It is not a requirement in the state of Illinois to carry life insurance. But just because it isn't legally required doesn't mean that it is not a good idea to carry it. Life insurance provides many benefits, including death benefits. Beyond that, depending on the type of life insurance that you carry, you can also include it as part of a long-term financial plan. At MYsurance, we offer life insurance from a variety of different insurance providers. Since life insurance is not one size fits all, we sit down with our customers to discuss their needs and financial goals to determine the best type and amount of coverage for your needs.
Most people don't know a lot about life insurance, especially since it is not something that many people talk about except with their insurance agent. Having an agent like those at MYsurance can make it much easier to understand and to make an informed decision. We know the right questions to ask to determine the best way to provide for your needs today and in the future.
Whole life insurance is life insurance that will stay with you for your entire life. The payment remains the same, and it accumulates cash value. You are able to borrow from that accumulated value if the need arises. This is a way to save while you are protecting your loved ones from the burden of your passing. It is more costly, but at the end of your life, it will be worth the face value plus dividends.
Term life insurance is what it sounds like. It lasts for a term of years, which can be 10, 20, or 30 years. At the end of that time, the policy terminates. It is a cost-effective way to protect yourself and your family.
Both types of life insurance have a place in financial planning, and at MYsurance in Illinois, we would love to sit down with you and discuss the coverage that is right for you.
