Life Insurance

State law requires all life insurance policies to include provisions that help policyholders and beneficiaries get a good deal. Besides the minimum death benefit, state law also says life insurance policies must have a contestability period of two years.

If you buy a policy from a company licensed in Illinois, you get cover for $300,000 on any single life. The law not only protects your life insurance coverage, but it also focuses on the policy's cash surrender value.

You can count on regulatory protection for up to $100,000 of that net cash surrender value. So, even if the insurance company goes belly up, you won't be left hanging. It would be best if you talked to one of Allied Advantage Insurance Services' consultants about getting life insurance.

According to Illinois law, life insurance policies must have at least $10,000 as the death benefit. It should be more than enough to take care of funeral costs. The amount may leave a little something for your family.

Life Insurance Coverage

Term life insurance is like the basic version, the no-frills option. It's pretty simple - you pay a premium for a certain amount of time, like 10, 20, or 30 years. If something happened to you during that time, your loved ones would receive a payout. This one is a good choice if you only need coverage for a specific period. You can get cover until your kids grow up or your mortgage gets paid off.

Then there's whole life insurance. As you can expect, you get covered for your whole life if you keep up with those premium payments. Plus, it has a cash value thing going on, allowing you to save money over time. It does cost a bit more than term life, but there's more value for what you're paying.

Meanwhile, universal life insurance offers you the best of both worlds, allowing you to tweak your premiums and coverage as needed. It's a solid option if you're looking for some flexibility and the opportunity to make a bit of extra cash.

If you want to learn more, give us a call or drop by our Allied Advantage Insurance Services today.