Is there an Insurance Policy to Protect Your Retirement?

If you are getting ready to retire in the Columbia, SC area, you probably have a nice nest egg designed to provide a steady income for the next twenty years. But what happens if you are faced with huge hospital bills or are involved in a major auto accident? It can all be gone in an instant. Your retirement specialist at Michael Taylor Agency encourages you to discuss insurance products designed to keep the cost of living affordable and predictable.

Umbrella Insurance Leaves Your Savings in the Bank

When your net worth climbs to a half million or more, you become a target. You could be faced with a costly lawsuit if somebody suffers from an accident you may have caused. Instead of emptying your retirement fund or having to sell your home, umbrella insurance could cover the added expense and only cost you a few dollars a month.

Supplemental Insurance for Medicare Keeps Health Affordable

You are beginning to collect your benefits from the government, including having Medicare cover many of your health costs. But prescriptions and a large portion of costs remain your responsibility. A supplemental health insurance policy helps to keep those costs down, and you will know how much to budget for each month.

Talk about Long-Term Disability and Nursing Home Costs

Finally, should you or your spouse’s health suddenly decline, you may require nursing home support. If you leave your estate unprotected, you could blow through your nest egg in just a few months. A long-term disability policy can provide the help you need without stripping you of your house and standard of living. 

Look forward to a retirement free from financial worries when you work with your agent at Michael Taylor Agency and enjoy your years taking advantage of everything Columbia, SC has to offer. 

What Life Insurance is Right for Me?

One of the most important types of insurance coverage that many people need to consider is life insurance. When you get a life insurance policy, you are helping to ensure that your loved ones are cared for if you happen to pass away. When looking for life insurance, the two main options to consider are a term or whole life insurance policy. There are several features of both types of insurance that you need to understand when determining which type of insurance is right for you. 

Whole Life

One type of insurance you should consider is whole life insurance. This type of insurance policy will provide you with coverage of a defined amount for the rest of your life. When making payments to the insurance company, a portion will also build up into an account that can be liquidated at any time. This can also make it a good investment. However, payments tend to be much higher than other insurance options.

Term Life

For those looking for the best short-term solution with life insurance in the Columbia, SC area, one of the best types of insurance is term life coverage. With this type of coverage, you will receive a specific amount of coverage for a certain amount of time. This is ideal for people looking for the most coverage with the lowest payment.

Since life insurance is so important, you need to make sure that you get the right policy to match your needs. For those that are in the Columbia, SC area, going to meet with the Michael Taylor Agency is a great option. When you meet with the Michael Taylor Agency, you will receive far more insight into all of your life insurance options and the agency can prepare a quote for your policy. Contact our agents for more information.

Retirement insurance: How it works

In the U.S., "Retirement insurance" refers specifically to the payments made by the Social Security Administration for those who have reached the age of sixty-two. This is where you collect on your benefits after a lifetime of paying into social security. The payments are generally modest but enough for most retirees to get by, or to help them with some supplemental income each month. However, this shouldn’t be the entirety of your retirement insurance plan. Michael Taylor Agency can help Columbia, SC retirees to live a much more secure life post-retirement.

So the question is, then, what other insurance is important in your retirement years?

Different people will, of course, have different priorities, but for most, retirement insurance will come down to life insurance, property insurance, auto insurance, and possibly an umbrella policy. Life insurance is especially important if you have dependents or want to be able to help your family out when you’re no longer around. Making sure that you have enough coming to your family for funeral expenses and other arrangements can be a very big help. An umbrella policy can also be very helpful as it offers an extra reserve of coverage to dip into when your other policies reach their limit.

It has been shown that while retirees often take in less income than they did at a younger age, they are better at saving and spending money than ever before. A lifetime of experience goes a long way in financial planning. Michael Taylor Agency can help you to devise the plan you need to make sure that your family in Columbia, SC are taken care of.

When Should You Choose Term Life Insurance?

At the Michael Taylor Agency, residents who live in or around the Rock Hill and Columbia, SC area can have all of their questions concerning life insurance answered quickly and efficiently. There are several types of life insurance which can make a person unsure of which type they need. Whole life and term life are two of the most common and are the easiest to understand.

Term Life Gives You More Options

Term life gives you the most options. You can choose the length of time you want the policy to be in effect. Some people may only want their policy for 10 or 15 years, while others may want a 30 or 40-year policy. Your needs are specific to your circumstances so you will want to have the coverage that protects your interests. You also have the option to borrow against your policy or cash it out once it reaches maturity. If you want to leave it in place, you can convert it to a whole life or permanent policy.

Term Life Is More Affordable

Because of the different options you have when it comes to the term of your policy, your premiums are often much more affordable than with a whole life policy. People who have children and are concerned about making sure their needs are met if an emergency occurs are often the ones who opt for a term life insurance policy. Simply put, it doesn’t take valuable resources away from the family, and it offers financial support when they need it the most.

In Columbia, SC, the residents of the Michael Taylor Agency can answer all of your life insurance questions and make sure you have the right type of policy that best suits your family’s individual needs. Reach out to our offices for more information.