Get Illinois life insurance quotes, cost & coverage fast. You need IL life insurance if you have people who would suffer financially if you were gone. It provides cash to your family after your death to pay the mortgage, food, car payments & other expenses of living.
Illinois Life Insurance
The only two things that are certain are death and taxes. Illinois life insurance is not a fun subject (neither are taxes). It's not comfortable to talk about and it's certainly not a process anyone is thrilled about. It is, however, a very important part of financial plan because it has a 100% of happening to you, me and anyone else on the planet.
Being a grown-up means you have to think about things like life insurance. No one wants to think about the fact that someday they will die, but it's a fact of life so to speak. And you want to leave as little burden on your family as you possibly can in the event of your unexpected death.
Most adults know they need life insurance, but to many people wait until they are approaching retirement, or there is some life event, before they start seriously thinking about buying it. That is usually not the best time to start looking, as there are some major benefits to buying Illinois life insurance sooner - especially if you are married, have children or a dependent child, or own a business.
What Does Illinois Life Insurance Cover?
Life insurance is a way of helping your family deal financially when you die. It's intended to provide financial help to your loved ones when your salary or income is gone.
The money (death benefit) can be used to pay: your funeral expense, pay off debts, pay the mortgage, fund your children's education, cover everyday expenses and more.
When you start thinking about purchasing a IL life insurance policy, you should first look at your assets. Are you wealthy enough to help with the bills you leave behind? If you are, you might not need a large life insurance policy. The money you leave behind may be enough to cover funeral and burial expenses as well as other bills such as estate taxes. Do you have enough money to cover lost income should you become unable to work? If you don't have enough to act as a supplemental income, you may want to purchase a larger life insurance policy.
What Types Illinois Life Insurance Are There?
There are two main types of IL life insurance available, and some of them offer more 'living benefits', in addition to the payout upon the death of the insured.
- Term Insurance: Term life insurance is considered to be the most basic of life insurance available. Term lofe only offers death benefit protection - if you die during the policy term your beneficiaries get a payment.
- Permanent Insurance: This form of life insurance is different from term insurance because it offers in addition to offering a death benefit, it also offers cash value component that can be accessed during the insured's life. The cash build up is not taxed under current law.
Term Life Insurance - Term is a temporary type of life insurance that covers you for a set period (term) of one or more years - typically 10, 20 or 30. It pays a death benefit only if you die during that term. Term insurance generally provides the largest amount of death protection per premium dollar.
Below are some of the most common forms of permanent insurance:
Whole Life Insurance - Whole Life a permanent type of life insurance that protects you for as long as you live as long as you pay the premiums. With the most common type, called straight life or ordinary life insurance, you pay the same premium for as long as you live. Whole life is used to extend the coverage past a certain term, and can also build a cash value tax free over time.
Universal Life Insurance - Universal Life is a newer, permanent and flexible type of life insurance policy where the premiums you pay, less expense charges, are deposited into a policy account that earns interest tax free. Charges for the insurance are deducted from the account.
Variable Universal Life Insurance - Similar to universal life this type of permanent insurance is flexible where the premiums you pay, less expense charges, are deposited into a policy account that invests in mutual funds or other investments. This means that the funds have the opportunity to grow more than some of the other types of permanent insurance, and it also means there is risk for losses in value if the stock market declines. Charges for the insurance are deducted from the account.
Survivorship Life Insurance - Survivorship Life covers two people (like husband and wife), and pays a death benefit at either the first death (first to die) or after both have passed away (last to die). Survivorship costs less than two individual permanent policies, so it can offer a larger death benefit for your beneficiaries.
Final Expense Life Insurance - Final Expense also know as 'burial insurance' is purchased by seniors to pay for high cost of IL funeral and other related expenses such as a headstone, burial, flowers, and memorial service, so their remaining family does not have to be burdened by the bills.
What Illinois Life Insurance Doesn't Cover
Life insurance typically will not pay the death benefit if the insured:
- Commits suicide. If the insured kills themselves. In some states there is something called a 'suicide clause', which means if the insured commits suicide within a certain time frame, the beneficiary would not get the death benefit.
