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Home > Commercial-Products > Coverage-For-Your-Employees > Individual Life Insurance - Westlake OH & Avon OH - The McCallum Insurance Agency

Individual Life Insurance in Westlake OH & Avon OH

Reassurance for you and your Loved Ones.


Individual life insurance is a financial tool designed to help provide financial protection and peace of mind for you and your loved ones. It can serve as a safety net, ensuring your beneficiaries are financially secure after your passing. 


Contact McCallum Agency in Westlake, Ohio, to learn more about your life insurance options. 


Understanding Individual Life Insurance 



Individual life insurance is a policy purchased by an individual to provide a death benefit to designated beneficiaries upon the insured’s passing. It serves as a financial safety net and can help replace lost income, cover outstanding debts and meet the ongoing financial needs of beneficiaries. 


There are two main types of life insurance, including the following: 

  • Term life insurance may provide coverage for a specific period, known as the term. Beneficiaries can make a claim if the insured person passes away within the policy term.
  • Permanent life insurance may provide coverage for the entire lifetime of the insured individual. It typically accumulates cash value over time, which can generally be accessed during the insured person’s lifetime, per the policy’s terms. It may serve as an investment vehicle with potential growth in cash value. 


Determining Coverage Amount 



Figuring out the appropriate coverage amount for beneficiaries is crucial to protect your loved ones. Several factors should be considered, including the following: 

  • Income replacement—Evaluate how much potential income needs to be replaced to sustain the family’s lifestyle.
  • Debts and obligations—Consider outstanding mortgage loans, credit card debts and other financial obligations that may need to be paid off.
  • Education expenses—Plan for future educational expenses for your children and other dependents, including college tuition.
  • Final expenses—Account for funeral costs and potential medical bills.
  • Cost of continued care for family—Stay-at-home parents who pass away can leave the surviving caretakers with far fewer resources. Calculate the costs of hiring a nanny, housekeeper and other expenses for the time young children will live at home. 


Individual Life Insurance Health Requirements and Medical Exams 



Insurers use information about the insured person’s health status to assess the risk of issuing the policy. Age, pre-existing medical conditions and lifestyle choices (such as smoking) may affect premium rates and insurability. 


When required, medical exams generally include a review of your medical history, a physical examination and sometimes additional tests such as bloodwork, urine samples or electrocardiograms (EKGs). However, it’s important to note that not all life insurance policies require a medical exam. Simplified issue and guaranteed issue policies are available for individuals who may have difficulty obtaining traditional coverage due to health concerns. 


Contact Us 



Contact McCallum Agency today to get personalized life insurance quotes. 

 

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27570 Detroit Ave | Westlake, OH 44145
P: 440-899-2700 | F: 440-899-7755
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