IOA Individual Life Insurance
At some point in your life, buying an individual life insurance policy will become very important to you and your family. If you have dependents or other people with whom you share your life, life insurance can play a vital and valuable role in protecting those you care about, at virtually every stage of your life.
Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whomever you've designated, upon a specific event—your death. The death benefit and the policy limit are the same—a $200,000 policy pays a $200,000 death benefit. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death.
Other types of life insurance provide both a death benefit and a cash value account. Their premiums are larger than term life premiums, because they fund the savings account in addition to buying insurance. These policies are often referred to as cash value policies.
Types of Life Insurance:
- Term Life
- Universal Life
- Universal Variable Life
- Variable Life
- Whole Life
An IOA Individual Benefits specialist can help you make smart choices when buying life insurance: how much to buy; which type of product to buy and which life insurance company to choose.
For more information regarding IOA Individual Benefits, contact Linda Jones at Linda.Jones@ioausa.com, (800) 243-6899, ext. 4157 or (407) 998-4157.