Contact: (217) 355 9075 - Address: 702 Bloomington Road. Suite 205. Champaign, IL 61822 - Email: dave@insuringchampaign.com

Life Insurance Policy Illinois- Prepare For the Unexpected
Not many people think about the unexpected like death. Picturing yourself as not being around for your beloved family is a morbid thought that keeps you wondering how your family will cope financially if you are not around.
This is exactly what life insurance policy is for. It is a good way to prepare for the unexpected.  It provides your family financial security for the future in the event of your sudden demise. You get the peace of mind that your sudden demise will not put your family into financial difficulties together with emotional stress.
Types of Insurance Policies
There are three types of life insurance policies in Illinois such as:
Term Life Insurance
This is a period specific policy that provides coverage only after your death. If you live longer than your coverage period, then your policy will expire and you will not get any cash value against it.
For example, if you have coverage for a period of 20 years and you outlive that period, then no cash value benefit will be provided. However, you can renew it if you want.
Other policies, excluding the one discussed above, are termed as permanent,as they help you accumulate cash value that you can use during your lifetime. These policies offer you both cash value and death benefits. You can also use this as collateral to borrow money.

The permanent policies include:
Whole Life Insurance
This policy offers coverage for your whole life with premiums to be paid every year. It has two components, insurance and investment in the form of cash value accumulation on a tax-deferred basis.  You can use this cash value during your lifetime, but the loan you borrow does include accrue interest. In case of your untimely death or cancellation of the policy, the remaining balance of the loan you borrowed will be subtracted from your policy proceeds.
Universal or Adjustable Insurance
Under this policy you can flexibly increase or decrease your premium and coverage without buying a new policy. It also has a saving/investment component on a tax-deferred basis.
When Should You Consider Life Insurance?
You should consider buying insurance if you have dependents who are financially relying on you such as:

  • Your Spouse
  • Children
  • Aging parents who depend on you
  • Retirement saving that you think are insufficient to provide your family financial security for the future

What Factors Affect Your Premium?
Your premium usually depends on two factors:

  • The term and the amount of your insurance
  • Policy type

While the price of the policy is stated after risk calculation including medical examinations, pre-existing medical problems, gender, age, dangerous hobbies like scuba diving, smoking and credit history.
Once you buy a life insurance policy, make sure you keep on changing it according to your current needs. For example, in the event like a birth of a child or a divorce, you need to reevaluate your coverage to ensure it is adequate.

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Rueck Insurance is your independent, one-stop insurance center for all your personal and business insurance needs in Illinois. Insurance shopping is easy when the Protection Team provides you with multiple quotes to choose from. You will always know you are getting the best coverage at the lowest possible price.

Contact Info

Rueck Insurance is your independent, one-stop insurance center for all your personal and business insurance needs in Illinois.

702 Bloomington Rd#205
    Champaign, Illnois
(217) 355-9075
dave@insuringchampaign.com

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