Maryland is a quiet state right down at the Mid-Atlantic region of America. Its neighbors are Virginia and West Virginia, and the District of Columbia from south to west. Pennsylvania is on its north side and Delaware is on its east. It is known for its different kinds of nicknames such as the Line State, the Free State, and the Chesapeake Bay State. Maryland is certainly one of the smallest states, with it being the 9th region of the United States that has the smallest area by land. It is also the 19th most populous and 5th most densely populated in the country. Annapolis is the state capital while Baltimore is the most populated metropolis. Maryland is considered as the richest state in the whole country because it holds the highest median household income in the United States.
Living in Maryland can be both fun and comforting. It has a nice environment full of friendly and hospitable people, thus making it perfect for all individuals who would want to raise a family and maintain a successful career as well. That is why you need life insurance
more than ever. It can protect your loved ones in the future in case something happens to you. For a better analysis of your insurance needs, here are some factors that you need to consider.
- Income. The first thing that you to need figure out is how much do you earn right at this very moment. This is the only way you can determine how much you would be needing to financially secure your family in the future. You can do this by knowing what present annual overhead. Normally, 60% to 70% of your annual income goes to family and that is something that you need so they can be secured after your death.
- Future Expenses. Now it is time to check your future expenses. What would be your funeral expenses? How about the college tuition fees for your kids? Do you have any outstanding mortgages and debts? As for the latter, it is highly advisable that all your debts are paid so that your monthly premium will be much lower.
- Assets. Do you have savings and investments in the bank? Do you have a business? How much is your retirement savings? Do you have other insurance? You need to take these things into consideration, and decide on what to do with them once you are no longer here, and make sure you reduce this from your expenses so you will exactly know how much insurance you will need.