What is Life Insurance?

Life Insurance policies can be paid in a lump sum or in several installments; the amount of money you pay to your life insurance company is called a premium.

When you buy a policy you provide a measure of financial security to your beneficiaries (family, loved ones) so that upon death they will be able to meet financial responsibilities previously covered by your income.

These are the most common types of products:

• Term Life Insurance
• Permanent / Whole Life Insurance

As you probably know, there are two major types of life insurance, term life insurance and permanent life insurance. Understanding the difference between the two and choosing the one that fits your needs is an important part of purchasing your life insurance policy.

Illinois Term Life Insurance

Like the name suggests, term life insurance is only good for a certain period of time, usually 10-30 years. A benefit is only paid out if the policy owner should die during the specified term. Illinois Term life insurance is typically the least expensive form of life insurance and the most widely used. While a term life insurance policy can be extended or renewed when it ends, the premiums are usually more expensive since the policy owner is now significantly older. Unlike permanent forms of life insurance, term policies have no cash value and can be viewed as insurance in the purest sense of the word.

Permanent Life Insurance in Illinois

Permanent life insurance encompasses several types of policies, such as whole life insurance and universal life insurance. While all forms of Illinois permanent life insurance generally follow the same principles, they differ greatly from term life insurance. Every type of permanent life insurance last for the insured individual’s entire life, as long as he or she continues paying their premiums. In addition, permanent life insurance in Illinois provides a savings element into the equation, allowing the policy to build up a cash value. In most cases, the policy owner pays more into their policy than the premiums required. Over time, that money builds up and can eventually become a substantially larger benefit than those offered in term policies.

Choosing an Illinois Life Insurance Policy is a very important decision for you and your family

With the variety of life insurance companies in Illinois to choose from as well as the different types of life insurance policies available, selecting the life insurance policy that is a fit for you can be a difficult decision.  We want to be your Illinois Life Insurance Advisor and help guide you through this complicated process.  Contact us today so we can talk with you and use our 20 years of insurance experience to guide you in the right direction.

Selecting the insurance that is right for you can be a complicated process. We are here to help you.

Office: 847-566-6250

Fax: 847-949-8352