If you're like many people, you probably don't spend a lot to time thinking about issues such as life insurance, mortality or funeral expenses. In a way, this is ironic. Nearly two-thirds of the county is considered overweight, with an estimated 33% falling into the category of clinically obese. The incidence of heart disease and stroke has increased rapidly over the past three decades. Nearly one in every three Americans has diabetes. The number of new cancer cases in our country continues to surge to unimaginable levels. As far too many families have found out the hard way, tragedy can strike without even the slightest bit of warning.
This raises the question. How would your family make it if, suddenly and unexpectedly, you were no there to provide for them? Is your savings strong enough to support their needs in the event of your untimely passing? Would it be possible, considering the state of our economy, for your spouse to re-enter the workforce? Who would care for the children if your family was instantly transformed to a one parent household? Believe me; I know that these are issues which we would all rather not think about. The fear and uncertainty of death is one of the most ubiquitous of all human emotions. The only thing worse than having to think about them now, is the idea of your spouse having to think about them while simultaneously adjusting to life without you.
This is why having proper life insurance is so important. It is safe to assume that most people grasp the overall concept of life insurance. Still, there seems to be some confusion when it comes to understanding the different types of coverage types available. There are many options when it comes to IL Life Insurance, however three remain the most popular: Term Life, Whole Life and Universal Life. Let's take a close look at all three to see what they have in common, how they differ, and which one is right for you.
Term Life Insurance Chicago
Just as its name suggests, Term Life Insurance provides protection benefits over a fixed period of time. Term life insurance is the most affordable, and remains popular among families who are recently married, just starting out, on a limited budget and still in need of coverage. Unlike some other forms of life insurance, Term Life does not accumulate a cash balance and is typically offered in ten year increments. They are very specific in their coverage and intended to provide pre-specified benefits in the event of a family member's passing. At the end of the term, policyholders have the option of renewing, canceling, or upgrading to a long-term policy.
Whole Life Insurance Chicago
Whole life Insurance provides the highest level of coverage, offering benefits throughout the insured person's entire lifetime. The premiums are expectedly higher in comparison to term life plans, based on the significant increase in benefits provided. In addition to offering the peace of mind in knowing that there are no gaps in coverage, Whole Life policies build equity over the life of the policy. Policyholders are generally not required to take additional medical exams as they age, and premiums remain constant. Additionally, the policyholder has a wide range of options regarding the allocation of equity and benefits. It is common for young, healthy individuals and new families to start with a term policy, and move up to whole life coverage upon its expiration.
Universal Life Insurance Chicago
For a growing number of people, they want more than a basic term policy, but are not yet ready for the extensive coverage offered under whole life plan. In these cases, Universal Life serves as an ideal choice. These plans offer the best of both term and life policies, and are affordable on most budgets. Just like Whole Life plans, they provide financial benefits without any gaps in coverage and can build cash value over time. They also provide the affordability of a term plan, as premiums are not due on a monthly basis. For those seeking increased benefit protections at affordable rates with the potential for equity, Universal Life Insurance is a great choice.
Let's face it; life insurance is something that every family or head of household needs to have. End of life expenses now exceed what most people have in the bank, and are only expected to go up in the years to come.
To learn more about which life policy to choose, or for a quote on life insurance plans in Illinois, contact us today at 800-369-0287 or by e-mail through our contact page.