Individual Life Insurance



Life Insurance offers you an affordable way to provide years of income to your loved ones in the event of your passing. In such circumstances, a Life Insurance policy can not only help to cover the daily costs your family incurs, but also pay off household debt, secure your children’s higher education, supplement retirement, help to maintain their standard of living and more.

There are two main types of Life Insurance, namely Term Life Insurance and Permanent Life Insurance.

Term Life Insurance is particularly for those seeking a Life Insurance plan for a certain period of time. Those seeking the flexibility of lifetime coverage are more likely to need a Permanent Life Insurance plan.

One Source Benefits offers expert guidance to help you choose a suitable  life insurance policy. Types of policies available include:

How Much Coverage Do You Need?

The biggest decision you’ll face is how much life coverage you need. The general rule of thumb is that, at a bare minimum, you should provide at least enough to pay off your outstanding debts and cover your funeral expenses. The face value of your policy should cover any remainder on your mortgage and other debts, and provide a cushion to help your family get back on their feet financially after your death. If you have young children, you should also cover your expected annual salary multiplied by the number of years until the youngest is no longer financially dependent.

What Factors Are Considered in Assigning a Premium?

There are a number of factors that may affect how much you pay for your policy aside from the amount of the death benefit you choose. These include your age, your gender, the state of your health and any pre-existing conditions, and whether or not you smoke. Smokers can expect to pay higher premiums than those who don’t use tobacco products.

Why Should You Buy Life Insurance?

If you are the major breadwinner or a major contributor to family income, you should be insured. No one likes to imagine what will happen if they die, but it makes sound financial sense. Potentially, your life insurance benefit can mean the difference between your family keeping the home in which you live and losing it to debt if you are no longer able to provide for them. In general, if you are carrying a mortgage, you should carry at least enough insurance to cover the remaining mortgage so that your heirs aren’t left with an ongoing financial impact.

Tips To Help You Save Money on Individual Life Insurance

 

For more information on individual life insurance and health insurance, visit our website for and chat live with our consultant. Call us toll free at 1- 877-549-1212 or send an e-mail to tmcmanamon@onesourcebenefits.com.

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