 |
Group Health |
|
Group Dental |
|
Group Disability |
|
Group Life |
|
Group Vision |
|
Corporate Succession Planning |
|
Group Voluntary Benefits |
Individual Life Insurance
Individual life insurance aims at protecting an individual’s assets in the event of an untimely passing. An individual life insurance quote depends on whether an individual selects individual term life insurance, or individual permanent life insurance (consisting of individual universal life insurance and individual whole life insurance). Time and again, life insurance has proven an ideal safety net for individuals that seek to provide for their families when they are no longer around and ensure that they continue funding their way of life.
Making the decision about what policy to choose depends on the type of coverage that best suits your particular needs and that of your dependents. Before you decide, however, you may want to consider whether you still have mortgage payments to make, whether you still have to provide tuition fees for your children, or if you will be leaving behind any sort of debts that need to be settled. With an effective policy in place, you will not have to worry about such expenditures should your income no longer be made available to those you leave behind. You will also have peace of mind in knowing that the lifestyle to which your family has become accustomed will not be affected by a severe financial loss.
With term life insurance, policies stay in effect for a predetermined, fixed period of time and do not accrue a cash value. This makes the premiums less expensive than the permanent types of life insurance. When it comes to permanent life insurance, there are two types to choose from. Whole life insurance is not limited to a set time period and can accrue a cash value, but has a fixed premium. Universal life insurance features a similar savings plan, however, it is slightly more flexible as premiums are not fixed.
For more information on individual life insurance quotes, please contact a Synergy Benefits specialist.
Keep in mind that permanent life insurance is generally more expensive than individual term life insurance. However, the savings options available from individual universal life insurance and individual whole life insurance may prove more inline with your coverage expectations.
Click the button below to contact an Insurance Specialist at Synergy Benefits to receive a quote on this type of insurance.
