Term vs. Permanent Life Insurance: Making the Right Choice For You

Life insurance is a critical financial tool that provides your loved ones peace of mind and financial security. When considering life insurance, one of the most significant decisions you’ll make is choosing between term and permanent life insurance. The team at Michael Taylor Agency, providing life insurance to the residents in the greater Columbia, SC area, wants to help you select the right product for you. Here are some of the key differences between term and permanent life insurance.

Term Life Insurance:

  • Affordability: Term life insurance typically offers lower premiums, making it more budget-friendly, especially for young and healthy individuals.

  • Coverage Period: It provides coverage for a specified term, such as 10, 20, or 30 years. If you pass away during this term, your beneficiaries receive the death benefit.

  • Simplicity: Term life insurance is straightforward, with no cash value or investment component. You pay for pure insurance protection.

Permanent Life Insurance:

  • Lifelong Coverage: Permanent life insurance, which includes whole life and universal life, provides coverage for your entire life, as long as premiums are paid.

  • Cash Value: It accumulates a cash value component over time, which you can access through loans or withdrawals while alive.

  • Premiums: Premiums are generally higher than term life insurance but remain level throughout the policy’s life.

Choosing between term and permanent life insurance depends on your individual circumstances and financial objectives. A great insurance agent, such as the professionals at Michael Taylor Agency, can help review your individual circumstances and select the product that is a good fit for you. Contact our office, serving the greater Columbia, SC area, to schedule an appointment today. 

Using Life Insurance as an Investment Tool

Life insurance can do more than provide a death benefit for your beneficiaries. Choosing a life insurance policy with a cash-value account can also help you save money for retirement or create an investment account.

Better Investing in Columbia, SC

We offer various life insurance options at Michael Taylor Agency, including whole life insurance with a cash value account attached. These whole life plans provide a death benefit just like our other life insurance options but also help you save money in a tax-free savings account.

Some of these accounts pay interest, while others use an index, such as Standard & Poor’s, to determine quarterly or annual earnings. Many cash-value accounts take two or three years to vest, during which time you can’t borrow against the account. Once vested, you can borrow against the cash value portion of the life policy or, in some cases, withdraw from it.

Advantages of Life Insurance with a Cash Value Account

The premiums for these whole-life policies cost a little more each month than those for a term-life policy. The premium payment pays for the policy and a small monthly deposit to the savings account. The main advantages of this method of saving include the money’s tax-free status and the ease of bundling two payments – life insurance and savings deposit – into one payment.

Get Started Saving Today

Contact Michael Taylor Agency, serving Columbia, SC, and the surrounding communities. Let us help you set up a life insurance plan that also provides for your retirement. Call us today.

The difference between whole life policies and term life policies

Whole life and term life insurance policies are two of the most commonly purchased types of life insurance at Michael Taylor Agency, but they provide very different benefits and protections. Whole life policies are designed to provide coverage for your entire lifetime, whether in the Columbia, SC area or elsewhere. In contrast, term life policies are typically offered for a specific period (such as 10 or 20 years). 

The main difference between whole life and term life is that with a whole policy, you will be covered from the time you purchase it until the end of your life. The premiums remain the same throughout the policy, and if you pass away, your beneficiaries will receive the death benefit. With a term policy, there is usually a set time frame in which the coverage will last (the “term”). Once that period ends, you can either renew the policy or let it expire. If you pass away during this term, your beneficiaries would receive the death benefit; however, if you outlive the term, no death benefit is paid out. 

Overall, it is important to assess your individual needs when deciding whether to purchase a whole life or term life insurance policy. Whole policies provide lifelong coverage plus an investment component, whereas term policies offer only temporary protection but may be cheaper than their whole counterparts depending on age and health conditions.

For more information, give us at Michael Taylor Agency a call today. We are proud to serve the Columbia, SC area and would be happy to help you find a policy that meets your needs and your budget.

Factors To Consider When Choosing Retirement Insurance

Is it time for you to start looking into retirement insurance? Michael Taylor Agency of Columbia, SC is here to assist you! Choosing the right retirement insurance can be challenging. That’s especially true with so many options available. However, taking the time to consider the following things will help you make the best decision possible.

Factors to Consider:

Coverage Amount

The coverage amount is one of the most important things to consider when choosing retirement insurance. You want to ensure the policy provides enough support financially to cover your living expenses after you reach retirement age. Put your current lifestyle in the forefront, and estimate your future expenses, including things like medical bills and other healthcare costs.

Premium Costs

The cost of the premium is another item you must consider. While you want to make sure you have enough coverage, you also want to make sure you can afford the monthly or yearly payments. You don’t want to find yourself struggling in other areas because you’re trying to keep up with your insurance premiums.

