South Carolina Life Insurance
Purchasing life insurance is one of the most proactive steps
you can take to ensure the security of your family.
"What is life insurance?"
Life insurance policies help meet your loved
ones' financial needs in the event of your death. Think of it as basic
protection they need to live a full and happy life without you.
"Why do I need it?"
Many experts consider life insurance the foundation of sound
financial planning. These are some of the reasons to get a policy:
- Income
Replacement
It financially supports your dependents in your absence. Your life insurance policy can also supplement your surviving spouse's reduced benefits or help finance retirement. - Pay
Outstanding Debts and Long-Term Obligations
It provides a way to pay for medical expenses, burial costs and credit card debt. It can also be used to pay off a mortgage or help pay for college. - Estate
Planning
The proceeds from your - Charitable
Contributions
You can allocate some of the proceeds from your life insurance policy for your favorite charity or organization.
"What are the different types?"
There are two primary life insurance types: term and whole. To
help you understand each one, we've outlined the two main types below.
1.
Term Life
Term life insurance is the most common type, and is
generally cheaper (and less complicated) than whole life. Term life
usually offers you the best value for your dollar by giving the biggest death
benefit for your premium dollar, payable to your beneficiary after your death.
This type of life insurance pays a death benefit only if you
die during that term, which
can be as short as one year and as long as .
Each time you renew your term life policy, your premiums may
increase along with your age. To avoid surprises, you may want to ask your
insurance company to show you the projected premiums for the next 10 or 20
years. That way, you and your family can budget for the future without
straining your finances.
2. Whole Life
Whole life insurance is also known as permanent insurance. A whole life policy
covers you as long as you live – as long as you pay the premiums.
In order to buy this kind of life insurance, you will need
to complete a health questionnaire and possibly undergo a medical examination.
Unlike a term life policy, whole life insurance may also
earn dividends on a yearly basis. If you do not take out the dividends when
they accrue, they too will earn interest.
"How can I save?"
Stay (or get) healthy! There has never been a better time
to quit smoking and start exercising.
You can also save money if you take out a life insurance policy now, rather than
later. Why? The younger you are when you purchase your policy,
the lower your premiums will be.
But the number one way to save is to shop around! The more quotes you get, the more
leverage you have in price and options.
Plan Now!
Start planning for the future today with life insurance quotes
from InsureMe.
