Life Insurance
Having the right life insurance is pivotal in planning for the future for you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone.
Don’t leave the future of you and your loved ones to chance. South Carolina Insurance Brokers can help you find the right Greenville life insurance coverage for you, and help ensure that your policy continually meets your needs.
Life Changes. So Should Your Policy
For each of our neighbors in South Carolina, the right life insurance will be unique and dependent on personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life events that may require a policy “tune-up” include:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse’s health has deteriorated
- You are providing care or financial assistance to a parent
- Your child or grandchild requires assistance or long-term care
- You recently purchased a new home
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse recently received an inheritance
- You have a sizable estate
What You Need To Know
SCIB can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:
- Term Life Insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 30-year (level term) period.Furthermore, term life insurance is convertible to permanent coverage, providing you with flexibility as your needs change.
- Whole Life Insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
- Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is guaranteed not to fall below a certain percentage.
What type of life insurance is best for you? Talk with the team at SCIB in Greenville, SC. We can assist in identifying the best protection for you.
| Term Life Insurance | Whole Life Insurance | Universal Life Insurance | |
|---|---|---|---|
| Death Benefit | Yes | Yes | Yes |
| Designed For Low Cost | Yes | ||
| Access To Your Money1 | Yes | Yes | |
| Guaranteed Cash Value | Yes | Yes | |
| Tax Advantages | Yes | Yes | Yes |
| Flexible Payments2 | Yes |
1Access to your money – This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A. Most distributions are taxed on a first-in/first-out basis as long as the contract meets non-MEC definitions under section 7702A. Loans and partial withdrawals from a MEC generally are taxable and, if taken prior to age 59½, may be subject to a 10% tax penalty. 2Flexible payments – This assumes there is sufficient cash value to cover monthly policy charges.
Life Insurance Advantages in Greenville, SC
Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
Life Insurance Death Benefit – When you pass away, your life insurance provides income tax-free to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
Living Benefits – The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
The right life insurance coverage for each and every one of our customers in South Carolina is unique. Talk with the SCIB team today to find out how to protect your family and your future with the right life insurance.
FAQs
Q: How much is the premium for a life insurance policy?
A: Life insurance is calculated through several factors, including:
- Your health
- If you use tobacco products
- Gender, height, weight and age
Q: How much life insurance do I need?
A: This depends on how much money is needed to maintain the current lifestyle of your beneficiaries. This can include:
- Basic living costs
- Debts and loans
- Childcare
- School Tuitions
- Funeral Expenses
- Childcare Costs
- Income Replacement
