Life Insurance

What Does Life insurance Do?

The purpose of life insurance is to provide financial security for your family after you're gone. Life insurance policies can help your loved ones meet the financial needs that your income would normally have covered. Life insurance can be purchased on an individual or group basis.

About Group Life Insurance

For the most part, group life insurance can be bought through your employer group and needs to be renewed yearly.

Types of Life Insurance Policies

There are two basic types of life insurance policies for the individual, both of which are discussed in detail below:

• Term Life Insurance
• Whole Life Insurance (also referred to as permanent life insurance)

Term Life Insurance

Term life insurance is a kind of coverage you purchase for a specific time period ranging from 1 to 20 years, or up to age 60 - 65. Common characteristics of Term life insurance are listed below:
1. Pays out benefits if you pass away during the stipulated time period (term) covered by the policy.
2. Tends to be cheaper than whole life insurance.
3. Practical for individuals who need large amounts of coverage for set amount of time.
4. Coverage ends at the end of the term or when you stop paying the premium. (Note: some policies are "renewable" and can carry on over after your term expires.
5. You may be able to exchange your term life insurance policy for a whole life policy without needing to provide evidence of good health.

Whole Life Insurance

Whole life insurance offers coverage meant for individuals who want to be covered for the rest of their life. Most policies for whole life insurance share the following features:
1. Guaranteed lifetime coverage.
2. You pay premiums at a fixed rate for as long as the policy is in force. (please see our "Variations of Whole Life Policies" page for the exceptions to this rule.)
3. Accumulates cash value over time.

Illinois Insurance Center is one of the Midwest's fastest growing and most progressive insurance agencies. Established in 1973, Illinois Insurance Center, Inc., was built on hard work, excellent customer service and reasonable prices. We are a full service agency, representing many different carriers, providing all lines of insurance for your personal and business needs. You get the best for less!

Call us at (866) 910-2601 for a competitive Life Insurance quote!

 

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