Gain Financial Protection for Two With Survivorship Life Insurance

Posted on May 30, 2025May 20, 2025 by admin

According to The Zebra, 83% of Americans would purchase life insurance if it were easier to understand. Another Zebra statistic reveals that 52% of Americans believe life insurance is too expensive. Survivorship life insurance addresses both concerns. The team at Michael Taylor Agency explains the policy and why it’s gaining popularity.

What is Survivorship Life Insurance?

Survivorship life insurance is a joint life insurance policy that compensates loved ones after both policyholders pass away. While most policyholders are married couples, they can also be business partners, non-married couples with children, or individuals with similar financial interests. Alternative names include second-to-die life insurance, dual life insurance, and joint survivor life insurance.

All survivorship life insurance is a permanent policy with a guaranteed payout. However, they are divided into two subcategories: whole and universal. Whole survivorships rely on a fixed rate to build cash value. Universal survivorships rely on accumulation to build cash value. Choose variable universal life insurance if you want investments to build cash value. Choose indexed universal life insurance if you prefer to gamble on stock market performance to build cash value.

Estate planning is the primary reason survivorships appeal to customers in Columbia, SC. Another reason is that a spouse’s death would be a severe financial burden to the other spouse. Survivorship life insurance benefits people who cannot get traditional life insurance, as the other person is healthy enough for both to obtain coverage. Other reasons include affordability and individuals with special needs.

How Survivorship Life Insurance Works

Speak to one of our agents at Michael Taylor Agency to discuss and enroll in a survivorship life insurance policy. Both names will be on the policy. Pay the premiums every month. Should one of you pass away, the surviving policyholder keeps the account active by paying the premiums. When the surviving policyholder dies, we pay a lump sum to chosen beneficiaries.

Our company partners with several survivorship life insurance carriers. We will discuss them and answer questions before you decide if this move is right for you. Call us or visit our Columbia, SC office for more information.

What To Look For In An Insurance Agent When Getting Home Insurance

Posted on April 30, 2025April 16, 2025 by admin

For numerous homeowners, home insurance is a fundamental aspect of homeownership. If you’re a homeowner in need of home insurance – either for your own assurance or because it’s a mortgage requirement – the professionals at Michael Taylor Agency, serving Columbia, SC, can assist you in finding a home insurance policy that caters to your needs.

Selecting the right insurance agent is crucial. Below, we’ve outlined some of the key qualities to consider.

Exceptional Customer Service

It’s vital to select an insurance agent that offers exceptional customer service. Pay attention to how promptly your insurance agent responds to your inquiries. Do they respond on time? Are they polite and accurate when they answer your questions? Choose an insurance agent that values your experience as a client.

Proficiency in Insurance Products

The insurance agent you choose should possess proficiency in various insurance products. They should be capable of answering all your questions about the insurance policies that you’re considering. If they can’t answer the question immediately, they should revert to you with the information swiftly and accurately. This expertise enhances your trust in your insurance agent.

Collaborates with Multiple Carriers

Independent insurance agents are agents that collaborate with multiple carriers. This makes shopping around for the right insurance policy for your needs easier. Shopping around can help you find the best insurance policy at the best price. When you work with an independent insurance agent, they can do the shopping around for you.

Committed to Assisting You

Choose an insurance agent who is evidently committed to helping you find a suitable insurance policy. This is why many people come to the Michael Taylor Agency, serving Columbia, SC. Call today to schedule an appointment.

Life Insurance for the New Year: Is Your Policy Keeping Up with You?

Posted on March 28, 2025March 18, 2025 by admin

When you purchase life insurance in Columbia, SC, it might seem straightforward. However, as we enter the New Year, it’s an ideal time to review your policy. At Michael Taylor Agency, we can help determine if your current policy meets your needs.

Is Your Life Insurance Policy Sufficient?

Whether you bought life insurance last year or a decade ago, it’s worth reviewing. Does the policy provide enough coverage to cover financial obligations in the event of your or a loved one’s passing?

It’s possible to update your policy. Most people purchase a policy and then forget about it. Our goal is to ensure that doesn’t happen.

Questions to Consider

Here are a few questions to ask yourself about your existing life insurance policy:

Would the policy cover not only funeral expenses but other debt?
Does it have a cash value?
Is the term long enough to last your entire life?

There are other questions to consider, too. It all depends on the type of policy you have, your health status, and your personal finances. Working with an experienced life insurance agent allows you to examine your policy and make any necessary changes carefully. It could mean the difference between full financial protection or not.

Start Reviewing Your Policy Today

Don’t discover the hard way that your life insurance policy is insufficient. At Michael Taylor Agency, our agents can review your policy, learn more about you, and make recommendations. We can also provide new quotes to ensure you get the best deal. Contact us today!

