Product Overview > Individual Plans > Life
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If you would like to get pricing on an employee benefits plan, contact your Kistler Tiffany Benefits representative by clicking here
Many insurance carriers’ enrollment forms can be accessed by clicking here
Why is individual life insurance important?
Life insurance provides a vital supply of cash for personal or business use when a primary income provider or key employee dies.
Some examples of personal uses for life insurance are to continue family lifestyle and pay general household expenses, provide funding for a child's college education, and pay off personal debts.
Some examples of business uses for life insurance are to pay off business debts, buy out a partner's share of the business, and provide executive employee benefits.
Four participants are involved in a life insurance transaction: the insurance company, an insured person, the policy owner, and one or more beneficiaries.
The proposed insured person is the central participant in the application process for life insurance. The insurance company will be considering a variety of factors about the proposed insured person when reviewing his/her application for life insurance. Some of those factors are the proposed insured person's age, gender, occupation, general health, credit report, driving record, use of tobacco products, family history, and risky hobbies and activities.
Unlike most other types of personal insurance, the insured person will not gain financially by purchasing a life insurance policy on him/herself. Instead, the chosen beneficiaries will collect the life insurance policy cash proceeds when the insured person dies while a policy is active.
How to purchase an individual life insurance policy
Consider the following issues when purchasing an individual life insurance policy.
The answers to these questions will guide the structure of an appropriate life insurance policy. A policy design can range from simple "renewable term" to complex "variable universal life".
- What is the purpose of purchasing the life insurance policy?
- How much cash is needed when the insured person dies?
- Who will get the cash when the insured person dies?
- What is the financial condition of insurance company?
- How will the life insurance policy be paid for?
- Who is the appropriate policy owner?
- How much is the cost to keep the policy active each year?
How to learn more:
Your Kistler Tiffany Benefits representative will focus on the important elements of an individual life insurance plan to find the program that is best suited to your situation.
Click here to contact us.
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