Life insurance is a safety net, providing financial support in challenging times when a policyholder passes away. It could help cover several different major costs if you’re no longer around.

Paying for Daily Living Expenses

Life insurance can play a crucial role in helping beneficiaries manage daily living expenses without the policyholder. This is especially important in Columbia, SC, where the cost of living has risen recently. The payout from a life insurance policy could help pay necessities like food, utilities, and rent or mortgage payments.

Funding Your Children’s Education

A life insurance policy can also be instrumental in ensuring that a policyholder’s children can afford higher education. With college tuition continually rising, life insurance proceeds can pay for tuition, books, and room and board.

Facilitating Retirement Savings

For surviving spouses, life insurance may supplement their retirement savings. This is one of the main reasons to get a life insurance policy for a large amount.

Paying Off Debts and Mortgages

Life insurance can provide beneficiaries with the means to pay off outstanding debts, including mortgages, credit cards, and loans. If you pass away, this might be the only way your spouse could keep the house.

Covering Funeral and Final Expenses

Finally, life insurance can cover funeral and final expenses, which are sometimes substantial. We at Michael Taylor Agency have seen some parents get a small life insurance policy for their children so they wouldn’t need to worry about funeral costs during a very trying time.

Get Life Insurance

Life insurance may provide financial assistance for your loved ones in many ways. If you need help finding life insurance and are in Columbia, SC, contact us at Michael Taylor Agency.

When you plan for retirement, there are many things to consider – including insurance. At Michael Taylor Agency, serving Columbia, SC, we’re happy to help you decide which types of insurance are most important to help you during retirement. Medical costs in retirement can be expensive, but having the right coverage can help you save hundreds or even thousands of dollars. 

What Kind of Insurance Do Retirees Need?

Many people who retire believe they will rely solely upon their Medicare coverage to help with their medical expenses. However, upon doing research, a significant portion of these people realize that they will also need a Medigap plan to help cover the significant costs that Medicare does not cover. 

What Is Medigap Insurance?

Medigap insurance is a policy you can purchase to help share the out-of-pocket costs associated with Medicare coverage. Finding the right Medigap policy for your needs can help you protect your retirement savings. 

How Can You Find the Right Medigap Policy?

Finding the right Medigap policy is important. You’ll want to find a policy that you find affordable but which will also benefit you to the greatest extent possible. Medigap policies can be complicated, just as Medicare itself is complicated. Finding an insurance agent to help you walk through the options and make the most informed decision possible is important. 

This is why many customers come to Michael Taylor Agency serving Columbia, SC. Our informed and helpful insurance agents are dedicated to helping you find the right coverage for your needs. Enjoy your retirement with the right policy for you.

So you’ve decided to be all you can be. You’re in uniform and serving your country. Besides your paycheck, Uncle Sam takes care of your food, lodging, and medical care, among other things. But what about insurance? If you are an active duty service member, you are automatically enrolled in SGLI group life insurance. You may be thinking about what happens when you leave active duty. You might want those same benefits as a veteran. 

What You’ve Got Now

An active-duty servicemember is offered group life insurance of up to $400,000, known as Servicemember’s Group Life Insurance. You can opt out of it, but this may be the best deal you will get. This will give your beneficiary your death benefit should the worst happen while you are enlisted. 

What You’ll Have Later 

When you are no longer on active duty, you will lose your SGLI. Three to five days before you exit the military, you will participate in the transition assistance program, during which you will discuss switching to Veterans Group Life Insurance (VGLI). You will then have 240 days to make the switch, or you will have to prove you are healthy enough to qualify. VGLI has the same benefits as SGLI, but the rates increase every five years unless you are disabled. 

Michael Taylor Agency Serving Columbia, SC

If you seek life insurance in Columbia, SC, please get in touch with the Michael Taylor Agency. Our knowledgeable and courteous agents will do all they can to help you, earn your trust, and lead you to what you need. 

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. 

Life insurance can do more than provide a death benefit for your beneficiaries. Choosing a life insurance policy with a cash-value account can also help you save money for retirement or create an investment account.

