Do you really need a million dollars of life insurance coverage?

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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.

How at-fault insurance works in South Carolina

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South Carolina is one of 38 states with at-fault car insurance. No-fault insurance was popular for a time, but only a few states have it now. Out of the 38, 12 states have a modified at-fault system, but South Carolina is not one of those. Each system has its positive and negative aspects. To get your questions about automobile insurance answered, contact the Michael Taylor Agency in Columbia, SC.

Understanding the Systems

No fault means it does not matter who caused the accident. Each person gets compensation for damages from his own company. At fault, as the name implies, means someone caused the accident, and generally, the police make that decision. There is also a comparative system that breaks down the fault by percentage.

How it Works in South Carolina

South Carolina is one of the states that use a percentage at-fault system. How much at fault each driver was affects how much compensation they can get. If you were 40 percent at fault, you would collect 60 percent of your damage. If you are 51 percent at fault, you are not eligible to get compensation from the other party but may be able to file a claim with your own company.

In states like South Carolina, with at-fault insurance, you may have to prove liability, but you will not face restrictions. Premiums are higher in at-fault states, but you may get larger discounts for being a safe driver. The at-fault system is more time-consuming because you may have to prove liability, and you may have to go to court. No-fault insurance is designed to speed up the system and make claims easier to file. For more information about how car insurance works in South Carolina, contact the Michael Taylor Agency in Columbia, SC, today.

Why Term Life Insurance Is So Popular

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Many people need life insurance because they have loved ones dependent on them. It is crucial to secure this insurance so that those who rely on you will have financial security after you’re gone. Life insurance mainly comes in two forms – term life and whole life insurance. Whole life insurance is a policy that remains valid for the rest of the policyholder’s life. Term life operates differently. However, its popularity stems from its simplicity. To learn more about term life insurance, get in touch with us at Michael Taylor Agency in Columbia, SC.

The Benefits of Term Life Insurance

Term life insurance provides a significant advantage over whole life: it is considerably less expensive. This affordability has enabled many people who may not ordinarily afford it to take up life insurance. Given the high cost of living in today’s world, life insurance could seem like an unnecessary expense for those on a tight budget. However, with term life insurance, this isn’t usually the case.

Simple Policies

While the nuances of whole life insurance can be complex, term life insurance is straightforward. Unlike whole life policies, it does not accrue cash value over time, nor are there expensive premiums associated with whole life. The downside of term life insurance is that it expires after a certain period. However, many find the cost-saving benefits outweigh this shortcoming. And, in case your policy expires, you can always apply for a new one to take its place.

Get Term Life Insurance

If you’re interested in term life insurance, contact Michael Taylor Agency in Columbia, SC, to learn more.

How Renovations Impact Home Insurance Coverage in Columbia, SC

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Home renovations can add significant value and appeal to any property you’ve invested in or are currently living in as a resident in Columbia, SC. However, anytime you’re undergoing home renovations, it’s important to understand how upgrade and renovation projects can directly impact your home insurance coverage. At Michael Taylor Agency, we can help you better understand the ramifications of home renovations and how to ensure your current home insurance policy is adequate.

Potential Insurance Adjustments to Consider

When you’re conducting a home renovation, such as implementing structural changes, investing in a room addition, or even building an outdoor deck or swimming pool, it’s important to consider potential insurance adjustments you’ll likely encounter, such as:

  • Increased Premiums: Building onto an existing property or lot or adding new features to your home will immediately increase your home insurance premiums. It’s important to review any existing home insurance policy you have to determine how specific renovations you have in mind will directly affect the cost of your insurance policy. 
  • Additional Risk: Some home renovations, such as an outdoor deck, swimming pool, or even a second-floor balcony, may also increase the risk of liability on your property. Based on the type of renovation you’re interested in, you may need to increase your homeowner’s insurance to protect against financial liability that may come with any potential accident that occurs in or around your home. 

Choosing the right home insurance coverage policy or plan is one of the most important decisions a homeowner makes. If you live in Columbia, SC, and you’re considering new home renovations, it’s highly advisable to speak with a qualified insurance agent to adjust your policy accordingly. Contact the Michael Taylor Agency today to learn more about home insurance coverage options in Columbia, SC.

Trouble Saving? Consider Permanent Life Insurance

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Do you have life insurance? Experts state that more than half of us either don’t have any or don’t have a sufficient amount. Numerous excuses exist for this, including tight budgets. The Michael Taylor Agency can help individuals in the Columbia, SC, area.

