Individual Life Insurance
Reassurance For You And Your Loved Ones.
An individual life policy covers only you and may continue until your retirement, or even later in some cases. When you first avail the insurance policy, the insurer will levy a certain premium based on some factors. These include your age, profession, health conditions, sum assured, and several others. For traditional individual insurance plans, the premium remains constant during the entire duration of the policy. This means even if you have to pay a slightly higher premium, the coverage does not decrease as you grow older. Therefore, it is recommended that you buy an individual plan at an early age, which significantly reduces the premium you pay for a higher coverage. Moreover, the risk of not being eligible for a policy when you are older is higher, which is why it is better to purchase insurance at an early age.
The different types of life insurance are :
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Variable universal life insurance
- Simplified issue life insurance
- Guaranteed issue life insurance
- Final expense insurance
- Group life insurance
As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.