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Life Insurance Information
Serving Anderson, Greenville, Spartanburg & Areas Across Upstate South Carolina
At Select Insurance, LLC, we know that planning for the future can be overwhelming and scary, especially when planning for the end of your life. Setting your family and loved ones up for financial success in the event of your passing is an essential task, but unfortunately, many people don’t think about this until it’s too late.
Purchasing life insurance is one way to make sure that your loved ones will be taken care of when you’re gone. Let our team of experts at Select Insurance, LLC, South Carolina’s trusted insurance agency, help you find a policy that meets your long-term planning needs and fits within your budget. Call us today at 864-964-0622 to learn more.
Which Kinds Of Life Insurance Are There?
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with your qualified Select Insurance, LLC professional.
What Is Life Insurance?
Life insurance helps your loved ones be financially secure and cared for when you aren’t there to do so. There are two primary types of life insurance:
Term Life Insurance: A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the policy’s expiration date. If you do not die during this time, the policy does not pay and will expire when the term ends. You will also have to reapply for a new policy if you want to continue to have coverage.
Whole Life Insurance: Whole life policies last for the remainder of your life once you enroll. They will not expire unless you stop paying for them. Additionally, these plans offer cash value investment opportunities. The cash value component can enable you to receive a source of income during your lifetime (in addition to the eventual death benefit).
Several more specific policies also exist, including:
Universal life insurance
Final expense insurance
Group life insurance
Individual life insurance
Key person (key man) insurance
Long-term care insurance
Mortgage protection insurance
Speak to one of our agents to learn more about which type of policy is best for your needs.
How Does Life Insurance Work?
A life insurance policy guarantees that a sum of money, or death benefit, will be provided to a surviving beneficiary upon your death. The money you designate varies depending on the policy you have and the amount of coverage you choose. Still, the settlement can help your family stay afloat and allow them to recover from your loss. They may use the money to pay off debts, cover a mortgage, fund a child’s education or meet any number of other obligations.
How Much Life Insurance Is Enough?
The amount of life insurance you need is entirely up to you. It will depend on various things, including how long you have until retirement, your debts, whether you’re the sole earner or make significantly more than a spouse, and if you have children. For example:
If you want a policy to help pay for a child’s college education, then a 20-year term policy might be best for you. You can let the policy terminate at the end of the term, but you can rest assured that if you do die before your child graduates college, this policy will pay for their tuition and other expenses.
Many people tie the value of their life insurance policies to the value of their debts—mortgages, car payments, etc. If you die while these debts are outstanding, your beneficiary can use the money to settle expenses.
Some people tie the benefit to their income and leave a certain number of years’ worth to their survivors’ paycheck. So, if you were to take your current paycheck and multiply it by ten, then your death benefit will provide ten years’ worth of income to your family.
Our team of experts at Select Insurance, LLC can help you determine what policy limits might be best for you.
How Much Does Life Insurance Cost?
Depending on aspects such as age, income and chosen coverage, your life insurance premium can vary. A common concern is that people worry about the affordability of life insurance, whether it’s because they have a pre-existing health condition or face other risk factors.
When you sign up for a policy, you will undergo a physical exam, which may include a blood test, to determine how healthy you are, and your health will influence your premium. Generally speaking, young, healthy adults tend to have lower premiums than older folks or those who may have underlying health conditions.
Get Started Today
Thank your for your interest in Select Insurance LLC. We strive to provide the best advice and customer service throughout South Carolina. Please feel free to call one of our offices to speak with an insurance professional:
Or, email your questions and an agent will reply promptly.