As your responsibilities grow, it’s time to think about life insurance from Preferred Group Insurance Agency Inc. Life insurance comes in handy when you have dependents, debts, business, and other financial responsibilities. Unfortunately, most people shun the topic of life insurance until they are old or something unfortunate happens. This trend shouldn’t be the case. Life insurance is an investment that everyone should think about regardless of their age or circumstance.
While life insurance might appear easy to some, it can be challenging for others — there is always terminology you aren’t sure of. And when it comes to types of life insurance plans, you might be confused about which one is suitable for you. Here are the common types of life insurance plans you are likely to come across when shopping for coverage in Illinois.
This coverage is the most common because of its affordability. It covers you for a period of, let say, 10, 15, or 20 years. If you die before the expiry of the term, your beneficiaries receive a death benefit.
It’s permanent and remains in effect as long as you pay your premiums. This coverage has a death benefit that is given to your beneficiaries upon your demise. Besides, it has a cash value that accumulates and can be withdrawn or borrowed.
It has a cash value and death benefit, just like the whole life insurance. However, you can adjust your premiums and death benefit without changing to a new policy.
This isn’t a cut-and-dry answer. To determine whether one needs life insurance, you have to look at their current and projected financial plans. However, people in the below categories need life insurance ASAP. You need life insurance if you:
Not yet covered with a life insurance plan? Please talk to Preferred Group Insurance Agency Inc. One of our agents will help secure your financial interests.
