Life Insurance

Accidental Death and Dismemberment: Is it health insurance?

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Benefit Insurance Services of Myrtle Beach, SC knows the ins and outs of health insurance and we want you to, too. Your employer may include <a href=“https://www.insurance.com/life-insurance/coverage/accidental-death-and-dismemberment-insurance.aspx”>accidental death and dismemberment (AD&D)</a>  insurance in your benefits package or you may have just heard of it and wondered what it covers. This blog explores the coverage of accidental death and dismemberment insurance, one type of health insurance that also provides life insurance benefits. It is both.

If you die as a result of an accident, AD&D pays your beneficiary the full benefit of the policy which makes it similar to a life insurance policy. However, if you incur injuries that result in the loss of a limb,  your eyesight, hearing, limb or speech, AD&D pays the amount specified in the policy. This provides a significant lump sum payout to fund health care, including your hospital stay, long-term care or rehabilitative care. The dismembering event must occur within months of the accident date. You also must be able to prove that the injury was a direct result of the accident.

Typically, you will receive a 50 percent benefit for the loss of one hand, foot, limb, sight in one eye, hearing or speech. Similarly, with partial or complete paralysis, policies pay 25 to 50 percent. If you lose two limbs, the policy pays the full benefit. 

While we at Benefit Insurance Services of Myrtle Beach, SC hope you never need your accidental death and dismemberment insurance, it does provide a safety mechanism that pays for a lengthy hospital stay as well as rehabilitative care. It also provides a significant benefit if you die in an accident which can provide your beneficiary with income to live on after your death.

A Comparison of Whole Life and Term Life Insurance

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The most common types of life insurance are whole life and term life insurance. They are similar in some manners, but also have several differences between the two. Learning about them can help you to make a decision on which of the two is best for your particular situation.

What is Term Life Insurance?

Term life insurance policies provide coverage for a specific term or amount of time. If you should pass away during the term, then the insurance company pays the benefits to your beneficiary. You can customize several parts of this life insurance from Benefit Insurance Services to fit your needs. The value of the death benefit is usually in increments of $50,000 and can be raised to suit your needs. The term length is anywhere from 1 year or 5 year increments up to 30 years. A level of death benefit pays out the same amount for the life of your policy. A policy is renewable so that it rises in cost as you get older, but you don’t need to re-qualify for it.  

What is Whole Life Insurance?

Whole life insurance has coverage that extends for your entire life without the need to set a term or to ever renew it. The death benefit remains the same throughout your lifetime, although you can purchase additional coverage. The premiums that you pay are consistent throughout the policy and you can pay them annually or for a period. Cash value is the amount you would receive if you surrender the policy to the insurer and receive a payout for the cash value your policy has earned. You can use this money to pay for other items. The cash value does not pay out to your beneficiary in Myrtle Beach, SC.

 Either type of life insurance policy is not perfect for all people. We understand at Benefit Insurance Services that it can be a crucial decision to make, and we are here to help you. You can visit our office in Myrtle Beach, SC or call us, so we can help you with your needs and find the life insurance policy that best fits your situation.

 

 

The Best Practices for Choosing Whole Life Insurance

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Whole life insurance is the best protection that you can get for your spouse and children in the case of an unexpected death. Also known as "permanent life insurance," it can also be used as an investment in certain cases.

Choosing between the many different forms of whole life insurance can be difficult. Let’s take a look at some of the characteristics that you should consider when you are looking at whole life insurance.

  • Providing immediate estate – Any whole life insurance policy that you choose should immediately provide income for family members that are dependent after the death of the head of household.
  • Liquidation of all debts – Good whole life insurance policies also cover things such as mortgages. They also help to liquidate both business and consumer debts so that the surviving members of the family do not have to worry about debts that they did not personally incur.
  • Additional benefits – Certain whole life insurance policies will also help with college expenses or other educational or business needs.
  • Funeral costs – You should look for a whole life insurance policy that covers all funeral expenses and inheritance taxes as well as federal estate taxes and administration costs that have to do with death.
  • Key employee clause – Whole life insurance policies can also be used to protect businesses. For instance, a business can be indemnified through this kind of a policy if it loses a key employee. These kinds of clauses can also provide for salary continuation plans and the financing of company obligations.

Benefit Insurance Services provide whole life insurance for the people in and around Myrtle Beach, SC and the surrounding areas. When you are ready to protect your loved ones with a permanent life insurance policy that covers all benefit angles, give the dedicated experts at Benefit Insurance Services a call.

Learning How to Budget for Life Insurance

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Many people have heard time and time again just how important it is to invest in a life insurance policy in Myrtle Beach, SC When you purchase this type of policy, you can rest your head at night knowing you have protected the financial future of your loved ones in the event that you were to pass away. This is especially beneficial if you are the sole provider for your loved ones. For a lot of people, though, thinking about purchasing a life insurance policy and actually investing in one is a hurdle they have yet to overcome. Even though they realize they need to buy a policy, they have not reached a point in their lives that it is financially feasible for them to buy a policy. Fortunately, here at Benefit Insurance Services, we have put together a few tips for learning how to budget to buy life insurance coverage. 

