William M. Sparks 1945 - 2023 
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.
