Life Insurance in Illinois
The thought of losing a family member is enough to make most people cringe with fear. But when it comes to financial planning, it is essential to consider the devastating financial effects associated with losing a loved one.
How will your family cover funeral expenses, the deceased’s remaining medical bills, and other expenses, should a family member pass away? If a breadwinner were to suddenly die, how would the family replace his or her income? Every family must answer these questions, and millions of families across Illinois are choosing to carry adequate life insurance as the answer.
There are two general types of life insurance:
Whole life insurance – Whole life insurance generally provides coverage for the entire life of the insured, as long as the premium is paid on time and in full. Whole life insurance has the benefit of potentially having cash value, and potentially providing for an annuity payout to the insured later in life.
Term life insurance – Term life insurance generally runs for a certain term, for example 10 years or 15 years, and must be renewed after the term expires. Term life insurance generally does not have any cash value, and will only pay out upon the death of the insured.
Many families recognize their need for life insurance and attempt to evaluate their financial needs on their own, without consulting an expert. But, in order to ensure that your family has the right kind of life insurance, and the appropriate coverages, it is a far better idea to consult with the Plainfield, IL life insurance agents at PrairieOne Insurance Agency. These independent insurance agents will review your family’s financial situation, lifestyle, and potential future financial needs, and give you expert recommendations as to the best life insurance coverages for your family.