Life Insurance in Illinois
No one likes to think about it, but it is crucial to consider purchasing life insurance. Life insurance will allow your family to continue financially after you are gone.
Uses for Life Insurance in Illinois
There are several different ways your family can use life insurance. Your family can use it to pay off a home mortgage, provide an education fund, supplement a retirement fund, replace lost income, comply with a court order, fund a business transfer, protect a business, or pay for final expenses.
Basic Types of Life Insurance in Illinois
When choosing life insurance, there are different types to consider. An agent at Green Family Insurance Inc. in Springfield, IL can help you find the right policy.
- Term life insurance is temporary and will only last for a specific period that you choose. These policies are usually purchased at a time when it is needed the most, such as when your children are growing up. The premium stays the same through the contract. Many policies can be converted at the end of the term, but there isn’t any cash value in the policy.
- Whole life insurance is permanent, will last your entire life, and will be paid out when death occurs. It can also be used for estate protection, retirement planning, and college planning. It builds cash value, and you can borrow against the policy. The premium stays constant throughout the life of the contract.
- Universal life insurance is also permanent life insurance, but there are a more adjustable life benefit and flexible premium. The cash value in the policy can decrease or increase the amount of the death benefit. If you have enough cash value, then you can also use it to make premium payments.
Factors that will determine the premium and rate will include the type of policy, your age when you get the policy, your family history, your medications, and medical history, weight and height, and tobacco use.
Contact Green Family Insurance Inc. in Springfield, IL to get a quote on life insurance.