Am I Too Young for Life Insurance?

Maybe you’re in your 20’s or 30’s and don’t believe you’re quite old enough to get life insurance. While there is no set age for acquiring good life insurance coverage, the life insurance needs of a 20-year-old will probably be different than that of a 60-year-old. Learn about what kind of coverage would be best for you with the Michael Taylor Agency in Columbia, SC. 

What Does Life Insurance Cover?

Life insurance covers your family in the case that you die and are no longer able to provide for your family. Usually, this doesn’t concern people in their 20’s or 30’s as they may not have families quite yet. While it is legally required in most states to have the minimum amount of life insurance coverage when you reach 25, most people don’t consider getting more coverage until much later. 

However, it could be beneficial to have life insurance coverage in your 20’s and 30’s beyond the required minimum amount. You can get good coverage when you’re young for lower monthly payments than someone who is older. This is because you are less likely to need coverage when you are younger. 

Why Get Life Insurance?

It’s easy to overlook getting life insurance when you’re young because you still have a long life ahead of you. However, life is unpredictable and anything can happen, so you should have the coverage in case something happens. Even if you don’t have a family of your own, you should think about your parents, siblings, and other relatives in the event of your possible death. Things like funeral costs and other expenses can add up, so having the extra coverage can go a long way. 

Get Covered with the Michael Taylor Agency

To ensure that your family is covered, visit the Michael Taylor Agency. Our office is located in Columbia, SC, and you can schedule an appointment with us or get a consultation over the phone.  

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. 

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. 

 

Ideal Age to Get Life Insurance

You hear commercials for life insurance for people who are 55 or older. However, you might not want to wait until you’re older. Although there isn’t a specific age when you should obtain a policy, you should take into consideration certain factors to determine the right time. At Michael Taylor Agency, serving Columbia, SC, and the surrounding region, we help people get life insurance when it’s right for them. 

Student Loan Debt

You may want to get life insurance if you’re in your 20s and have student loan debt, in particular, private student loans. Loans from the government are automatically dismissed when you pass, but private student loans aren’t always forgiven. If you have a type of loan that doesn’t go away when you pass, your mother, father, or whoever cosigned or is your next of kin will get stuck with your debt. 

You’re Married 

Married people should consider their spouse when deciding when to get life insurance. Would you really want to leave your wife or husband with your final expenses and debt and without your income? Ultimately, once you get married, you should get life insurance to protect your loved one. 

You Have Kids 

You don’t want your kid to get stuck with your final expenses and any debt you have. Plus, you want to make sure your kids are taken care of if anything should happen to you. While you might be young, you never know what could happen. Cancer or a car accident could take your life prematurely, and you could leave your child behind without any funds. Your partner could have the burden of taking care of your kids without your income.  

Get a quote for life insurance, no matter your age, by calling Michael Taylor Agency, serving Columbia, SC, and the surrounding region, at 803-849-8500.