By now it's safe to assume that you don't need any reminders on the importance of having life insurance. Commercials run non-stop from morning to night, painting grim pictures of widowed single-mothers trying desperately to comfort her now fatherless children. Despair-themed scare tactics might send some people darting to the phone, but buying life insurance should never be a rushed, pressured decision. There are a great many variables to consider, and overlooking them in haste could be costly in ways few expect.
While there will always be insurers who rely on fear mongering and pleasant-looking spokesmodels to sell plans, it shouldn't undermine your ability to choose the one that's ideal for you. Here are a few things to keep in mind when shopping for a life insurance policy in Illinois.
Understand the Differences in Various Plan Types
If you're brand new to the process of shopping for life plans, a good place to start is with an understanding of the most common policies. Fortunately, the terms used to define them are fairly reflective of what each one offers in terms of coverage. The more affordable life insurance plans such as term-life, as one would expect provides coverage over a fixed duration of time. These are ideal for those on a budget, younger families and others.
More comprehensive plans such as whole-life, universal and variable-life, will provide more extensive coverage over longer specified periods of life. Some plans also build cash value, while others can be sold as they near the end of their term. Reference our main life Insurance page for more detailed overviews of each.
Be Realistic About Your Needs and Budget
A 22 year-old recent grad, entering the work force, with no family or dependents buying a top-tier whole life plan might really make an agent's day, but the cost and coverage are figuratively light-years beyond what he or she might need at this stage in life. It may be human nature for some to instantly see benefit in terms of price, but in the case of life coverage, it's more important to step back and examine why you're buying it to begin with.
The aforementioned example, of course, is only one example of how not to buy life insurance. Since there are no cookie cutter solutions that correspond with age, it's important to take an unbiased look at your realistic needs; from a current, near future and long-term perspective. This is where working with an experienced agent can save you a lot of time, stress and the possibility of error.
Free Assistance with IL Life Insurance Policies
Regardless of whether this is your first go at purchasing a policy or if you're a seasoned pro, it never hurts to have a local expert on-call for those things that can't always be Googled with confidence. Premier is an independent Lisle health insurance agency, that proudly serves the entire Chicagoland area and charges no fees for expert life insurance consultations.
Give us a call at 800-369-0287 to speak with one of our licensed agents, or reach out in confidence via e-mail through our site's ultra-secure contact page.