Life Insurance Quote Forms
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Life Insurance Information
Life insurance provides your loved ones with a monetary benefit after you die. Sometimes referred to as a death benefit, this money goes to your chosen beneficiaries.
What Types of Life Insurance Are Available?
There are a variety of types of life insurance, but the following are the two main types:
Term life insurance provides money to your beneficiary if you die during your policy’s term, which may be a period of 10, 20, 30 or more years, depending on your policy’s expiration date. If you don’t die during this time, your policy doesn’t pay. You need to reapply for a new policy to continue coverage.
Other kinds of life insurance that people often choose include:
Key person insurance.
Long-term care insurance.
Mortgage protection insurance.
Universal life insurance.
Illinois Insurance Associates can help you get a life insurance policy that offers the financial coverage you want for your beneficiaries.
How Much Life Insurance Do I Need?
The value of a life insurance policy is sometimes tied to a person’s debts, such as a mortgage or car payment. If the individual dies while their debts remain outstanding, their beneficiary can settle these expenses with the death benefit. Other people associate their death benefit with their income and leave a certain number of years’ worth of their paycheck to their beneficiaries. Ultimately, deciding what to do for your life insurance policy is your choice.
How Many Life Insurance Policies Can I Have?
Sometimes it makes sense to have more than one life insurance policy. For example, you may choose to have both a permanent life insurance policy and a term life policy to close any gaps in your financial plan. Having multiple policies also means you have numerous premiums. In addition, if you’re purchasing life insurance at different points in your lifetime, you might have a variety of premium costs based on your age and health when you bought coverage. Ultimately, you may own as many life insurance policies as you want for financial protection.
What Does a Life Insurance Policy Cost?
Life insurance policies vary from person to person, and so do the costs of policy premiums. Your age, income and coverage can impact your premium and the cost of your policy.
We Can Help
Illinois Insurance Associates can help you with the financial protection you want for your loved ones. Call us today at 630-362-5915 to learn more about how life insurance offers that support.