Safety equipment you should carry in your vehicle

Posted on February 28, 2025February 17, 2025 by admin

Every time you get into your vehicle, there’s a potential for an accident or a situation that could compromise your safety. It’s essential to be prepared for a variety of scenarios every day. At Michael Taylor Agency in Columbia, SC, we ensure that your auto insurance is one thing that will keep you financially secure.

What to Keep in the Trunk

In your vehicle’s trunk or truck bed, you should have a spare tire. Most vehicles today come with a temporary spare tire, often called a "donut." You also need to have a jack and a lug wrench to remove the tire. If changing a tire isn’t something you’re comfortable doing, consider keeping a can of Fix a Flat or a Halo or similar device to inflate your tire. Better yet, consider having roadside assistance to handle tire changes professionally.

Jumper cables are essential if your vehicle has trouble starting. A Halo can also charge your battery without needing another vehicle. If you’re working on your vehicle, flares or a reflective triangle can alert other drivers to your situation. A flashlight can also be very helpful.

What to Keep in the Glove Box

Essential safety equipment includes an extra cell phone charger cable, a glass-breaking tool, and a seat belt cutter.

Having a cell phone with you is crucial. If needed, you can contact authorities or help. A blanket, water, and snacks can also help ensure your well-being.

If you live in or around Columbia, SC, you can rely on our team at Michael Taylor Agency to ensure that you have the auto insurance you need for protection.

The Benefits of Whole Life Insurance

Posted on January 24, 2025January 17, 2025 by admin

Understanding the Benefits of Whole Life Insurance

Both term life and whole life insurance policies are available to a wide range of customers, and whole life is a highly popular type. Both types come with their own benefits, but many prefer the benefits they get from having a whole life policy. Several important benefits might make this type of policy right for you. Contact us at Michael Taylor Agency in Columbia, SC, if you need life insurance.

Lifetime Coverage

One of the most important benefits of a whole life policy is that it covers you for your whole life. You can keep it for the rest of your life no matter how old you get. The insurance company can’t cancel the policy as long as you want to keep it and keep paying the premiums. This is a significant benefit because there is no expiration date as there is with term life insurance policies. This is a significant advantage for those who don’t want to have a policy that expires, so they need to apply for another policy later.

Cash Value

A whole life policy also benefits from having a cash value. As the years pass, this is a small amount that grows bigger and bigger until it’s a substantial amount. This is a value that you can borrow against as the policyholder. Having this value available can bring peace of mind to people who want to know they’ll have access to funds if needed. It could come in handy if there were a financial emergency after a few years of getting the policy.

Get Whole Life Insurance in South Carolina

If you’re interested in this type of life insurance, we’re here to help. Call us at Michael Taylor Agency in Columbia, SC to get started with a policy.

Protect Your Retirement With the Right Insurance Coverage

Posted on December 23, 2024December 16, 2024 by admin

If you’re preparing for retirement, you’re likely looking forward to the free time and activities you’ll get to enjoy. However, this might not be your reality if you don’t have the right insurance coverage. With retirement insurance, you can safeguard your future and enjoy your later years more fully without worrying about having what you need. If you’re in the Columbia, SC, area, the Michael Taylor Agency can help.

Protect Your Retirement

Even if you’ve meticulously planned for your golden years, you may not have everything you need in terms of protection. Changes to your health or living situation can affect what you have left for other things. But with the right insurance, you won’t face risks to your future even if your circumstances take an unexpected turn.

Increase Your Peace of Mind

Peace of mind is crucial as you age, and insurance is one of the best ways to enhance that peace for you and your loved ones. Working with an agent who can help protect your retirement will make you feel more comfortable and confident. This will enable you to do what you want and need to do as you age and can boost your retirement planning through more security and increased happiness.

Work With Trusted Professionals

Contact us today at Michael Taylor Agency if you’re in the Columbia, SC, area and looking for retirement insurance options. There are ways to protect your future and increase your security so you can have more fun as you age. Our agents are committed to helping you find the insurance and planning options that fit your lifestyle and goals so you can make your retirement years great.

Do you really need a million dollars of life insurance coverage?

Posted on November 18, 2024November 15, 2024 by admin

If you are beginning or building your life insurance program and live in the Columbia, SC, area, the Michael Taylor Agency can help.

One of the first questions those in our community ask is, "How much life insurance do they need?" or “Do I need a million dollars in life insurance protection?"

The answer may lie in what you want your life insurance to do.

Cover final expense.

Yes, funeral expenses can be expensive, but it will not take a million dollars in protection to cover. If you are just interested in burial expenses, $15,000 may be sufficient.

Cover debts.

Many purchase life insurance to cover any debts they may be leaving behind. These often include credit cards, personal debts, and even medical expenses.

Mortgage coverage.

If you have a significant mortgage on your home, you may want to ensure your life insurance suffices to pay it off. This can also help a family maintain their lifestyle.

Living expenses.

