Term Life vs Whole Life: Which Life Insurance Policy Meets Your Needs?

Purchasing life insurance is one of the most important things you can do to protect your family, but it can be difficult to understand which policy is best for you. At Michael Taylor Agency in Columbia, SC, we work hard to match our clients with the best policy for their needs. 

Term Life

Term life provides life insurance coverage for a specified term, which is generally 10-30 years. When the term is over, you may have the option to renew the policy. However, your premium may change if you choose to renew the policy. 

Term life insurance can be the best option if you plan on being financially secure enough to not require life insurance after the term is, or if you are at an age where you don’t expect to outlive the policy. Term life premiums are generally less expensive than whole life premiums, but the only value term life offers is the death benefit. If you outlive the policy, you and your family don’t receive any money.

Whole Life

Whole life policies are more complex than term policies. Your policy will cover you until your death. It also builds cash value. Many policies allow you to borrow against the cash value or cash out the funds. However, this may be removed from your death benefit if it isn’t replaced. Whole life policies earn a modest interest rate. Premiums are higher for a whole life. One reason for this is that the company will have to pay the benefit upon your passing, unlike term life where you may outlive the policy. The other reason is the cash value the policy builds.

Whole life insurance can be the best option if you want a policy that will remain with you until your death and if you are looking for an easy way to invest. 

No one wants to think about life insurance, but the right policy will keep your family financially stable. To learn more about which life insurance policy is best for you in Columbia SC, contact us at Michael Taylor Agency. 

How Retirement Insurance Can Help Columbia, SC Residents Live Comfortably As They Age

Located in Columbia, SC, Michael Taylor Agency offers insurance policies to the local community. We understand that insurance policies are a valuable part of a person’s long term financial security. We want to help all of our clients find the coverage that they are looking for.

Planning For Retirement

As you start to age, you’ll start thinking more and more about retirement. However, if you’ve been preparing for years for this upcoming time in your life, that will help the process run smoothly. Many people will rely on retirement insurance. Retirement insurance is a synonym for the payments that people receive from the Social Security Administration after they turn 62. There are multiple ways that retirement insurance can help you enjoy a comfortable lifestyle as you age.

You can use retirement insurance to start planning the succession of your assets to future generations of your family. This is especially helpful if you plan to leave your estate to your children.

Retirement insurance can assist your spouse. The insurance can help take care of some expenses after your death, such as your funeral costs. Retirement insurance can help ensure that your spouse will never be put in an uncomfortable financial situation.

You can also use retirement insurance to assist with any goals that you’d still like to accomplish. Perhaps there is a special part of the World that you would like to visit or an activity that you would like to experience before it is too late. You can use your retirement insurance to explore new things.

Michael Taylor Agency Can Help You Plan For The Future

At Michael Taylor Agency, we strive to establish meaningful relationships with all of our clients in the Columbia, SC area. We will sit down with you and help you find the right policy to make sure that your family is taken care of. Visit our website to find out more information.

What are my South Carolina life insurance options?

Anyone that is in the Columbia, SC area has a lot of personal insurance needs. One form of insurance that is particularly important to have is life insurance. If you are in this area of the state, one form of insurance to seriously consider is life insurance. If you are going to get a life insurance policy, the two most common options are term and whole life. It is important to consider the benefits of each to determine which is right for you. 

Term Life Insurance

The most common form of life insurance continues to be term life. With this insurance, you are going to have coverage for a period of time, which typically lasts between 15 and 30 years. Once this term is over, your coverage will end. However, the premium payments are quite low compared to other life insurance options.

Whole Life Insurance

Another form of insurance to consider is whole life insurance. When you get a whole life policy, you are going to have coverage for as long as you want it. While the cost of this insurance tends to be much higher, it can be a good option as it is also a conservative investment alternative as a portion of your payments build up in an account each month. 

For someone that is in the Columbia, SC area, it is very important that they get a quality life insurance policy. As you are searching for life insurance, you may find that picking a policy is confusing. To ensure that you pick the right policy for your situation, you should call the team at Michael Taylor Agency. The Michael Taylor Agency can help you to better decipher all of your life insurance options. This will help to ensure that you end up picking the right policy for your situation. 

What are my Life Insurance Options in South Carolina?

For anyone that is in the Columbia, SC area, having good insurance coverage is very important. One form of insurance that should never be taken lightly is your need for life insurance. Since it can protect those that depend on you, having a good policy is very important. There are several different life insurance options that should be considered when you are looking for your next policy. 

Term Life Insurance

One of your options for life insurance is to get a term life insurance policy. When you get a term life insurance policy you will get a certain level of coverage for a specific period of time. This form of insurance will often give you the most amount of coverage for a smaller monthly premium. However, once the term of the policy is over, you will not be able to recoup any of your insurance payments.

