Life insurance is a critical financial tool that provides your loved ones peace of mind and financial security. When considering life insurance, one of the most significant decisions you’ll make is choosing between term and permanent life insurance. The team at Michael Taylor Agency, providing life insurance to the residents in the greater Columbia, SC area, wants to help you select the right product for you. Here are some of the key differences between term and permanent life insurance.

Term Life Insurance:

• Affordability: Term life insurance typically offers lower premiums, making it more budget-friendly, especially for young and healthy individuals.

• Coverage Period: It provides coverage for a specified term, such as 10, 20, or 30 years. If you pass away during this term, your beneficiaries receive the death benefit.

• Simplicity: Term life insurance is straightforward, with no cash value or investment component. You pay for pure insurance protection.

Permanent Life Insurance:

• Lifelong Coverage: Permanent life insurance, which includes whole life and universal life, provides coverage for your entire life, as long as premiums are paid.

• Cash Value: It accumulates a cash value component over time, which you can access through loans or withdrawals while alive.

• Premiums: Premiums are generally higher than term life insurance but remain level throughout the policy’s life.

Choosing between term and permanent life insurance depends on your individual circumstances and financial objectives. A great insurance agent, such as the professionals at Michael Taylor Agency, can help review your individual circumstances and select the product that is a good fit for you. Contact our office, serving the greater Columbia, SC area, to schedule an appointment today.