If you are struggling to set aside money for future or unforeseen circumstances, permanent life insurance might be your best option.

Permanent insurance, also known as whole life insurance, offers coverage that lasts as long as the premium payments are kept up-to-date. This insurance establishes premiums at the time of the initial purchase. Despite the consistency in premiums and coverage, permanent insurance can accrue a cash value that increases over time.

What Sets Permanent Insurance Apart

Unlike term insurance, which provides protection for a specified period, permanent insurance is lifelong. Despite the higher costs per thousand bases of permanent life insurance, it includes a savings component, allowing for cash value accumulation. This cash value can increase over time, be accessed through a loan, or be cashed in later.

Although whole life insurance is more costly due to its permanency and cash value, it is a good option for individuals who find saving money challenging.

Not only does permanent insurance provide life insurance coverage, it also builds equity. And for some, this combination is highly appealing.

Learn More Today

If you are interested in learning more about permanent life insurance and how it compares to term life insurance, contact us at the Michael Taylor Agency in Columbia, SC. We can help you compare coverage, provide a quote, and even project your policy’s cash value in the years to come.

Get started today by contacting the Michael Taylor Agency.

Is it a good idea to get auto coverage when you are in South Carolina?

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Living in the Columbia, SC area can offer a wonderful overall experience. If you plan to reside in this part of the state, you’ll want to ensure you have a reliable means of transport. Owning a car or another type of vehicle is one way to do this. Along with this, it’s essential to consider getting the right insurance. There are numerous reasons why you need to have auto insurance coverage.

Meeting All Requirements

It would be best if you had an auto insurance plan in this area because it helps you meet all the necessary requirements. If you’re planning to purchase a vehicle and drive it, you’re required to meet the state’s standards for liability insurance. Moreover, if you have an auto loan, your provider will typically require you to have collision and comprehensive coverage until your loan is fully paid off.

Protect your Investment

Obtaining an auto insurance plan is also an excellent way to ensure the protection of your investment. Buying a car represents a significant investment. Therefore, securing the appropriate insurance is crucial to safeguarding this investment in the future. An auto insurance plan offers the coverage you need to protect your vehicle moving forward.

If you’re buying a car in the Columbia, SC, area, it’s vital to pair your new vehicle with the right insurance plan. A great strategy to build and select appropriate auto insurance coverage is to collaborate with our team of professionals at the Michael Taylor Agency. Our team can provide invaluable assistance in evaluating all available options better.

Five Ways Life Insurance Helps You Celebrate Life

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Life insurance isn’t about death; it’s about removing the worries from the living. It’s a way to celebrate life by ensuring your loved ones live how they’re accustomed to, and your legacy lives on. It’s about ensuring the lifestyle you’ve worked hard to build continues for the ones you care about. But those aren’t the only ways life insurance helps you celebrate life. Here are a few more reasons for you to ponder:

  • Peace of mind: Knowing your loved ones are financially secure when you die takes a lot of worry off your chest. This release helps you enjoy your life to the fullest without worrying about how much of a financial impact your death will have on your family.
  • Legacy: Life insurance provides a financial legacy for your loved ones or even a favorite charity. This ensures that your values and causes are supported even when you’re gone. 
  • Living benefits: Some policies offer benefits like critical illness coverage or cash value accumulation. You can use these benefits while you’re alive to cover unexpected expenses, celebrate milestones, or support a comfortable retirement.
  • Financial planning: Your life insurance policy is essential to your comprehensive financial plan. It helps you plan for future expenses, like your significant other’s retirement or your children’s education. This type of planning helps prepare for the future now so you can enjoy the rest of your life with your loved ones.
  • Celebrating essential life stages: Getting life insurance often happens when other major life events occur, like having a child, getting married, or buying a home. These are all occasions to celebrate life now and in the future.

Life insurance from the Michael Taylor Agency is more than you may think. It’s truly a reason to celebrate the life you share with your loved ones in Columbia, SC, from moment to moment. 

Get Answers to Frequently Asked Questions About Home Insurance in Columbia, SC

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Navigating the maze of home insurance can seem complicated, but with the expert guidance of local professionals at Michael Taylor Agency in Columbia, SC, it gets a lot simpler. We answer the most frequently asked questions about home insurance and how it benefits homeowners in Columbia, SC.

