Life Insurance | Illinois & Chicago

If you would like a Life Insurance quote as an Illinois resident, please click the following link: webmail@illins.com or call us at 708-524-8757.

If you would like to be contacted by telephone please provide your telephone number and the best time to call. One of our insurance professionals will contact you to provide you with a quote.

The goal of life insurance is to provide a measure of financial security for your family after you die. A life insurance policy will help them meet the financial needs that your income would have normally covered. Life insurance can be purchased on an individual or group basis. Most group life insurance is purchased through an employer group and is usually term coverage that is renewed yearly. This Fact Sheet discusses the types of life insurance that are generally purchased by an individual.

Types of Life Insurance Policies

There are two basic types of life insurance policies: term life insurance and whole life insurance (sometimes called permanent life insurance).

Term Life Insurance

Term life insurance is coverage you buy for a specific time period, such as 1, 5, 10, or 20 years, or up to age 60 - 65. Term life insurance has five key features:
1. It pays benefits only if you die during the time period (term) covered by the policy.
2. It is generally cheaper than whole life insurance.
3. It may be more practical for people who need large amounts of coverage for a specific period.
4. It ends if you stop paying premiums or at the end of the term. However, some policies have a "renewable" provision that allows you to continue coverage when the term expires.
5. It may have a "convertible" provision which allows you to exchange the term policy for a whole life policy without providing evidence of good health.

Whole Life Insurance

Whole life insurance is coverage that is meant to be in effect for life. Traditional whole life insurance has four key features:
1. It provides lifetime coverage.
2. It allows you to pay premiums at a fixed rate for as long as the policy is in force. (See the section on "Variations of Whole Life Policies" for exceptions to this rule.)
3. It accumulates cash value over time.

Illinois Insurance Center is one of the Midwest's fastest growing and most progressive insurance agencies. Established in 1973, Illinois Insurance Center, Inc., was built on hard work, excellent customer service and reasonable prices. We are a full service agency, representing many different carriers, providing all lines of insurance for your personal and business needs. You get the best for less!
Please allow our insurance professionals to provide you with a competitive Life Insurance quote!
Click the following link to receive a Life Insurance quote: webmail@illins.com

If you would like to be contacted by telephone please provide your telephone number and the best time to call. One of our insurance professionals will contact you to provide you with a quote.

Easy Payment Options