An individual life insurance policy covers a single person. One person also funds it. It differs from group life insurance, which protects members of an association or the employees of a corporation.
If the insured passes away, this insurance covers the surviving spouses or family member’s financial needs.
Individual life insurance is more adaptable in terms of coverage, letting the policyholder select the level of protection they desire. Individual life insurance is more expensive than group life insurance.
This is unlike a group life insurance policy, where the insured is forced to accept the coverage provided. However, those covered by a group policy have the choice to pay more for additional coverage.
The named beneficiary of a life insurance policy has a death benefit. With the help of this benefit, surviving family members will no longer have to bear the financial burden of the insured’s passing.
Term and whole life insurance are two of the most well-patronized individual life insurance plans. Hignojos Insurance Agency experts are ready to guide you through picking the most suitable individual life insurance policy that will favor you and your family in the event of an unfortunate incident. We regard you as family and treat you as such. With this in mind, always know that your interest matters the most to us.