Columbia is not just the capital of the “Palmetto State,’ it is also home to the Columbia Museum of Art, which has a world-class collection containing European, Asian and American art, including Botticelli’s Nativity and Monet’s The Seine at Giverny. Residents of this city can also opt to learn more about their history at the State Museum or enjoy a fun-filled day at nearby Lake Murray. In order to enjoy these wonderful sights, you want to make sure you cover yourself and your family with Columbia, SC life insurance.
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South Carolina Health Ranking
- South Carolina ranks 34th in the U.S. for cancer deaths.
- South Carolina ranks 34th in the U.S. for cardiac deaths.
- South Carolina ranks 33rd in the U.S. for occupational fatalities.
Why Life Insurance Is Vital
The primary purpose of buying a Columbia life insurance policy is to ensure the financial protection of your family. The main reason most people buy life insurance is for the purpose of income replacement. However, there are also other important expenses that you should consider, such as your outstanding debts and burial expenses. If your health deteriorates, you may also have to take into account medical expenses and the cost of raising your children.
Life Insurance Policy Varieties
The two main forms of life insurance that you can choose from include term insurance and permanent insurance.
- Term insurance: This is the most common form of policy sold because it is the least expensive and is uncomplicated. With term insurance, insurers sell policies for terms of 10, 15, 20, 25 or 30 years. There are also policies sold that will cover you to a specific age, such as age 65.
Term insurance covers only death benefits. All you do is select the amount of coverage or death benefits, and the length of time or term you want the coverage to last. You have the option to renew the policy or convert it to a permanent insurance policy later on.
- Permanent insurance: This type of policy is somewhat more complex because not only does it cover you for death benefits, but it also has a savings/investment feature that uses a portion of the premium and accumulates over the life of the policy.
There are basic policy formats known as “whole life” and “universal life.” There are also many hybrid versions of these policies offered by insurers that vary from company to company.
Some permanent life insurance policies may allow you to alter your death benefits, alter your premium payments or even alter the savings/investment feature. These policies last your entire lifetime, and many policies will allow you to borrow against the savings/investment portion.
Life Insurance and Medical Exams
The majority of Columbia life insurance policies necessitate either that you answer a health questionnaire or that you take a prearranged medical exam before you can qualify for approval. Although some policies don't require a medical exam, those policies are much more costly than policies that do require an examination or completed health questionnaire.
How Much Life Insurance Do You Need?
Your life insurance requirements will depend on what you want to achieve with a policy, your current financial circumstances and what you project for the future. You might consult with your financial advisor and a licensed insurance broker to assist you in determining your life insurance needs.
Where Do You Find a Life Insurance Policy?
To get a better understanding of Columbia life insurance, an independent life insurance agent can assist you in finding a suitable policy for your family. Your agent can get you Columbia life insurance quotes for your review and help you select the coverage you want.
Contact an agent today for a sensible plan that meets your budget.