Individual insurance refers to any policy that is chosen and paid for by the policy holder. You therefore have the opportunity to choose which product you wish to buy unlike Group Insurance where the choice is made for you.
Everyone needs Individual Life Insurance. If there is someone who depends on you and your income, you need life insurance. Persons with children under the age of 18 or who have aging parents who depend financially upon them also need life insurance.
Consider what will be the fate of your loved ones if tomorrow you are no longer around to provide financially for them? Your life insurance portfolio should be sufficient to take care of all of your final expenses so that you do not leave your loved ones in debt and also provide sufficiently for them because their life will continue. Unfortunately when you die, your debts do not die with you. Therefore, it is imperative that there be sufficient coverage in place to safeguard and protect your family.