As a first-time life insurance buyer in Columbia, SC, getting a life policy can seem like an endless process of estimations and calculations. While it often tends to get detailed, settling into the proper life insurance is all about understanding your short-term and long-term needs. Michael Taylor Agency explains three crucial things to consider when getting a life policy.
How Long Do You Need Coverage?
Life insurance comprises two main coverage options, both of which consist of different maturity periods. Whole life coverage is the first option that exists for as long as you live and often comes in handy in providing your spouse with income replacement upon your demise. On the other hand, term life coverage exists for a specific period, such as the duration of your mortgage, after which you can get the benefits of your insurance. Based on these differences, consider where your needs lie and your insurance’s duration before getting your coverage.
Think About the Various Uses of Life Insurance
Life insurance essentially protects your loved ones when you leave them behind, but that is not its only purpose. Some life policies can be used as savings plans, most notably when their value increases over time. Such a plan works in a similar capacity to a retirement policy, helping you get financial stability in your future. Make it a point to ask your insurance agent about your coverage options’ various uses to allow you to get the best out of each.
Evaluate Exclusions in Your Policy
Life insurance often involves exclusions, aspects that can cause hindrances in payouts in the future when not adhered to. Assess your policy’s finer details before making it official and ask questions to ensure you comprehend all clauses. Consider getting your insurance agent’s help to break down any jargon, as it will go a long way in ensuring your dependants have peace of mind during settlement procedures.
We understand that life insurance can often get overwhelming; that is why our Columbia, SC agents are ready to take you through this crucial part of your journey. Call Michael Taylor Agency today to discuss your life insurance needs.