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Life Insurance

Level Term Plans
There may be times when you need temporary additional life insurance protection for as little as five years or as long as 30 years. Level Term plans provide affordable life insurance coverage that is guaranteed to remain level as long as you need the coverage. Whether for family or business needs, Level Term Life Insurance may be the right product for your needs.

Level Term Life Insurance coverage can help safeguard your family's financial security by paying for a mortgage balance, child's college education, family income, personal debts or final expenses. Level Term coverage can also be used to meet a variety of business life insurance needs, such as key person coverage, security for a business loan, funding for a buy/sell agreement or low-cost optional employment benefit.

 

Whole Life plans

Whole Life Insurance plans lock in a level premium for a lifetime and provide living benefits for yourself in the form of cash value. The cash value accumulates and allows you to take a loan against the insurance, cash in the value when you no longer need the insurance, or simply allow it to accumulate and have additional funds available for retirement.

What is the difference between term and permanent life insurance?

Term insurance provides you with coverage for a specific period of time. It pays a benefit only if you die during that term. Some term insurance policies can be renewed at the end of the period. Others give you the ability to reenter. Premium rates will increase at each renewal date or each reentry. Many policies require you to provide evidence of insurability at reentry in order to qualify for the lowest available rates. Because term insurance premiums are generally lower than permanent insurance premiums, you can usually afford a higher level of coverage. Term insurance is good for covering responsibilities that will diminish or end over time, for instance, mortgages or car loans.

Permanent (or cash value) insurance is designed to be a lifelong policy and is known by a variety of names. As long as you pay the necessary premiums, the death benefit will always be there. These policies are designed and priced for you to keep over a long period of time.

 

Illinois Health Insurance