Individual Life

In this guide

  1. What is Individual Life Insurance?

  2. What are the different types of Individual Life Insurance coverage?

  3. The importance of Individual Life Insurance

  4. Get a quote

What is Individual Life Insurance?

Life insurance policies help provide security to you or your beneficiaries after passing away or a designated period. A life insurance policy can help secure your family’s financial future by paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.

What are the different types of Individual Life Insurance coverage?

There are four primary types of life insurance, and each has a place in any sound financial plan. The four variations of life insurance are:

Term Life Insurance – fixed premiums for a fixed period of time, like 10 or 20 years

Whole Life Insurance – permanent insurance, as long as premiums are paid, with fixed premiums and cash value benefits

Universal Life Insurance – permanent insurance with options to change premiums and death benefits

Variable Life Insurance – similar to Universal Life but with the flexibility to choose investment risks to maximize cash value benefit

The importance of Individual Life Insurance

Life insurance is essential, as it protects your family and lets you leave them a non-taxable amount at the time of death. It also covers your mortgage and personal loans, such as your car loan. Your life insurance follows you when you retire, and your employer no longer insures you. This insurance will also replace your family income when resources are less, and you are not around, so they can maintain their quality of life.

Once you understand the importance of taking out a life insurance policy, you must make the right choice. To do this, you need to ask yourself about your needs and purchase a product that works for your family and insurance premiums that fit your budget. We can help you with this. Contact us to know more.

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