- Commits Fraud. The insurance company is going to investigate the cause of death. They will look at the events that led to the death and compare them to the original application. If the insured smokes or has some other health issue, or skydives, cliff jumps etc. and did not disclose it on the original application they can deny the claim.
- Does illegal activities. If the insured dies while committing a crime or participating in any kind of illegal activity.
- Involved in Acts of War. If the insured dies in a war.
- Permanently moves outside the USA. If the insured moves to certain countries.
How Much Does Illinois Life Insurance Cost?
How much does IL life insurance cost? The premiums vary depending on the company and their underwriting rules, and it depends on the type of policy an amount of coverage selected. Following are some of the main 'personal risk factors' that go into the price of a policy:
- Age - Life insurance gets more expensive as you get older. There is a saying, "The best time to buy life insurance is yesterday."
- Non Smoker or Smoker - Smokers pay for life insurance.
- Health - Healthier people pay less. Overweight people, those with high blood pressure, high cholesterol and diseases like diabetes etc. will pay more.
- Gender - Women live longer than men and pay less because of that.
- Occupation - Accounts will pay less than people who build skyscrapers.
- Travel amp; Hobbies - If participate in extreme sports like skydiving or travel to dangerous parts of the world, you might pay more.
- Personal Risk Factors - These include your credit history, driving history and criminal history.
IL Life Insurance Quotes
Request a Illinois Life Insurance quote in Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Carol Stream, Carpentersville, Champaign, Chicago, Cicero, Crystal Lake, DeKalb, Decatur, Des Plaines, Downers Grove, Elgin, Elmhurst, Evanston, Glenview, Hanover Park, Hoffman Estates, Joliet, Lombard, Moline, Mount Prospect, Naperville, Normal, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Peoria, Plainfield, Quincy, Rock Island, Rockford, Romeoville, Schaumburg, Skokie, Springfield, Streamwood, Tinley Park, Urbana, Waukegan, Wheaton, Wheeling and all other cities in IL.
Illinois Insurance Rules And Regulations
There are regulations governing insurance in IL that you should be aware of that cover both business and personal insurance. These include the limits associated with certain types of insurance as well as the actual regulations that govern these insurance categories - as well as regulatory agencies. Let's take a close look at the regulations for insurance in Illinois.
Illinois Business Insurance
The first type of insurance that we will discuss is Illinois business insurance. The most common type of business insurance is called General Liability. Liability insurance protects businesses in a number of ways, but the main way that you can think of this type of insurance is as coverage for when someone brings a lawsuit against you for something that happens on your premises. So, for example, if someone were to slip and fall on a freshly-mopped floor within your store, then you might be responsible for their injuries. Liability insurance protects you in instances like these.
However, there are some types of business insurance that are required by law. The first is standard in almost every state, and it is known as Worker's Compensation insurance. In some states, you have to have a certain number of employees before you are required to carry this type of insurance, but in Illinois, if you employ at least one person either full-time or part-time, you have to have Workees comp.
IL Personal Insurance
There are a couple of different types of personal insurance that are regulated by law in Illinois that you need to be concerned with. The first is auto insurance. Any private individual that operates a motor vehicle must carry liability insurance on that vehicle with certain limits reached. The insurance companies are already aware of these limits and the insurance that they offer provides them. The limits are $25,000 per person with a total maximum payout of $50,000 per accident. In addition, there must be another additional $25,000 provided for property damage.
There are also some regulations governing life insurance in Illinois that you should be concerned with. Life insurance is regulated under Title 215 in the State of Illinois Statutes. One regulation is that Illinois residents are given a minimum period of 10 days to evaluate the life insurance. You can cancel at any time during these 10 days and receive a full refund. In addition, insurance companies must provide a guarantee of death and claim payment as well as cash value. Finally, insurance companies must provide a timely payment of claims and keep your medical information private.
If you are looking for state specific Life insurance quotes, costs and information: California Life Insurance, Colorado Life Insurance, Delaware Life Insurance, Florida Life Insurance, Illinois Life Insurance, Kentucky Life Insurance, New Jersey Life Insurance, New York Life Insurance, Oregon Life Insurance, Pennsylvania Life Insurance, Texas Life Insurance, Washington Life Insurance.