Protect the People Who Depend on You.

What Can Life Insurance Help Protect?

Life insurance pays a death benefit to the people you name as beneficiaries. That money can be used for a range of needs, depending on what your family relies on most. For many households, it may help with:

• Replacing lost income
• Paying or reducing a mortgage
• Paying outstanding debts
• Helping with children’s future expenses
• Covering final expenses
• Providing financial support for a spouse or family
• Leaving money to beneficiaries
• Creating a financial legacy

Every family’s needs are different. A young family with a mortgage and small children has different priorities than a retired couple who want to leave something behind. For families in Murrells Inlet and the Grand Strand, considering local living costs alongside your goals and budget can help guide the conversation.

Term Life Insurance

Term insurance provides coverage for a specified period, such as 10, 20, or 30 years. If the insured person dies during that period, the death benefit is paid to beneficiaries. If the term ends, coverage ends unless it is renewed or converted, depending on the policy.

Term coverage can be a good fit when you need a larger amount of death benefit protection during a specific stage of life, such as:

• Raising children
• Paying off a mortgage
• Replacing income during working years
• Protecting against large temporary financial obligations

Term insurance generally does not build cash value. It is not automatically the best option for everyone. Whether it makes sense depends on how long you need coverage, how much you need, and what fits your budget.

Permanent Life Insurance

Permanent life insurance is designed to remain in force for your lifetime, as long as required premiums are paid and the policy’s requirements are met. Different forms of permanent coverage work differently, and some include cash-value features that operate according to the policy’s terms, costs, and crediting methods.

Families often consider permanent coverage for goals such as:

• Lifelong death benefit protection
• Final expenses
• Legacy planning
• Certain long-term cash-value objectives

Permanent insurance is not automatically better than term insurance. It usually costs more than term for the same death benefit, and it works best when the long-term commitment fits your goals. If you are interested in one specific permanent product, you can read our education page on Indexed Universal Life.

Mortgage Protection

Homeowners insurance protects the physical home from covered property losses. It generally does not pay off the mortgage simply because an income-earning homeowner dies.

Some families use life insurance to help provide funds that could allow a surviving spouse or family to keep making mortgage payments, or to pay down the balance. In this context, “mortgage protection” refers to using life insurance for that financial need. It is not homeowners insurance.

Final Expense Coverage

Some people buy life insurance specifically to help their family handle the costs that come with a death. Those expenses may include:

• Funeral, burial, or cremation costs
• Medical or end-of-life expenses
• Small outstanding debts
• Other immediate financial obligations

Final expense coverage is generally a form of life insurance. It is not a separate type of financial investment. You can read more on our final expense page.

How Much Life Insurance Do I Need?

There is no single coverage amount that works for every family. Many people start by looking at a few practical questions:

• What debts and the mortgage balance would need to be covered?
• How many years of income would your family need to replace?
• What future costs, such as education, are you hoping to plan for?
• What final expenses would your family face?
• How much coverage is already in place through work or other policies?

Your answers help shape the right type and amount of coverage. Our private coverage estimator is a good place to start, and a conversation can help you sort through the rest.