Individual Life Insurance
This is one of the most valuable protections you can provide for your family. The proceeds of this policy are paid to your beneficiary in the event of your death. Many types of policies are available, however, some of the most popular include: Term Insurance (this policy provides protection for a limited period of time, with an increasing premium, and is available in policy periods of 1 year, 5 years, 10 years, 20 years and 30 years. These policies are generally renewable with a premium increase at the end of each period.); Whole Life, which is designed to provide protection for all of a your life at a level premium, and builds a cash value; Universal Life (provides a flexible premium payment, allows you to change the death benefit from time to time, and still builds a cash value); and Variable Life, which is similar to Whole Life policies, but allows the insured to choose how the cash value is invested, shifting the investment risk from the insurance carrier to the insured. The average person should have life insurance equal to 6-8 times their annual income.