Individual Life Assurance

Individual Life Assurance: This is similar to Group Life Assurance but arranged on an individual basis as an addition to what the employer is providing or where Group Life Assurance is non-existence.

The cover can be arranged in different forms as follows:-

A short term policy could be effected when one intends to embark on projects or journeys.

Another option is where one is effected for the purpose of creating an estate where proceeds would be made available for dependants on death.  However, if the assured survives till the end of the term, he receives the proceeds

It can also be effected in such a way that after a particular age of the assured, premium payment ceases while the policy is still in force till death of assured after which proceeds would be made available to the dependants of the deceased assured. Any of these has the benefit of serving as a collateral for loan