Whole Life Insurance

Another form of insurance to consider is whole life insurance. This is a unique and beneficial form of life insurance because it will give you coverage for your entire life. While the premiums for whole life insurance are higher, someone in the Columbia, SC area can benefit because a portion of the policy will add up in an account that can eventually be liquidated. This can make it a good form of investment as well. 

When you are in the market for a new life insurance policy, you should speak with the team at the Michael Taylor Agency. The insurance professionals at the Michael Taylor Agency can address all of your concerns when it comes to choosing a quality insurance policy. This could ultimately help you to better understand your options and get into a policy that provides the right level of coverage to your loved ones. 

Types of Life Insurance

Life insurance is often misunderstood because there are so many types of coverage. You might have heard of the various types of life insurance, but there are basically two primary types. Here at the Michael Taylor Agency, we want to help our Columbia, SC family understand its options. 

Term Life Insurance

Term life insurance is life insurance coverage that is active for a set period of time, such as 10 years or 30 years. Generally, term life insurance has fixed premiums and a fixed payout upon the insured’s death. Those who choose term life insurance often do so to have coverage during an important period. 

For instance, they might have it for 30 years until their mortgage will be paid off. This helps their family in case tragedy strikes while they are still making house payments. Term life is also a more affordable option for many families.

Permanent Life Insurance

Permanent life insurance is insurance coverage for your whole life, as long as you pay your premiums every month. Permanent life insurance policies are attractive to individuals because they build cash value. Some also offer flexible payments and flexible death benefits. There are two popular types of permanent life insurance: whole life and universal life.

They are similar but have some distinct differences. Both provide lifelong protection and build cash value. The main difference is in how that cash value is built. With whole life, the value is built with low risk and it is guaranteed. A universal life policy’s cash value is built in a more high-risk fashion and is not guaranteed- it depends on the performance of the market.

Both permanent life and term life offers the policyholder some great benefits. If you are in the Columbia, SC area and are looking to obtain new or update your current life insurance policy, stop by or give the Michael Taylor Agency a call today. We can help you find the coverage you need for the life you love!

 

How a Cash Value Life Insurance Policy Can Help You Prepare for Retirement

At Michael Taylor Agency of Columbia, SC, we want our insurance products to help you live a better life from your youth through retirement. We want you to be able to provide for your family in your death.

You have many investment options available to you. This blog explains how a permanent life insurance policy with a cash value component helps you prepare for and pay for retirement.

You might not have thought of life insurance as a way to save for retirement, but you can use it that way when you choose a policy with a cash-value component. You probably think of term life or whole life, but with an indexed universal life policy, you can provide for your family with a death benefit and save money in a cash-value account, tax-free. That savings let you have a nest egg into which you can dip into for purchasing cars or paying for a medical emergency. 

Indexed Universal Life Insurance Defined

Universal life refers to a permanent life insurance policy with a saving account component. Your monthly premiums go into a cash-value account as well as paying for the insurance death benefit. 

The indexed part refers to the stock market index. The cash value savings or investment account works with the index which determines the amount of money the account earns. Your investments are typically protected with a floor. That means your account balance cannot drop below a certain minimum even if the stock market does badly. You can exceed the current interest rate by using this method, so you earn more on your investment without risk. 

You typically get a flexible premium option that lets you pay on a fixed amount on a schedule. You can request to adjust the premiums or the death benefits. 

Call Michael Taylor Agency of Columbia, SC today to learn more about how you can save for retirement and insure your family at the same time. We can help you build the nest egg you desire.

Is there a specific age limit to get a life insurance policy?

You have probably heard of the phrase that “the younger you are, the healthier you are and the less expensive your life insurance is.” Purchasing life insurance early enough ensures that those you leave behind upon your demise are financially shielded, and other expenses like your end of life expenses and burial are handled.

Is there a limit?

Life insurance is age-banded. This means that with every passing year, the policy gets more expensive. At Michael Taylor Agency, we advise our insurance holders to buy life insurance early, as the optimal age for purchasing life insurance is generally cheaper right after birth. In truth, age is a determining factor. Premiums are more expensive for older people than for young people. However, those who wish to buy life insurance at a later age are allowed to do so up to the age of 90 years.

Do you have dependents?

The most influential reason for purchasing life insurance is the number of people who depend on you financially. If you are still working and have children or a spouse who depends on your income, then it makes sense buying insurance at a later age.

Do you have assets?

Your car, home, business, and other assets around Rock Hill or Columbia, SC will need to be taken care of once you are gone. If your assets are on loans and debts, life insurance can help assure your family that they are financially protected and not burdened by large sums of payments in the future.