When choosing how much life insurance you should need, you may want to consider enough to cover living expenses for an extended period. This can allow a family to transition after a death.

College and future expenses.

When you add in college and future expenses for bringing up a child, you can see how an insured could want a million dollars or more in protection.

Contact the Michael Taylor Agency for Help.

You may not need a million dollars worth of life insurance protection. Still, when you add up burial expenses, personal and medical debts, childcare, mortgages, and college, you can see where it would be beneficial. The point is that it may depend on you and your goals and budget. Reach out to us at Michael Taylor Agency in Columbia, SC.

We can discuss your options. Reach out to us for your free quote today.

How at-fault insurance works in South Carolina

Posted on October 21, 2024October 15, 2024 by admin

South Carolina is one of 38 states with at-fault car insurance. No-fault insurance was popular for a time, but only a few states have it now. Out of the 38, 12 states have a modified at-fault system, but South Carolina is not one of those. Each system has its positive and negative aspects. To get your questions about automobile insurance answered, contact the Michael Taylor Agency in Columbia, SC.

Understanding the Systems

No fault means it does not matter who caused the accident. Each person gets compensation for damages from his own company. At fault, as the name implies, means someone caused the accident, and generally, the police make that decision. There is also a comparative system that breaks down the fault by percentage.

How it Works in South Carolina

South Carolina is one of the states that use a percentage at-fault system. How much at fault each driver was affects how much compensation they can get. If you were 40 percent at fault, you would collect 60 percent of your damage. If you are 51 percent at fault, you are not eligible to get compensation from the other party but may be able to file a claim with your own company.

In states like South Carolina, with at-fault insurance, you may have to prove liability, but you will not face restrictions. Premiums are higher in at-fault states, but you may get larger discounts for being a safe driver. The at-fault system is more time-consuming because you may have to prove liability, and you may have to go to court. No-fault insurance is designed to speed up the system and make claims easier to file. For more information about how car insurance works in South Carolina, contact the Michael Taylor Agency in Columbia, SC, today.

Why Term Life Insurance Is So Popular

Posted on September 23, 2024September 19, 2024 by admin

Many people need life insurance because they have loved ones dependent on them. It is crucial to secure this insurance so that those who rely on you will have financial security after you’re gone. Life insurance mainly comes in two forms – term life and whole life insurance. Whole life insurance is a policy that remains valid for the rest of the policyholder’s life. Term life operates differently. However, its popularity stems from its simplicity. To learn more about term life insurance, get in touch with us at Michael Taylor Agency in Columbia, SC.

The Benefits of Term Life Insurance

Term life insurance provides a significant advantage over whole life: it is considerably less expensive. This affordability has enabled many people who may not ordinarily afford it to take up life insurance. Given the high cost of living in today’s world, life insurance could seem like an unnecessary expense for those on a tight budget. However, with term life insurance, this isn’t usually the case.

Simple Policies

While the nuances of whole life insurance can be complex, term life insurance is straightforward. Unlike whole life policies, it does not accrue cash value over time, nor are there expensive premiums associated with whole life. The downside of term life insurance is that it expires after a certain period. However, many find the cost-saving benefits outweigh this shortcoming. And, in case your policy expires, you can always apply for a new one to take its place.

Get Term Life Insurance

If you’re interested in term life insurance, contact Michael Taylor Agency in Columbia, SC, to learn more.

How Renovations Impact Home Insurance Coverage in Columbia, SC

Posted on August 30, 2024August 16, 2024 by admin

Home renovations can add significant value and appeal to any property you’ve invested in or are currently living in as a resident in Columbia, SC. However, anytime you’re undergoing home renovations, it’s important to understand how upgrade and renovation projects can directly impact your home insurance coverage. At Michael Taylor Agency, we can help you better understand the ramifications of home renovations and how to ensure your current home insurance policy is adequate.

Potential Insurance Adjustments to Consider

When you’re conducting a home renovation, such as implementing structural changes, investing in a room addition, or even building an outdoor deck or swimming pool, it’s important to consider potential insurance adjustments you’ll likely encounter, such as:

Increased Premiums: Building onto an existing property or lot or adding new features to your home will immediately increase your home insurance premiums. It’s important to review any existing home insurance policy you have to determine how specific renovations you have in mind will directly affect the cost of your insurance policy.
Additional Risk: Some home renovations, such as an outdoor deck, swimming pool, or even a second-floor balcony, may also increase the risk of liability on your property. Based on the type of renovation you’re interested in, you may need to increase your homeowner’s insurance to protect against financial liability that may come with any potential accident that occurs in or around your home.

Choosing the right home insurance coverage policy or plan is one of the most important decisions a homeowner makes. If you live in Columbia, SC, and you’re considering new home renovations, it’s highly advisable to speak with a qualified insurance agent to adjust your policy accordingly. Contact the Michael Taylor Agency today to learn more about home insurance coverage options in Columbia, SC.

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