Life Insurance in Summerville, SC
Life insurance is an agreement between a policyholder and an insurance company to financially support the insured’s beneficiaries if they die while the policy is active. That payout can help beneficiaries cover expenses like funeral costs, outstanding debts and other living costs.
What Type of Insurance Should I Get? 
Life insurance generally consists of two main types. If you purchase a policy insuring yourself, it may function in the following ways:
- Term life insurance may cover you for a set number of years. They often cost less than permanent policies. If you die within the policy’s term, your beneficiaries may claim the death benefit. In some cases, insurers may allow term policies to be renewed at the end of the term or converted to a permanent policy before the term ends.
- Permanent life insurance may provide lifelong coverage as long as you keep up with payments. These policies have a savings-like feature that can accrue cash value, which you can access and use for various purposes. Permanent life policies are often more expensive, but some people like the long-term coverage and added financial features.
What Does Life Insurance Cover?
Life insurance may cover many causes of death, but each provider sets its own rules. Some claims may be denied based on specific exclusions. Reviewing those details with your insurance agent can help you learn when a claim might be approved or denied.
Tips for Getting Started
Before securing a life insurance policy, determine the coverage you need. Consider your income, debts and how long beneficiaries would need financial support. Review pricing and coverage options from multiple providers. Read the fine print and ask questions about exclusions, renewal terms and payment options. It’s also smart to revisit and update your policy every few years.
Secure a Policy Today
Cornerstone Insurance Group LLC is here to help you secure a life insurance policy. Contact our team today for a custom quote.