Life Insurance in Columbia, SC
Many mistakenly believe that life insurance is unaffordable, but a lot of policies cost less than most people think. It is essential even if you don’t have dependents as life insurance may cover funeral expenses, settle debts or leave a financial gift for loved ones. It may also be used as a financial planning tool to build cash value or secure loans.
How Does Life Insurance Work? 
When you purchase a life insurance policy, you agree to pay premiums to an insurance provider in exchange for a payout known as the death benefit.
When you pass away, your beneficiaries must file a claim with the insurance company to receive the death benefit. They will typically need to provide proof of death, such as a death certificate. If the claim is approved, the insurance company pays the agreed-upon sum, which can be used to cover expenses like funeral costs, debts, daily living expenses or future needs such as college tuition for children.
What Does My Policy Cover?
Life insurance may be used for a range of financial obligations, such as the following:
- Paying off debts, including credit cards, personal loans and mortgages
- Covering daily living expenses like rent or mortgage, groceries and utility bills
- Supporting educational fees, such as tuition and school-related fees for dependents
- Covering funeral expenses and other costs associated with end-of-life arrangements
- Providing funds for long-term financial goals, like helping a spouse save for retirement
How Much Does a Policy Cost?
Life insurance rates are influenced by factors like your age, health, lifestyle and the type and amount of coverage you choose. Regular payments keep the policy active, and if you stop paying, the policy may lapse, meaning coverage ends.
Secure Your Policy
Contact Butler's Insurance Agency LLC today to discover your ideal life insurance plan. Our friendly agents are ready to assist you.