Better Investing in Columbia, SC

We offer various life insurance options at Michael Taylor Agency, including whole life insurance with a cash value account attached. These whole life plans provide a death benefit just like our other life insurance options but also help you save money in a tax-free savings account.

Some of these accounts pay interest, while others use an index, such as Standard & Poor’s, to determine quarterly or annual earnings. Many cash-value accounts take two or three years to vest, during which time you can’t borrow against the account. Once vested, you can borrow against the cash value portion of the life policy or, in some cases, withdraw from it.

Advantages of Life Insurance with a Cash Value Account

The premiums for these whole-life policies cost a little more each month than those for a term-life policy. The premium payment pays for the policy and a small monthly deposit to the savings account. The main advantages of this method of saving include the money’s tax-free status and the ease of bundling two payments – life insurance and savings deposit – into one payment.

Get Started Saving Today

Contact Michael Taylor Agency, serving Columbia, SC, and the surrounding communities. Let us help you set up a life insurance plan that also provides for your retirement. Call us today.

Whole life and term life insurance policies are two of the most commonly purchased types of life insurance at Michael Taylor Agency, but they provide very different benefits and protections. Whole life policies are designed to provide coverage for your entire lifetime, whether in the Columbia, SC area or elsewhere. In contrast, term life policies are typically offered for a specific period (such as 10 or 20 years). 

The main difference between whole life and term life is that with a whole policy, you will be covered from the time you purchase it until the end of your life. The premiums remain the same throughout the policy, and if you pass away, your beneficiaries will receive the death benefit. With a term policy, there is usually a set time frame in which the coverage will last (the “term”). Once that period ends, you can either renew the policy or let it expire. If you pass away during this term, your beneficiaries would receive the death benefit; however, if you outlive the term, no death benefit is paid out. 

Overall, it is important to assess your individual needs when deciding whether to purchase a whole life or term life insurance policy. Whole policies provide lifelong coverage plus an investment component, whereas term policies offer only temporary protection but may be cheaper than their whole counterparts depending on age and health conditions.

For more information, give us at Michael Taylor Agency a call today. We are proud to serve the Columbia, SC area and would be happy to help you find a policy that meets your needs and your budget.

Is it time for you to start looking into retirement insurance? Michael Taylor Agency of Columbia, SC is here to assist you! Choosing the right retirement insurance can be challenging. That’s especially true with so many options available. However, taking the time to consider the following things will help you make the best decision possible.

Factors to Consider:

Coverage Amount

The coverage amount is one of the most important things to consider when choosing retirement insurance. You want to ensure the policy provides enough support financially to cover your living expenses after you reach retirement age. Put your current lifestyle in the forefront, and estimate your future expenses, including things like medical bills and other healthcare costs.

Premium Costs

The cost of the premium is another item you must consider. While you want to make sure you have enough coverage, you also want to make sure you can afford the monthly or yearly payments. You don’t want to find yourself struggling in other areas because you’re trying to keep up with your insurance premiums.

Policy Terms

When choosing your retirement policy, you must review all the terms carefully. Make sure you understand the length of the policy, how the payments are structured, and any limitations or restrictions.

Insurance Provider

The insurance provider is another important factor to consider. You want to choose a provider with a strong financial stability rating and a good reputation. Check for reviews and ratings online or ask friends and family members who they use.

We understand how important it is to choose the right retirement insurance. That’s why we offer a slew of options to meet each of our client’s unique needs. Our team of experts can help you understand the different features mentioned and guide you through the process of choosing the right policy.

Consider Your Future with Michael Taylor Agency

At Michael Taylor Agency in Columbia, SC, our goal is to help you plan for a secure future without all the stress. We believe selecting retirement insurance that suits you personally is an important step in reaching that goal. Our team of experts is here to answer your questions and guide you through the process of choosing the right policy for you. So take the first step toward a secure financial future and contact Michael Taylor Agency in Columbia, SC, today.