Individual Life Insurance for Financial Security

Individual life insurance is a key part of your financial planning, offering protection for your loved ones and additional benefits like estate planning and tax-deferred savings. Death benefits from individual life insurance are typically federal tax-free and can be used by your beneficiaries for any purpose. Whether you want to leave a legacy for your family or support a cause you care about, life insurance provides peace of mind.

Basic Types of Individual Life Insurance

Individual life insurance falls into two main categories: term and permanent policies.

• Individual Term Life Insurance
  Term life insurance provides coverage for a set period, typically 5 to 30 years. This policy ensures funds are available for specific needs, such as paying off debts, covering college tuition, or handling mortgage payments. It only pays out if the insured passes away during the policy term, making it an affordable option for temporary coverage.
• Permanent Life Insurance
  Permanent life insurance provides lifetime coverage as long as premiums are paid. These policies are ideal for estate planning, funding trusts for dependents, or accumulating tax-deferred cash value over time. The premium remains consistent throughout the policy’s duration, offering stability and long-term benefits.

Cost of Individual Life Insurance

The cost of life insurance depends on factors such as age, health, policy type, and coverage amount. At Fortunata Agency in Boca Raton, we’ll help you find a policy tailored to your needs and budget.