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.
- 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.
- 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.