Individual Life Insurance
Many savvy investors consider life insurance to be the cornerstone of a sound financial plan. While no one likes to think about passing on, it is an important insurance to have in place. Individual Life Insurance can relieve you of the financial worry your loved ones may face in the event of your passing.
Individual life insurance enables your beneficiaries to help pay for expensive funeral costs, estate taxes, education, mortgage and can even be used for making up for lost income.
Types of Individual Life Insurance (Lions & Coventry Insurance Services offers several different coverage options for your consideration):
- Term Life – This is typically the simplest and least expensive insurance option. Term life insurance provides coverage at a fixed rate for a specified period of time. It’s a benefits policy that’s used primarily to cover financial responsibilities of the insured, with the benefit to be paid only if the insured were to die during the specified term. Most term life policies can be converted to a more permanent insurance solution such as whole life or universal life insurance.
- Whole Life – As the most common type of permanent insurance, a whole life policy guarantees a death benefit for the lifetime of the insured as well as a cash value account for savings. Your premium remains constant throughout the duration of policy while payments over and above your premium are credited to your savings, which earn a fixed rate of interest.
There are two types of Term Life Insurance policies:
- Annual Renewable Term is purchased for a period of one year, with the death benefit to be paid only if the insured were to die during that one-year term, along with the option to renew after the term period.
- Level Term Life guarantees a fixed premium for a given period of time, usually in terms of 10, 15, 20, or 30 years. Your premium is based on your age and coverage options, with longer terms being more expensive.
At the end of the day, one of the biggest investments you can make is an investment in yourself.
Here at Lions & Coventry Insurance Services, we understand that choosing a life insurance plan is a big decision and there are many important factors to consider. Our knowledgeable team will walk you through the process step, by step and assist you with creating an Individual Life Insurance plan that works for you.