What type of life insurance is right for my situation in South Carolina?

Those that live near Columbia, SC are going to have a variety of important insurance needs. One type of coverage that many people should consider is life insurance, as it can offer valuable protection to those that you care about. If you do want to get life insurance here, choosing the right plan is important. The two most common options are term and whole life. You should consider the features of both when deciding which is right for you. 

Term Life Coverage

A term life insurance plan is a very popular form of coverage. This type of plan will give you coverage for a defined term, which often is between 20 and 30 years in length. This will provide life insurance coverage up to your policy amount. Term life is often a popular option as the premiums are often lower than other forms of protection. 

Whole Life Coverage

You can also consider a whole life insurance plan, which can offer coverage for the rest of your life if you continue to make payments. When you have a whole life plan, a portion of your payment each month will deposit into an account that builds with interest. In the future, this account can be accessed to convert it into cash or post it as collateral. This can make it a good addition to your investment portfolio as well. 

Picking the right life insurance plan is always going to be an important decision. As you are looking for a new plan near Columbia, SC, it can be helpful to call the Michael Taylor Agency. The team with the Michael Taylor Agency can help you assess your different life insurance options and give the guidance needed to choose a plan that will offer you the right protection for your situation.