Advantages of Individual Life Insurance
Flexible — The type and amount of coverage applied for can (within limits) be tailored to meet the needs of the applicant and his or her ability to pay. There are no fixed limits or maximums on the amount of coverage, the way there are with government or group plans.
Adaptable — The amount and type of coverage can often be changed (increased, decreased, the plan type amended, etc.) after the plan has been issued, to suit the insured’s changing needs.
Portable — The insurance coverage can be taken with the insured from province to province and even to other countries. Once issued, individual life insurance policies can even be transferred to other individuals or organizations without affecting the insurance coverage provided.
A Tangible Asset — The death benefit payable under any individual life insurance policy can be assigned to a third party as collateral. The values of a cash value life insurance policy can be withdrawn, borrowed against, or assigned.
Simply put, individual life insurance policies afford the client all of the choices, options and flexibility required to make them an integral part of every financial and estate plan.