays as well as his/her health and age. In the event of the death of the insured key person, the benefit is paid to your company. 

Our experienced agents, here at the William M. Sparks Insurance Agency in Timonium, MD,  can help you examine the options for protecting your company against the loss of a Key Person (Employee or Staff person); and we can help you arrive at the one that best suits your needs.  Just contact us today to discuss how we can help.

The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent like those at the William M. Sparks Insurance Agency before making any decisions or choosing a course of action.