Individual Life Insurance in West Lake, Ohio
Life insurance can act as a financial lifeboat for you and your family following the death of a loved one. Still, while you may be familiar with the general concept of this type of coverage, you should be aware of the various forms and features that may be available. Individual life insurance may be particularly valuable to understand and retain, as these policies can offer more reliable and consistent financial protection than group arrangements.
What Is the Difference Between Group Life Insurance and Individual Life Insurance?
Individual life insurance refers to policies you can shop for yourself through online marketplaces and local insurance agencies. While group life insurance plans offered through your employer may appear to offer sufficient coverage, these benefits typically end alongside your employment. As such, if you’re laid off or choose to leave your job, you will no longer be covered. In contrast, an individual life policy can remain active for many years and even the rest of your lifetime.
Types of Coverage
Individual life insurance coverage may come in many forms, but most fall under one of the following primary classifications:
- Term life coverage remains active for a predetermined period and beneficiaries can claim a payout if an insured’s death occurs during that time.
- Permanent life coverage can provide lifelong financial security for beneficiaries and may also include cash value components that can accrue over time and subsidize other savings.
Why People Buy Life Insurance
Regardless of what type of individual life insurance plan you choose, doing so can provide essential financial security. Following the death of an insured, beneficiaries can submit a claim for your policy’s payout, potentially helping to pay for the following:
- Anticipated future expenses (e.g., childcare fees and college tuition)
Get the Right Coverage
Contact the McCallum Agency today to learn more about individual life insurance or compare personalized coverage quotes.
|