If you are looking to buy life insurance, you may need to contact your insurance provider to know the age limit, which ranges from a maximum of 75 to 90 years. Reach us at Michael Taylor Agency serving in Columbia, SC for more information and policy inquiries. 

Types of Car Insurance Coverage

It is useful to know the types of coverage when you’re looking for auto insurance. With the right coverage, you’ll know whether you’re covered for specific incidents that may occur. There are many types that include basic coverage, which may be required by the state that you’re in. In Columbia, SC, you must have a certain amount of liability insurance, uninsured motorist, and underinsured motorist coverage. Michael Taylor Agency can help you with that.

Basic and Secondary Insurance Types

  • Liability insurance – protects you by covering damages and injuries from an accident that is deemed to be your fault.

  • Comprehensive coverage – is insurance for your vehicle if it becomes damaged as a result of anything other than a car accident, such as vandalism, fire, or theft.

  • Collision coverage – is enabled when you collide with another vehicle or object.

  • Uninsured and underinsured motorists – is coverage that sometimes used together. It can cover damages to your vehicle if the other driver leaves the scene or is not fully covered.

  • Personal Injury Protection – covers medical expenses. Depending on your policy limits, you could have complete medical coverage of an injured individual.

Miscellaneous Insurance Types

  • Rental reimbursement insurance – covers the cost of a rental if you need a vehicle while yours is being repaired after an accident.

  • Classic car insurance – is for vintage vehicles and specific older model cars.

  • Gap insurance – offers insurance coverage that protects you over your auto insurance limits.

Although you do not necessarily have to purchase the maximum amount of car insurance, it is a good idea to have some coverage in case of an accident. If you are found responsible for an accident, you could pay hundreds of thousands of dollars in medical bills and vehicle repairs. In Columbia, SC, Michael Taylor Agency can help you secure auto insurance for your vehicle.

Columbia SC: Who Should Be Your Life Insurance Beneficiary?

The Michael Taylor Agency in Columbia, SC gets a lot of questions about life insurance policies. One of the most confusing things is who should be a beneficiary or should you have more than one beneficiary? The first thing that we always ask is: who is affected the most by your financial responsibilities when you are gone?

The biggest thing to consider is your loss of income when you pass away. This doesn’t mean that a retired person wouldn’t want coverage either. Many times, monies may be owed. You may have a dependent, spouse, partner, relatives, charities or loved ones that would benefit from wealth after you are gone. 

Considerations for Life Insurance Beneficiaries

Do you have any loans such as mortgages, car loans, or mutual property owned? You may need to consider the financial impact of these loans on the people that you leave behind. 

Another scenario to consider is mixed families. Do you have step-children and children that depend on you? Are you a single parent with an ex-spouse or partner? Do these people need money in order to make ends meet if you were gone?

Mythbusters of Life Insurance 

Oftentimes, we run across clients that think that they don’t qualify for life insurance. 

  1. Life insurance is too expensive. We will teach you how to invest in life insurance that is extremely affordable. Don’t be fooled into thinking that because you are older that you can’t get life insurance. You can. Of course, the younger you are when you make this investment, the better.
  2. I can’t have life insurance because I am disabled. Rest assured that coverage is still available even if you are disabled. You are not guaranteed that your rates will increase. We will find you the best rate possible when you go to The Michael Taylor Agency. 

If you have any questions about getting a reliable life insurance policy for your lifestyle, call The Michael Taylor Agency at 803-736-6969 or visit our office in Columbia, SC. 

 

3 Tips for Buying Home Insurance in South Carolina

Owning a home is a dream come true for most people. It’s something you can call your own, something you can make your own. With a home insurance policy in Columbia, SC, you can have peace of mind knowing that this important asset is protected. If you’re looking for a new home insurance policy or want to switch from an existing one, the team at Michael Taylor Agency has a few tips to help you get started.

1. Compare Several Insurance Quotes

To start, work with an insurance agent to compare several home insurance quotes. Coverage and prices vary so be sure to go over all the fine detail and ask the agent any questions you may have, as this is a very important step in the process.

2. Bundle Your Insurance Policies under one Company

After choosing a home insurance policy, consider bundling it with your other insurance policies under one company. Insurance companies will save you money on your premiums when you bundle everything with them. This is one of the easiest ways to save money on a new home insurance policy in Columbia, SC.

3. Work with a Reputable Insurance Agent

To make sure you get the right home insurance policy at a price you can afford, work with a trusted and reputable insurance agent. We will help you find and compare quotes, bundle policies, and save you money. We are also there to answer all of your questions before, during, and after you purchase a home insurance policy.

To learn more about acquiring a home insurance policy, contact the team at Michael Taylor Agency today. We can be reached at 803-736-6969.