Parasol Leads, Inc. BBB Business Review

Individual Life Insurance

Individual Life Insurance is a type of life insurance that financially protects the families or loved ones of the insured person in the event of his or her death. There are two major types of Life Insurance Individual Life Insurance and Group Life Insurance.

An Individual Life Insurance covers just one individual and is a kind of policy that is usually based on the risk factor of only one person. However, there are other types of Life Insurance that cover multiple lives and are still being referred to as Individual Life Insurance. Examples are "firsttodie" and "secondtodie" life insurances. The former is a kind of individual life insurance that covers lives of more than one individual and is payable only on the death of the first person who is insured, while the latter is yet another kind of individual life insurance that is payable upon the death of the second of 2 insured individuals.

1) FirsttoDie Life Insurance is most useful in benefitting Partners in a Business wherein the share of the one who dies first can be bought out by hisher partner.

2) SecondtoDie Life Insurance is also referred to as "Survivorship" policy. This is often the kind of insurance that is used to cover Estate Planning for the purpose of reducing the Federal Estate Taxes.

Individual Life Insurance is underwritten to protect an individuals personal health. A person who applies for this kind of insurance usually is subject to physical exam to determine hisher personal situation and to further tailor the plan to meet hisher specific needs.

There are 2 Different Types of Individual Life Insurance

1) Term life Insurance is also known as Term Assurance. It is a type of Individual Life Insurance Coverage that you pay at a fixed rate for a specified amount of time, and that maybe from one year to 30 years.Learn more

2)Permanent life Insurance is a form of Individual Life Insurance where the policy which is for the life of the insured, becomes payable at the end of the policy while also providing an "investment component" wherein savings get accumulated within a policy, and you can barrow against this "cash value".Learn more

Get Individual Life Insurance Quotes in 3 Easy Steps! Fill out the form below and click "submit" to get the best Individual Life Insurance Quotes in the U.S. Enter your zip code for custom quotes in your area.