Answers to Frequently Asked Home Insurance Questions

1. Is It Necessary to Have Home Insurance?

Yes! Home insurance is crucial for Columbia homeowners looking for financial protection against unforeseen events. It safeguards your home and financial assets against losses from theft, vandalism, natural disasters, and liability claims.

2. How Much Home Insurance Coverage Do I Need in South Carolina?

Determining the perfect amount of home insurance involves evaluating several financial aspects, such as the total value of your home, the worth of your personal belongings inside the house, the costs of any add-ons and renovations, and possible liability risks. Our experts at Michael Taylor Agency can help you in this assessment to determine adequate coverage that protects your financial assets.

3. Can I Lower My Home Insurance Premiums?

Yes! You could lower your insurance costs by bundling your home insurance policy with other policies, such as auto insurance and umbrella insurance. Additionally, installing safety measures, such as smoke detectors and home security cameras, can lower premiums for South Carolina homeowners.

4. How Can I Procure a New Homeowners Insurance Policy in Columbia, SC?

When you’re ready to protect your household from potential perils like theft, vandalism, natural disasters, and flooding, contact our insurance experts at the Michael Taylor Agency. They will provide you with a comprehensive South Carolina homeowners insurance quote. You don’t have to navigate this world alone; we’re with you every step of the way!

Insurance For Your High-Risk Years. Why Choose Term Life Insurance

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Columbia, SC, is a flourishing city that is increasingly attracting younger people who are building their families and careers in this vibrant environment. Notably, many of these younger families are entering "high-risk" years. The Michael Taylor Agency offers a practical solution for safeguarding families during these precarious periods: Term Life Insurance.

The Basics of Term Life Insurance

Term life insurance provides coverage for a specific duration, often for 10 or 20 years, safeguarding the life of the insured individual.

Safeguarding the High-Risk Years

The "high-risk" years typically coincide with when young families are in their 20s to 40s. This period comes with financial challenges, such as high mortgages and impending college tuition, while incomes need to be protected. In the event of an unexpected loss of an income earner during these vital years, the family could face devastating consequences.

How Can Term Insurance Help?

Term insurance is an affordable variant of life insurance that can usually be purchased in large amounts at comparatively low rates. This allowance enables families to cover final expenses, mortgage payments, credit card debts, and even college education costs.

Take a Step Toward Enhanced Financial Security Today

Initiating your term life insurance policy is as simple as contacting us at the Michael Taylor Agency of Columbia, SC. Answer a few questions, and you can start your journey toward greater financial assurance. Young, healthy applicants usually do not need a physical examination.

Make the Smart Choice with Michael Taylor Agency

Achieving the life insurance coverage you and your family deserve has never been easier with the assistance of the Michael Taylor Agency. Reach out to us today and begin your protection journey.

Auto Insurance Strategies After a DUI

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Coping with DUI Convictions: Your Guide to Auto Insurance

Dealing with the repercussions of a DUI conviction can be a complex process, involving several challenges, including addressing insurance needs. At Michael Taylor Agency in Columbia, SC, we extend our expertise to help drivers convicted of DUI navigate through their insurance options.

Opt for Comprehensive-Only Coverage

If your license has been suspended after a DUI conviction and you’re not driving your vehicle, it may be beneficial to switch to comprehensive-only coverage. This insurance protection safeguards your car against potential damages while it’s not in use, including threats like theft, vandalism, and natural disasters. Such a switch can help you significantly reduce insurance costs during the suspension period. Please remember such a policy warrants that you or anyone else isn’t driving the vehicle.

Consider Raising Deductibles

Another effective strategy to reduce your premiums following a DUI conviction is to raise your deductibles. This implies agreeing to bear a higher expense out-of-pocket in the event of raising a claim, which correspondingly lowers your monthly insurance payments. Make sure you can comfortably afford the higher deductible before making this choice.

Scout for the Best Insurance Provider

Shopping around for insurance and comparing quotes from different companies is always a prudent approach, particularly after a DUI conviction. Some insurance providers may offer more affordable rates than others. At Michael Taylor Agency, we help you analyze multiple auto insurance policies from varied insurers. We’re here to assist, whether it’s your first DUI conviction or a repeated offense. Get in touch with our team in Columbia, SC, today for a personalized, affordable auto insurance solution.