Life insurance is one of those things that you may not think of often. But the truth is, it’s a vital part of responsible financial planning. Life insurance can provide much-needed financial security for your loved ones if something happens to you. The question is, which type of life insurance is right for you? Term life insurance provides coverage for a set period, while whole life insurance offers lifelong protection. So, which should you choose?
Here’s a look at the pros and cons of each type of life insurance to help you make the best decision for your needs.
Term life insurance:
- Affordable coverage: Term life insurance is generally cheaper than whole life insurance. This makes it a good option if you’re on a budget.
- Protection when you need it most: Term life insurance provides coverage for a set period, often when you need it most. For example, if you have young children, a term life insurance policy can help make sure they’re taken care of financially if something happens to you.
- Flexibility: Some term life insurance policies offer the option to convert to a whole life policy later on. This gives you the flexibility to change your coverage as your needs change.
- Limited protection: Term life insurance only provides coverage for a set period. Once that term expires, your coverage will end unless you renew it.
- No cash value: Term life insurance does not build cash value like whole life insurance. This means you won’t have anything to show for your premiums if you don’t die during your policy term.
Whole life insurance:
- Lifelong protection: Whole life insurance offers lifelong protection if you continue to pay your premiums.
- Cash value: Whole life insurance policies build cash value over time. This means you’ll have something to show for your premiums even if you don’t die during the policy term.
- Fixed premiums: Premiums are fixed, which means they won’t go up as you get older.
- More expensive: Given the lifelong protection, this policy is typically more expensive than a term life policy.
- Less flexible: Whole life insurance policy terms are often set in stone, which means you may not be able to change them later on.
Now that you know the pros and cons of each type of life insurance, you can decide which is right for you. If you’re not sure, it’s good to speak with an agent to get more guidance. Benefit Insurance Services in Myrtle Beach, SC can help you find the right life insurance policy for your needs. Contact us today to get started.
If you want to know more about life insurance and all of the options that are available to you in Myrtle Beach, SC, you should consider working with a firm such as Benefit Insurance Services.
There are a few different options that you have in terms of life insurance in the state of South Carolina. Some of the main ones are as follows:
- Term life insurance. If you purchase one of these policies, you will purchase it for a particular time frame. Typically, this is going to be 10, 20, or 30 years. Once this term is over, the policy will no longer be effective. Typically, this is the option that will cost the least amount of money.
- Whole life insurance. Whole life insurance will never expire. Given that you are still paying your premiums, your policy will be effective. Your payment will be rolled into investments and accumulate equity so that you will be able to cash out the policy when you need to do so. It is also going to be an option to save your equity and use it as a payout for all of your loved ones in the event of your death. The payoff of this type of life insurance is more certain, even if it costs more money than does term life insurance.
- Universal life insurance. If you had universal life insurance, you will have a fairly flexible policy that combines the advantages of term and whole life insurance policies. Similar to whole life insurance, it will accumulate cash value, and you will be able to take out loans that go against your equity. You could also use your accumulated earnings to cover premium costs if you need to do so.
If you are interested in obtaining life insurance in Myrtle Beach, SC, you should contact the professionals at Benefit Insurance Services. These individuals will be able to answer many questions that you might have and potentially help you figure out which life insurance policy is the best one for you.
Planning for the end of life is no easy task, but it can go considerably more smoothly once you have a good beneficiary in mind. To clarify, your beneficiary is the person (or group or entity) who will be receiving the payout from your life insurance policy.
Sometimes it can be tough knowing who to select as a beneficiary, but at Benefit Insurance Services we’re here to help. We connect people all across the Myrtle Beach, SC area and beyond with quality life insurance policies to provide some comfort in life’s most difficult moments.
And when it comes to beneficiaries, we’ve seen it all. Now, most people choose a close family member (such as a spouse, child or even sibling) as their beneficiary, but things aren’t always so cut and dry. If you’re having difficulty deciding who your beneficiary should be, here are some points you should be thinking about:
- Find out if there are any restrictions that may prevent all of the money going to the person or entity you choose.
- Who will need financial support once you are gone?
- Who will respect your final wishes?
- If you have children, consider establishing trust so they can receive a gradual, more restricted payout that will still take care of their needs.
- If you don’t want to choose a person, is there a charity or other group you care deeply about that could benefit?
Now, it’s worth pointing out that if no beneficiary is named or your beneficiary is deceased (a good reason to regularly review your policy and update it as needed), your life insurance payout will become part of your estate. It will then be distributed with your assets according to your will, or if there is no valid will, the state will evaluate your assets and most likely give it to your closest living relative.
So needless to say, you’ll want to choose a beneficiary ahead of time if you don’t want that to happen. You should also name a contingent (a backup) beneficiary just in case.
Whether you’re ready to take the next step and secure a good life insurance policy or you simply want to change the beneficiary on an existing policy, give us a call or come visit the Benefit Insurance Services offices in Myrtle Beach, SC.
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.
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.
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.
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.
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.
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.
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.