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. 

At Michael Taylor Agency in Columbia, SC, we always have a rough time explaining to some of our clients why they should get life insurance. The decision to get a life insurance policy is usually met with confusion, hesitation, or even denial. Eventually, it is not a comfortable subject to even think or discuss. But, ask yourself, what if you die? As for matters of protecting your family with this policy, it is essential to split facts from fiction.

To begin, learn some truth or facts about common insurance myths. This step will change your mentality and assist you in making sober decisions about getting life insurance coverage.

Myth#1: If you’re young and single, you don’t require life insurance

Even without kids, your aging parents or siblings dependent on you will still need money to pay for hospital bills, debts, and other expenses. When you die, you may leave them in financial limbo. 

Besides, you don’t intend to remain single for life. Later in life, you will get married and have children who will need your financial support once you are gone. For this reason, you need life insurance today. Better yet, you will get favorable premiums when young.

Myth#2: Life insurance is for individuals only

While life insurance protects individuals with dependents and debts, this policy suits businesses, too. Proceeds from life insurance can be used to settle business loans. Besides, the proceeds can be used to cushion your employees and business partners as they think about the future course of action.

Myth#3: Life insurance is expensive

Many people overestimate the price of life insurance and end up not buying the policy. However, life insurance is affordable to almost everyone, depending on the amount and type of coverage you need. For starters, you can begin with a policy that suits your budget, and later on, you can get additional coverage.

Get life insurance today!

No matter who or where you are, it is recommendable to cover your assets and loved ones with life insurance. For further inquiries, contact Michael Taylor Agency in Columbia, SC today.

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. 

It is never too early to start thinking about retirement insurance in South Carolina. One of the most common types of insurance to purchase ahead of your retirement is long term care insurance, also known as LCTI. This insurance will help to cover the costs of care during your retirement or provide benefits as a form of income.

At the Michael Taylor Agency serving Columbia, SC, we want you and your family to be covered during your retirement. 

Types of Long Term Care Insurance

The cost of long-term care after an accident or during old age is significant. This is what long-term care insurance is meant to cover.

There are a number of different ways to get long-term care insurance. The way to determine the kind that you need will depend on your life situation today.

You can get coverage to pay for expenses for nursing home care, residential care, or at-home services. 

As with any insurance, there will be some exclusions depending on your insurance company.

Facilities for Long-Term Care

Even if you are choosing long-term care insurance for residential coverage, you have to be careful about learning what your policy covers. It may not be a blanket check for whatever you wish.

When you are choosing long-term care insurance, be sure that you know what types of facilities your policy will cover. Some insurance companies will only pay for a state-licensed facility or care that is specified as nursing home care.

Others will cover assisted living, and many cover in-home care and equipment. You may even be covered for some modifications at home, such as a wheelchair ramp or bathroom safety bars.

Get a Quote

When you are looking for long-term care insurance, know what you need and what to expect when it’s time to make a claim. Contact the Michael Taylor Agency serving Columbia, SC for more information on how to purchase long-term care insurance, and to get a quote.

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.