Low Cost Insurance - Statewide Insurance Agency Skokie Inc

How can you help those who depend on you and your income in the event of your death? An answer is life insurance. Getting life insurance means taking steps to safeguard the financial security you have worked hard to provide for yourself and your loved ones..

If you have a family, many experts suggest that you need an amount equal to 5 to 10 times your annual salary. However, many people own higher coverages to provide more income for their family.

Your life insurance funds can be used for a number of needs, including:
- Any needs after the time of death, such as final illness expenses, burial costs and estate taxes
- Funds for a readjustment period, to finance a move, or to provide time for family members to find a job
- Ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement

The two types of life insurance are term and permanent. The one that's right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last.

Compare Life Insurance: Term vs. Permanent

Term life 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. Premium rates may increase at each renewal date. 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 responsibilities that will diminish or end over time, for instance, mortgages or car loans.

Permanent 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.

In addition, permanent life insurance policies can build cash value over time. This is money that can be borrowed against and, in some cases, withdrawn to help meet future goals. Please note that accessing your cash value may reduce the death benefit and increase the risk of lapse.

To find out more about life insurance please give us a call or send us a quote request and one of our licensed agents will call you back to answer any additional questions you may have and provide you with the best plan for your particular situation.