Individual Life Insurance
The main purpose of a personal life insurance policy is to protect your family and loved ones against the risk of financial uncertainty in the event of a worst case scenario. There are two types of life insurance: permanent and term life insurance. Term insurance is far less expensive than permanent insurance because it is only valid for a specific period of time. Permanent life insurance serves two purposes; it provides a death benefit and doubles as an investment vehicle. A portion of premiums paid accumulates cash value over time, making the policy a tangible asset that can be borrowed against or even cashed out in case of emergency.
An analysis of your needs is necessary to determine which type of life insurance best fits the needs of your family.