Policy Terms

When choosing your retirement policy, you must review all the terms carefully. Make sure you understand the length of the policy, how the payments are structured, and any limitations or restrictions.

Insurance Provider

The insurance provider is another important factor to consider. You want to choose a provider with a strong financial stability rating and a good reputation. Check for reviews and ratings online or ask friends and family members who they use.

We understand how important it is to choose the right retirement insurance. That’s why we offer a slew of options to meet each of our client’s unique needs. Our team of experts can help you understand the different features mentioned and guide you through the process of choosing the right policy.

Consider Your Future with Michael Taylor Agency

At Michael Taylor Agency in Columbia, SC, our goal is to help you plan for a secure future without all the stress. We believe selecting retirement insurance that suits you personally is an important step in reaching that goal. Our team of experts is here to answer your questions and guide you through the process of choosing the right policy for you. So take the first step toward a secure financial future and contact Michael Taylor Agency in Columbia, SC, today.

How Whole Life Insurance Works

Whole life insurance is one of the two main types of this insurance that are available on the market. Whole life insurance works much differently from the other type, term life. There are advantages and drawbacks to this type of life insurance, and it’s good to understand how it works before deciding on a type of policy. If you are interested in life insurance, call us at Michael Taylor Agency in Columbia, SC. 

Coverage for Your Whole Life

A whole life policy stays viable for your whole life, no matter how old you get. This is a popular type of life insurance for this reason, with many people appreciating the idea that they will never have to get another policy. There is an expiration date for those who get term policies, but this doesn’t happen with a whole life policy. When you are at an advanced age, this type of policy generally costs more than getting a term life policy. However, there is another value to be found in this type of coverage. 

Cash Value

Whole life policies build up a cash value that accumulates over time. This generally starts a few years into the policy. The premiums that policyholders pay for their policies are invested by the insurance company, and a profit is made on them. With a whole life policy, a small percentage of those profits are put into a growing fund that you can borrow against. Many policyholders choose this type of insurance in part because there is this cash value that could come in handy if they ever have a financial emergency. 

Get Whole Life Coverage

If you’re interested in a whole life policy, call us today at Michael Taylor Agency in Columbia, SC. Going without life insurance works against protecting your family.

Do all people in South Carolina need life insurance?

Anyone living in or around Columbia, SC will have different insurance needs to be met. One necessary type of coverage to consider getting is life insurance. Those that obtain this type of insurance will benefit in various ways, and all people should get this type of coverage for different reasons. 

Provide Financial Support for Dependents

The primary reason people want to get life insurance is to offer financial support for their loved ones. An untimely death can be a challenging financial situation if you have dependents that rely on your income. When you get life insurance, you can build a plan that will meet their specific needs. Many people build plans with a policy amount that would cover funeral and medical costs, future housing expenses, education, and other inevitable costs that will be incurred.

Good Investment and Savings Tool

Another reason to get this coverage is that life insurance can also act as an investment and long-term savings tool, as some policies have a cash value component that grows with interest over the years. One of the best ways to benefit from this advantage is by getting a whole life insurance plan. This can make it a great addition to your personal savings plan.

When you are in the Columbia, SC area, it would always be a good idea to assess your insurance needs appropriately. When you are looking for life insurance support, calling our team at the Michael Taylor Agency would be helpful. There are many important choices to consider when looking for this coverage. Our team of professionals at the Michael Taylor Agency can answer any questions and offer the guidance you need to select a new plan.

What Does Retirement Insurance Cover?

People prepare for retirement in many ways, and the agents at the Michael Taylor Agency in Columbia, SC, explain how retirement insurance policies work. While most people think of life insurance plans as insurance created to help your loved ones financially when you die, there is also what is referred to as a retirement life insurance plan. This type of plan can help you save your retirement income while using the benefits of your whole life insurance policy.

This means that the cash value portion of your whole life insurance policy plan can help you when combined with your existing retirement savings. Let’s look a little deeper at what retirement insurance policies look like.

What Is a Life Insurance Retirement Plan (LIRP)?

A life insurance retirement plan is not designed to replace a standard retirement plan, such as your 401K or IRA plan. Usually, when someone is thinking about acquiring a life insurance retirement plan, they think more about a permanent life insurance plan. This means the two terms can be used interchangeably.

A life insurance retirement plan is a type of permanent policy with a cash value portion that accumulates like a savings account throughout the policy’s life. It will have a benefit that is paid to a beneficiary when the policyholder dies, and the plan will never expire. This means that a life insurance retirement plan will last throughout the life of the person who holds the policy.

How It Works

You pay your premiums for a life insurance retirement plan, and a portion of each of your payments is put into a savings account, which is then referred to as the policy’s cash value. This type of savings account can grow over time and is tax-deferred at a predetermined interest rate.

