You certainly don't need us telling you about the importance of protecting your loved ones in the event of an untimely passing. It's an issue that has been well publicized over the years, and is something that many hardworking people worry about every day. Coincidentally, very few know where to start or how to differentiate the various types of life insurance coverage options that are now available.
Let's review the most universally-popular types of life insurance, how they differ and why they're so beneficial when it comes to providing your loved ones with peace of mind after you're gone.
Term Life Insurance
Just as its name suggests, Term Life insurance provides financial protection for a fixed term that you decide upon. It offers the benefits of lower premiums, convenient coverage options and the ability to add or change coverage over time. It's worth noting that rates can change after the specified coverage period, and term life plans do not build equity or any sort of cash value that can be borrowed. This is a very popular option with singles, individuals and new couples who are just starting out, entering the workforce or buying their first home.
Whole Life Insurance
Clearly one of the most popular options for those with well-established families and assets, Whole Life insurance offers permanent financial protection that can be carried with you throughout your entire life. There are no term limits, no policy expiration dates, and you'll still have the freedom to determine contribution and coverage amounts. The premiums are a bit higher with Whole Life, however the benefits are significant - including the accumulation of building equity and cash value.
Universal Life Insurance
As one of the most clandestine of all life insurance policy types, Universal Life Coverage is essentially a combination of Whole and Term life policies. The premiums are traditionally lower than Whole Life, while adding the advantage of a savings element that can be used to build equity or pay the cost of premiums. Universal Life is considered by many to be an ideal arrangement for protecting your family during specific periods, while having the luxury of moving money between savings and insurance protection.
Get Help Shopping for Life Insurance in Illinois
Understandably, the process of buying an IL life insurance policy can be quite overwhelming. If you're in Illinois or the Chicagoland area and would like to explore your options or learn more, call Premier Financial Insurance in Lisle at 800-369-0287 for a free consultation. We staff a team of licensed agents who will work patiently with you to help you make the best decision.