5 Things You Want to Know About Life Insurance

Life insurance is for the living. It is a financial investment in your loved ones and in your own future. The earlier you purchase it, the faster it builds cash value that can be wisely invested to build your life or handle emergencies. If you have a family, the investment ensures that your death will not leave them floundering. Here’s what you need to know when you start to look at purchasing or enhancing your life insurance coverage.  

Four Key Players: The insurer, the owner, the insured, and the beneficiary are the four bodies of importance in life insurance coverage. The insurer is the company that distributes benefits, the owner pays the premiums, the insured is whose life the policy covers, and the beneficiary is who or what will receive any benefits paid out. The owner and insured can be the same person. The beneficiary can be a person, persons, or entities like a trust.

Two Primary Forms: Term life is the most common form of insurance, costs the least, and is the most broadly suited to most people. The insurance provider is banking on the insured living for a set term, generally 10, 20, or 30 years. Premiums remain stable for the duration of the term and rise dramatically after.  Permanent life insurance builds a cash value over time as you pay into it that can be borrowed against. Within the umbrella of permanent life insurance, you can acquire:

  • Whole Life – which has an investment portion similar to bonds or CDs.
  • Variable Life – which has investment options like a mutual fund.
  • Universal Life – Which has a lower premium, higher risk, and higher interest rate.

Coverage and costs associated with life insurance can vary dramatically and depends highly on the unique needs of the individual. Contact Benefit Insurance Services today to discuss your options and find your optimal coverage option.

South Carolina Life Insurance May Never Be Cheaper

South Carolina has it all. We have beaches and we have mountains. We offer winding bike trails and lush golf courses. There are large metropolitan areas and unique small towns. The state has modern manufacturing plants and yet holds a special place in country’s history. It is so geographically diverse that the South Carolina Tourism Bureau has divided it into five distinct areas including Islands, Mountains, Coastal, Midlands and Tourist Regions.

As licensed life insurance agents in the state, we are pleased to work with a wide-range of people who have chosen to live here for a variety of reasons. One thing they have in common is that they generally want the best life insurance coverage at the best possible prices. That’s where our status as independent agents plays such a vital role. Because independent agents represent more than one insurance company, they can search multiple providers to locate the best coverage for your status in life.

Are you a young married couple with children and a mortgage? Learn about affordable term insurance coverage. Want life insurance that builds cash value as the years progress? Ask our life insurance agents about whole life policies. We can even combine products to help you get the desired coverage at a price you can feel comfortable with.

One of the main factors in determining the cost of life insurance is age. That means no matter how old you are, life insurance may never be less expensive than right now. If you happen to be in the market for home or auto insurance, we are pleased to offer online comparative quotes. For those looking for the best life insurance and the best possible prices, contact us to get a quote today. We look forward to serving you!