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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.
