Know what a life insurance policy covers and how much you need. Ensure the policy you choose has the right coverage to protect your family if you die. 

Next, make sure the policy covers the health conditions that could cause you to die early, such as a heart condition, if necessary. 

Finally, make sure the policy has the flexibility to adapt to changes in your life, such as family changes or career changes. Michael Taylor Agency is your pal for cover inquiries in Columbia, SC! 

What Entails Choosing the Right Life Insurance Policy 

When choosing a life insurance policy, it’s important to select a provider with a solid financial standing and a plan with the coverage you need at a price you can afford. You’ll also want to ensure the policy fits your needs throughout the duration of the policy. 

Some people buy life insurance to provide a source of income for their families if they die. Other people purchase life insurance to pay for final expenses, such as funeral costs or mortgage balances. 

You may want a policy with a guaranteed pre-paid alternative. If you are no longer working, you may want to purchase a policy that offers a guaranteed term option. You can also consider other factors when choosing a policy, such as fixed or variable rate, the coverage you need, and how long you want the policy to last. 

While this is true in some cases, it’s also important to have a policy in place if you have financial obligations that your estate can’t cover. For example, most people have a mortgage or other debts that can’t be paid from the grave. 

The amount of protection that you need is another essential aspect. If you have a family that depends on your income, you will require more coverage than a person who’s financially independent and has no dependents. 

Parting Thoughts 

A combination of whole and term life insurance is typically recommended for the majority. Term insurance is the most affordable type of life insurance, and it’s a good option for most people since it’s intended to be temporary coverage. 

Whole life insurance is much more expensive but can have advantages for some people, such as a guaranteed rate of return on your investment. 

Most people will benefit most from a combination of both life insurance policies. Are you stuck in Columbia, SC? Don’t hesitate to seek help with Michael Taylor Agency.

Michael Taylor Agency is here to serve the insurance needs of the greater Columbia, SC community. If you want to make sure that your family doesn’t have to worry about your final expenses, call us today. We can help you find a policy that can help defray the cost of these expenses. 

Cover your burial expenses with a life insurance policy

Access to a death benefit can make dealing with the loss of a loved one a lot easier to deal with. There are no claims to file. Thus, the benefit is available to cover any funeral or burial costs without coming out of pocket to cover the expenses. Even if you have a significant estate with sufficient funds to cover these expenses, they may not always be readily available.

Many estates can languish in the probate process before they are settled. This means that it is up to you and your family to find the funds necessary to cover any immediate expenses related to your death. In some instances, this can be an undue burden that creates a lot of stress for someone who is already mourning the loss of a loved one.

Having a life insurance policy in place that will cover these expenses will allow your family to take care of immediate financial needs during their initial bereavement period. Fortunately, you can prepare your family for a smooth transition that takes care of their immediate needs upon your passing.

Call or stop by today!

Columbia, SC area residents can count on the folks at Michael Taylor Agency for all of their insurance needs. Call or stop by our office today if you want to make sure that your loved ones don’t have to worry about your end-of-life expenses.

Life insurance is something you want to get right. You need to have the right amount and the correct type of insurance. To get to that point, you need to ask yourself some questions. Once you have the answers, talking to your local independent insurance agent can help you get the right amount. In Columbia, SC, you can count on the Michael Taylor Agency to provide you with the kind of service and customization you want. 

What do you want from your life insurance?

Are you purchasing your life insurance strictly for the death benefit?  If so, then term life insurance will provide what you need. If you want to end up with life insurance earning dividends and having a cash value you can borrow against, then whole life insurance may be more than what you have in mind. 

Who depends on your income?

Of all the things that need to be considered, who depends on you is one of the most important. If you support your aging parents, that is much different from having young children who are counting on you. 

How long will you need to supply support?  

Depending on the age of your dependents, you may need to supply support for a very long time. That means having a longer term on your term insurance. 

What is your income?

Your income affects the amount of life insurance you need to have. You are replacing your income with your dependents. You need to multiply your yearly income by the number of years you need to provide for. If you don’t need to supply all the amount they need to survive for the year, consider that. 

Contact the Michael Taylor Agency in Columbia, SC for all your life insurance needs. We are happy to give you the personalized service you deserve.

 

When the time comes to think about life insurance, you can count on the Michael Taylor Agency in Columbia, SC  to be there to help you to get through the mounds of data and information to find out what amount is right for you. As independent insurance agents, we work for you, not one insurance company, and we can look through multiple carriers to get the right policy for your situation. 

Life insurance is not one size fits all. It needs to be customized to your personal needs and finances. Your annual income is a major determining factor in how much life insurance is enough for you. Providing for dependents who are used to having a breadwinner with a $50,000 income is different from those who survive someone who makes $150,000. 

First, ask yourself who depends on your income to survive? Do you have children? What are their ages? Does your spouse have an income separate from yours? All of these are questions you need to answer to develop an educated solution to how much life insurance is enough. 

Keep in mind that your spouse may not be able to work outside the home if you pass away. One parent raising children is much different from having two, and grief must be considered. Ensuring they have the money they need to take some recovery time will make the whole process much more manageable. 

How young are your children? If they are very young, you will need to care for them for much longer than if they are teens. Do you want to make sure they have enough money for college? Experts suggest between 7-10 years of your income is a figure to shoot for with your life insurance. 

Contact Michael Taylor Agency in Columbia, SC if you have life insurance needs and questions.

 

Your Health and Wellness Options with Retirement Insurance

You may not have come across the phrase retirement insurance before. You probably do know what it is, and you’re probably pretty well versed in it if you’re of retirement age. Retirement insurance refers to retiree insurance, the name that the Medicare program uses to refer to its medical coverage.

