Illinois Life Insurance

Illinois is currently the 5th most populated state in the United States and it is also the 25th most extensive. The state capital is Springfield. However, the bulk of the population lies in Chicago, which is situated at the northern part of the region. United States presidents like Abraham Lincoln, Ulysses Grant, and Barack Obama all came from this amazing state, and it is no surprise that Illinois has been known as the “microcosm” of the country. This basically means that the state has been considered as the epitome of America due to many factors such as having a long and reputable line of both social, cultural, and political history and terms.

With the advancement and modernization of industries, the state has gracefully acknowledged it all by growing and building the most powerful and successful companies. This makes them financially stable in almost everything. However, many of its residents still think that proper precaution must be done through securing their loved ones in the future. This is where life insurance comes in. Here are the three, most frequently asked questions about life insurance.

How much insurance do you need?

The first important thing that you must figure out is how much life insurance cover you need for your family’s future expenses in the event that you die. There are many things that you need to consider such as your current financial status, your future finances, your planned life stages such as college tuition fees for the kids, retirement, etc. Think very carefully about all these things and make sure you reassess your life so that you can get the right insurance policy.

What type of insurance should you buy?

Life insurance has two basic categories. These are term insurance and permanent/whole insurance. Term life insurance is a kind of indemnity that covers your future for a period of time. It is not something that you will be paying for, forever. You can start with 15 years, 20 years, or more. Permanent life insurance, on the other hand, is the type of indemnity wherein you will be covered for the rest of your life but, you will be paying the monthly fees for as long as you live.

What are the different types of permanent insurance?

There are four types of permanent life insurance. These are as follows:

  • Whole Life. Whole life is where the insured will have a certified guaranteed rate of return. The monthly premiums will never change, thus making this policy ideal for those who want predictability.
  • Cash Value. Cash value does not only serve as protection, it is also an investment wherein your cash can inflate over time. This is perfect for those who also want to insure their retirement in the future.
  • Variable Life. Variable life is about putting a certain percentage of your money to your protection while the rest goes to stocks.
  • Universal Life. Universal life is a kind of protection that allows you to change your premiums to a higher one, in case you have some extra cash lying around.



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