You can use your retirement insurance plan as an overfunded cash value, which means you can contribute more money to your policy’s cash value throughout the years before you need it. This will give you a stronger foundation to have in place when you do retire. You could also borrow against the policy’s cash value, which is basically like taking out a loan. This can help you if you make larger purchases later in your life. A withdrawal cash value is available for some emergencies, which means you can withdraw directly from the cash value savings account.

Contact Us

To start your retirement insurance policy, call upon the professionals at the Michael Taylor Agency in Columbia, SC today!


What Types of Life Insurance Are There?

Life insurance is a voluntary financial instrument helpful in passing wealth down to inheritors and is not mandatory by law for Columbia, SC residents to purchase. Below are some of the more common kinds of life insurance available. 

Term Life Insurance

This type of indemnification lasts for a specific number of years, during which your beneficiaries will receive a payout if you pass away. When the term expires, your insurance is considered null and void. This coverage will often carry the lowest premiums; the typical cap is thirty years. Limits can sometimes go as high as millions of dollars, and you can choose a policy that renews annually. 

Whole Life Insurance 

A policy of this category will last your entire lifetime, paying out a death benefit to your beneficiaries. Premiums generally stay the same, are fixed, and must be current for the payout feature to be considered valid. Your knowledgeable Michael Taylor Agency representative can give you more specific information about what is included in this coverage. 

Universal Life Insurance 

This is a subset of permanent life insurance and usually has a cash value component, allowing you to take out loans against the savings you have accumulated. Your premiums can be deferred on a temporary basis while being paid from this fund, but the money does need to be paid back. Any outstanding balance is subtracted from the payout at your passing, and the savings function tends to operate on a tax-deferred basis. 

Michael Taylor Agency Can Help

Let us put together an insurance package to suit your needs. Serving the residents in and around Columbia, SC, we invite you to find out more by calling, visiting us on the web, or stopping by our office. 

Can You Change Life Insurance Beneficiaries or Do You Need to Get a New Life Insurance Policy?

At Michael Taylor Agency, serving the Columbia, SC area, one of the different types of insurance products we offer is life insurance. Life does not always remain the same, and as such, you may decide that you want to leave your life insurance policy to someone new. When this happens, you may wonder if you can change your life insurance beneficiaries or whether you need to get a new life insurance policy altogether. Read on to learn the answer to this question. 

Can You Change the Beneficiary Of Your Life Insurance Policy? 

As long as your life insurance policy has revocable beneficiaries, you can change the beneficiary on your life insurance policy. It is vital that you cannot modify a will to change the beneficiary of your life insurance policy. You have to change the beneficiary with the insurance company itself. If you do not own the life insurance policy, you will have to request that the person who owns the policy makes the request. 

How Do You Find Out If Beneficiaries Are Revocable? 

In most cases, life insurance beneficiaries are revocable. However, the beneficiary may not be revocable if the courts order you to obtain a policy and keep it in a spouse’s name. In most cases, the policy will specifically state whether the beneficiaries are revocable or not directly under the beneficiaries section. If you are unsure, an insurance agency can always read the policy and help you understand the terms of your specific policy. 

If you are looking to obtain a new life insurance policy or you are looking to change the beneficiary on an existing life insurance policy, Michael Taylor Agency, serving the greater Columbia, SC area, can help you. Call or email us to get started. 

Funeral, Memorial, or Celebration of Life: What Are The Differences?

After someone passes away, three distinct types of services can be provided: funeral, memorial, and celebration of life. It’s essential to understand the difference between a funeral, memorial, and celebration of life to make the best decision for your loved one. Michael Taylor Agency of Columbia, SC is here to help you understand these differences.

Funeral Services

People will often hold a funeral service to honor someone who has died recently. The service usually occurs shortly after the person’s death and may be held at a funeral home, church, or other location. It is usually a formal service.


A memorial service is a ceremony to remember and honor a person who died. It is usually held after the person’s funeral but can be held anytime after death. A memorial service typically includes speeches or readings from family and friends. It is often a time for people to share memories of the person who died. Memorial services can be religious or non-religious.

Celebration of Life

A life service celebration can be held at any time after the person’s death. The purpose of the celebration of life service is for family and friends to remember the person’s life and to celebrate their legacy with music and food. It is often less formal and includes a more extensive gathering of individuals who knew the deceased.

Being Prepared

One of the most important things you can do to protect your loved ones is to purchase life insurance. If you die, life insurance provides security for your family by replacing your income and covering expenses like the cost of a funeral and outstanding debts. It can also help your family maintain their standard of living and pursue their dreams.

If you’re looking for life insurance in Columbia, SC, Michael Taylor Agency is a great option. We offer a variety of life insurance products to meet your needs, and our knowledgeable staff can help you choose the right policy for your situation.