Medicare Basics

You gain the option to sign up for retirement insurance, aka Medicare, at the age of 65 years. You can sign up for it earlier than that if you develop Lou Gehrig’s disease (amyotrophic lateral sclerosis or ALS), permanent kidney failure, or have been diagnosed with certain disabilities. This type of medical insurance provides coverage that’s free for your hospitalization costs.

You can add to your Medicare coverage if you want to do so, directly from the government or from Columbia SC’s Michael Taylor Agency. You automatically qualify for Part A coverage for hospitalization, and it remains free. You have to pay a monthly premium for Parts B, C, and/or D though. Part B covers doctors’ visits and preventative services. You could choose Part C, which includes parts A, B, and D. Part D covers your prescriptions. You might also want Medigap insurance, which covers copays, coinsurance, and deductibles.

Stop-Loss Coverage

You might still have insurance coverage from your employer after you retire. The company policy might only provide stop-loss coverage, which means the employer insurance only starts paying your out-of-pocket costs once they reach the maximum amount. Essentially, the employer-provided insurance includes a pre-determined amount of money that, once you’ve paid, the insurance policy it provides takes care of. That means that your Medicare A covers all of your hospitalizations, but you might cover all of your medical visits and your at-home care up to $10,000, the point at which your employer’s stop-loss plan triggers and pays the rest of the medical costs.

While you can only obtain Medicare A from the US government, you can obtain the other types of coverage from Michael Taylor Agency, serving Columbia, SC. Contact us today to obtain your retirement coverage.

While it’s good practice to get into the habit of reviewing your coverage routinely, every year or so, there are other times when it pays to review your needs and discuss your options with a professional. 

When You Buy a Home

Your debt load has increased. You want to ensure that your life insurance can pay off existing debts so you don’t burden your family with them after death. 

When Your Income Increases

A pay raise is often cited as a moment to review your life insurance policy. If your policy includes income protection, a review after a change of income is critical as your benefit amount and premium cost are linked to your income. 

When Your Family Expands

New family means new potential beneficiaries. It might also be worthwhile to reassess if you have enough insurance for your changing obligations. 

When You Start a Business

Not only has your income likely changed, but your debt load will also have likely increased as well. You may have additional considerations as a business owner that can impact your life insurance needs. 

When You Become the Sole Provider

Your obligations to your family increase when they are reliant on your income to maintain their existence. You may wish to discuss your situation to ensure you are carrying enough life insurance to protect your family should something happen to you. 

When You’ve Gotten Healthier

Life insurance companies use what’s called ‘premium loadings’ to account for personal risk factors. Examples of risk factors that might increase your premiums due to this practice include:

• Smoking.
• Having a high Body Mass Index (BMI).
• Having a risky occupation.
• Having underlying medical conditions. 

Serving Columbia, SC

Call or stop by the Michael Taylor Agency when you are ready to discuss your life insurance options. Our friendly agents are happy to help you understand what’s available and help you make the best choice for your needs. 

Some insurance agencies or underwriters require a medical exam before they will issue an insurance policy. Most do. This exam simply confirms the information you provided in your insurance application to Michael Taylor Agency serving Columbia, SC.

Insurance companies refer to this as the paramedical exam. The insurance company pays for the medical exam. If you ask for a second exam to try for a lower insurance premium, you will need to pay for the second exam.

You can find no-exam policies, but the life insurance company uses your existing health records to determine eligibility. You must provide the company with permission to access your records, which means signing a HIPAA waiver.

Insurance Classifications

While you’re not just a number to your insurance company, you will fall into one of five categories. These categories include:

• Preferred Plus – excellent health, family history, and height/weight ratio,
• Preferred – Very good health with a minor health condition,
• Standard Plus – good health and family history, but inappropriate height/weight ratio,
• Standard – complicated family history and inappropriate height/weight ratio,
• Substandard – complicated family history and recent, serious medical condition.

The good news is that you can change the premium you have over time. You might start in the substandard category, but as years pass and you have better health, you would move up to a different category. Perhaps you started in Standard Plus, but you lose weight healthily. Since that was the only mark against you, you would vault into the Preferred Plus category. That would reduce your premiums significantly, as well as qualify you for a variety of policies reserved for the healthiest individuals.

Contact the Michael Taylor Agency serving Columbia, SC to apply for life insurance. It only takes a simple medical exam to qualify.

If you don’t have a lot of questions about life insurance, you are in the minority. Life insurance is not well understood by a majority of people. You can rely on Michael Taylor Agency in Columbia, SC, your local independent agency, to have the answers you need when it comes to choosing life insurance. 

The best time to buy life insurance?

Life insurance is the most affordable when you are young and healthy, but the best time to buy life insurance is before you need it. 

Do I need to buy life insurance if I get it from my employer?

Yes, you do. There is no guarantee that you will stay with your current employer forever and you might lose your life insurance. It is better if you buy your own life insurance and then you are in control of the policy and the amount. 

Do I need life insurance if I am not married?

Whether or not you are married is not the determining factor. What is more important is if someone is dependent on you. If someone needs your income to survive, then yes, you need life insurance even if you are not married. 

Should I buy whole life or term insurance?

Both types of life insurance have a place in financial long-term planning. Whole life will stay with you for your entire life and it earns dividends. You can borrow from the cash value if the need arises. Term life insurance lasts for a set term and is more affordable. It is right for the times when you need large amounts of life insurance. You are paying strictly for the protection. When the term is over, there is no cash value. 

In Columbia, SC, Michael Taylor Agency is your local agency to contact when you have life insurance questions and needs.