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Life Insurance Information
Affordable Columbia, SC Life Insurance
Also Serving Irmo, Chapin, Lexington & Surrounding Areas in South Carolina
While we all want our 20-year plan to work out, there’s always a chance it won’t. Indeed, in the worst situations, you might even pass away in the middle of buying a home, starting a family or trying to save for retirement. If this happens, you might leave excessive financial stress behind for your loved ones.
However, if you have life insurance, you can guarantee your survivors have money to sustain themselves in the event of your passing. A well-maintained policy can help you put away money and even build wealth through your coverage.
Life insurance is a necessary and valued part of many Americans’ future planning. Some may think that life insurance is hard to get—but, that’s not the case with us. Come to Affordable Insurance Group of Columbia, and we’ll make sure you qualify for the policy that will be of most benefit to you, both now and in the future.
What Is Life Insurance?
While you’re young, you might not give a lot of thought to your eventual death. However, a tragedy could happen at any moment. If it does, you want to leave your survivors in a stable financial position. Life insurance can step in during such situations. It often proves a necessity for those you leave behind.
A death benefit payout from your policy can essentially guarantee your family that they can support themselves after you are gone. Even with your income or other benefits gone, the policy can help your beneficiaries still afford a variety of family expenses, both ordinary and exceptional. You can use your coverage such items as:
- Funeral costs
- Everyday needs and bills
- Debt settlements
- Targeted costs, such as a child’s education or a spouse’s health needs
- Charitable donations and endowments in your name
One perk of most policies is that they will not go through probate. That way, beneficiaries will usually receive a full payout, and it is their decision how to use the money. You usually won’t face challenges from those to whom you owe a debt, for example.
What Are My Coverage Options?
Not everyone will need the same type of life insurance. Indeed, some people might only qualify for certain types of plans. That is why options in policies exist.
Most people elect to carry one of two common types of coverage.
- Term plans last a set number of years. Coverage will issue payment if you die during the term. You can usually buy coverage in 5-, 10- or 20-year intervals. Therefore, you can create a timeline to protect yourself, and then you might drop coverage if you no longer need it.
- Whole-life policies remain active indefinitely, as long as you pay your premiums. Many offer cash-accumulation and interest benefits. Therefore, you can build wealth within your policy. You can also often withdraw money from interest to support yourself in retirement.
Most plans allow you to choose the sum you want to leave behind. You also can name the beneficiary, to ensure your money goes to a specific party. And, if you want more control over the use of your funds, you can even set up a trust account to control where the money goes.
Why Should I Get Covered?
If you want life insurance, you shouldn’t wait to get a policy. Enrolling earlier in your life will likely provide you with quite a few perks.
- During your younger years, you’ll likely be healthier. Therefore, qualifying for a policy might prove easier.
- You’ll usually also find it easier to get better rates on your coverage by enrolling early. The idea is that younger people have a lower risk of dying. Therefore, the cost risk drops as well.
- The longer you keep coverage, the more time you have to let your policy accumulate interest.
Contact one of our agents today. We can help you determine the most-affordable life insurance for your needs. In the end, your policy options will prove instrumental in protecting you well into the future.
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