Individual life insurance is a type of life insurance policy that provides financial protection for an individual in the event of their death. In an individual life insurance policy, the policyholder is the individual, and the beneficiary is typically a family member or loved one.
Individual life insurance policies can be either term or permanent. Term life insurance provides coverage for a specific term, such as 10, 20, or 30 years, and pays out a death benefit if the insured individual dies during the term of the policy. Permanent life insurance provides coverage for the entire life of the insured individual and pays out a death benefit upon their death.
Individual life insurance policies may also include a savings or investment component, which can accumulate cash value over time. The cash value can be used to pay premiums or can be withdrawn or borrowed against.
The cost of individual life insurance policies is based on factors such as the individual’s age, health status, lifestyle, and the amount of coverage needed. It’s important to carefully review the policy details and coverage options before purchasing an individual life insurance policy to ensure that it meets your financial goals and needs.
Individual life insurance can provide peace of mind for individuals knowing that their loved ones will be financially protected in the event of their death.