When you purchase life insurance in Columbia, SC, it might seem straightforward. However, as we enter the New Year, it’s an ideal time to review your policy. At Michael Taylor Agency, we can help determine if your current policy meets your needs.

Is Your Life Insurance Policy Sufficient?

Whether you bought life insurance last year or a decade ago, it’s worth reviewing. Does the policy provide enough coverage to cover financial obligations in the event of your or a loved one’s passing?

It’s possible to update your policy. Most people purchase a policy and then forget about it. Our goal is to ensure that doesn’t happen.

Questions to Consider

Here are a few questions to ask yourself about your existing life insurance policy:

• Would the policy cover not only funeral expenses but other debt?
• Does it have a cash value?
• Is the term long enough to last your entire life?

There are other questions to consider, too. It all depends on the type of policy you have, your health status, and your personal finances. Working with an experienced life insurance agent allows you to examine your policy and make any necessary changes carefully. It could mean the difference between full financial protection or not.

Start Reviewing Your Policy Today

Don’t discover the hard way that your life insurance policy is insufficient. At Michael Taylor Agency, our agents can review your policy, learn more about you, and make recommendations. We can also provide new quotes to ensure you get the best deal. Contact us today!

If you are beginning or building your life insurance program and live in the Columbia, SC, area, the Michael Taylor Agency can help.

One of the first questions those in our community ask is, "How much life insurance do they need?" or “Do I need a million dollars in life insurance protection?"

The answer may lie in what you want your life insurance to do.

Cover final expense.

Yes, funeral expenses can be expensive, but it will not take a million dollars in protection to cover. If you are just interested in burial expenses, $15,000 may be sufficient.

Cover debts.

Many purchase life insurance to cover any debts they may be leaving behind. These often include credit cards, personal debts, and even medical expenses.

Mortgage coverage.

If you have a significant mortgage on your home, you may want to ensure your life insurance suffices to pay it off. This can also help a family maintain their lifestyle.

Living expenses.

When choosing how much life insurance you should need, you may want to consider enough to cover living expenses for an extended period. This can allow a family to transition after a death.

College and future expenses.

When you add in college and future expenses for bringing up a child, you can see how an insured could want a million dollars or more in protection.

Contact the Michael Taylor Agency for Help.

You may not need a million dollars worth of life insurance protection. Still, when you add up burial expenses, personal and medical debts, childcare, mortgages, and college, you can see where it would be beneficial. The point is that it may depend on you and your goals and budget. Reach out to us at Michael Taylor Agency in Columbia, SC.

We can discuss your options. Reach out to us for your free quote today.