It Only Takes a Few Dollars Each Month

The younger you are and the healthier you are when you buy life insurance, the better. You may even be able to secure a policy for well under $50 a month. In fact, buying while you are young and healthy is our number one tip for investing in life insurance. Think about it. If you can get a policy for only $30 a month, this means you have to set aside only $1 a day to pay for the coverage. 

Set Your Priorities Realistically

Choosing to avoid paying your home mortgage loan just so you can invest in life insurance is not a wise choice to make. You need to set your priorities realistically, such as avoiding going to the movies twice a month so that you can have money for a life insurance policy; this is something much more realistic than not paying your home loan. 

If you would like to learn about budgeting for life insurance, please contact Benefit Insurance Services today serving the Myrtle Beach, SC area. 

How To Protect Your Family With Life Insurance

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One of the most important, and least obtained insurance is life insurance. Life insurance is designed to offer your loved ones a layer of protection in the event of your covered untimely death. This insurance can keep your family secure in the face of lost income and any financial hardships as a result of your passing.

How Does It Work?

Life insurance pays a sum of money in the event of a covered incident resulting in the death of the covered individual. The policy is paid to a beneficiary upon the settlement of the claim. This money can be used to cover the funeral expenses of the deceased, as well as bills and other living expenses. Having the money to pay all of the bills left for the family can really relieve some of the burdens of an unexpected death. 

How Much Is Enough?

You should figure all of your bills, plus ten years worth of lost wages, in addition to other expenses such as tuition and maintenance of a residence. Once you get a figure, you should round up to the next available coverage amount offered by the insurance company. Ensure you leave your family feeling secure in your absence with proper life insurance planning. For more information on life insurance contact Myrtle Beach, SC, Benefit Insurance Services.

Don’t leave your family’s security hanging in the balance in the event of your untimely death. Check out or stop by Myrtle Beach, SC, Benefit Insurance Services for help planning for the future and for answers to any questions you may have regarding life insurance or their life insurance coverage.

Factors to Consider Before Getting Life Insurance

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Life insurance is not a legal requirement for the residents of Myrtle Beach, SC, but many people choose to make it an integral part of their estate planning. Life insurance is a long term commitment, and there are some considerations you should be aware of before obtaining a policy that we will discuss in this post. 

Each Situation is Different

It is important to reflect on your family’s situation to ascertain the impact that your death would have on your loved ones. If you currently carry credit card debt or have a mortgage, you will need to calculate how much it would take to pay off those obligations, and you will need to figure out what your end-of-life costs may possibly entail. Knowing how much your burial expenses will likely be is necessary as well as is tabulating how much money your family would need to replace lost income or to put adult children through college. 

You will also need to decide whether to purchase term life or cash value insurance. Term life is good for a set period of time, usually ten to twenty years and is good for wage earners in good health. Cash value insurances includes whole life insurance that can last a lifetime and does not have flexible terms and universal life insurance that has more flexible terms and can be used to accrue savings. You will need to decide which insurance option will best fit your situation. 

Benefit Insurance Services is Here to Serve You

Benefit Insurance Services has been privileged to serve the Myrtle Beach, SC area for a number of years, and we look forward to working with you. You can use the handy rating tool on our website to find a fast quote on a homeowners and automobile insurance policy, and we welcome you to stop by our office and to speak to our knowledgeable agents about the life insurance package that is right for you.

 

Can A Child be the Named Beneficiary on a Life Insurance Policy?

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There are a great number of issues to keep in mind when filling out insurance paperwork and one is of course, who is going to be named beneficiary. In most cases, you have a basic idea of who you want to get the policy in the event of your death, but you may still have questions. For those that live in or around the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help.

A beneficiary can be pretty much anyone you want, if you are naming a child however, there may be special provisions. A child that is under the age of 18 is not typically the best choice when it comes to beneficiary, the reason being that most insurance companies will not pay out a policy to a minor. There is a way to get around this however. One is to choose someone you trust, maybe even the person that will be getting custody of your children if you die, and name them trustee.

You can do this two ways, you can name them as the trustee for the child and draw up the legal paperwork or you can simply name them beneficiary on the policy. Generally if you trust someone enough to take custody of your children you can trust them to keep the child’s best interests in mind and to use the money from the policy to take care of your children.

Though you can name anyone as beneficiary, naming a child that is under the age of 18 is likely to incur legal action which will take time, money, and will add to the stress that the child is already going through. For those in the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help.

5 Things You Want to Know About Life Insurance

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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

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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!