Life Insurance in Chicago, IL
The right life insurance policy can help provide financial stability to your loved ones if you pass away unexpectedly. But you may also be able to benefit from it while you’re alive. Read on to learn more about the types of life insurance coverage and how you can utilize your policy to build cash wealth while you’re still living.
What Are the 4 Types of Life Insurance? 
The four common types of life insurance are term life, whole life, universal life, and variable life. Each option offers different levels of flexibility, cost, and long-term benefits depending on your financial goals. To determine which type best fits your situation, contact your insurance agent for personalized guidance and a quote.
What Does $9.95 a Month Get You With Colonial Penn?
Colonial Penn’s $9.95permonth plan typically provides a life insurance benefit, but the coverage amount is relatively small. The exact benefit varies based on age and other factors, so it’s not the same for everyone. For accurate details on what you would receive, reach out to your insurance agent for a customized explanation and quote.
What Is Meant by Life Insurance?
Life insurance is a policy that pays a benefit to your chosen beneficiaries after you pass away. It’s designed to help cover expenses such as income replacement, debts, and final costs. If you’re unsure which type or amount of coverage you need, your insurance agent can help you review your options and provide a quote.
How Does Life Insurance Work?
Your life insurance policy is a binding agreement between you and your insurer. If you pass away while your policy is active, your insurer agrees to provide a lump sum, known as a death benefit, to your chosen beneficiaries. Death benefits may be used to pay for funeral expenses, burial costs, estate taxes and other costs associated with your death, per your policy terms.
The agents at Salvador Insurance are here to answer your insurance questions. Contact us to speak to an insurance agent.
Types of Life Insurance
When it comes to choosing a life insurance policy, there is no right or wrong answer. The ideal type of life insurance policy is the one that meets your needs.
When selecting your policy, there are two primary types of life insurance coverage that you may be able to choose:
- Term life insurance coverage is typically less expensive. This policy provides coverage for a predetermined amount of time, such as 10 or 20 years. At the end of that term, your beneficiaries will no longer receive a death benefit when you pass away.
- Permanent life insurance coverage can provide lifelong protection. These policies typically have a level premium, meaning your rates are locked at the price you purchase your policy. They won’t increase even when you’re older and need more coverage. Policies may vary among insurers, but you may also be able to withdraw or borrow money from your permanent life insurance policy to gain wealth.
These policies are also be known as the following:
- Whole life insurance policies
- Universal life insurance policies
Utilizing Life Insurance While Alive
Depending on your insurer and the life insurance policy that you may have, there may be instances in which you can access the funds of your life insurance policy while you’re still alive. For example, if you have a permanent life insurance policy, your policy may accrue cash value, which may be able to be withdrawn or borrowed against as a loan. Or, you may be able to sell your permanent or term life insurance policy or surrender it for a cash value. Every policy is different, and tax implications or penalties for doing this may exist. Please discuss your options for using your life insurance policy while you’re still alive.
How to Get Life Insurance
We have over 50 years of experience helping people find the best insurance policies for their needs. Contact Salvador Insurance Agency in Chicago, Illinois, to get a customized insurance quote.