Illinois Life Insurance

Illinois Life insurance is something that none of us want to talk about. It's the one item of insurance that brings about the most fear and/or trepidation when sitting down with our clients. Simply put, fear of dying is no reason to leave those behind without a way to provide for themselves.

If you own a small business, have a mortgage, long term financial goals or most importantly, have someone who depends on you, Life insurance can help fill the financial gap that is left if you are no longer there to help support them.

There are many reasons to purchase life insurance and a few of these are addressed below. However, as with any sound financial insurance product, this is not something that should be left to a 30 second commercial with a 1-800 number. This is serious stuff we're dealing with, and you need a trusted advisor who will take the time to help you reflect on the coverages you need.

Why buy life insurance?

Think you don't need life insurance if you don't have kids? Think again. It may seem like an unnecessary expense. But there are many reasons to have life insurance, even if you're not supporting a family.

(1) Mortgage protection

Whether you live by yourself, with a spouse or significant other, you may want to buy life insurance as mortgage protection. Think about it - you don't want the person you live with to be homeless if you die unexpectedly, do you?

Term life insurance can be used to pay off an outstanding mortgage balance. Just select a term that matches the length of your mortgage payment period. Some companies even offer decreasing term insurance, which means the death benefit decreases along with your mortgage balance.

(2) Income Replacement

You and your significant other may have planned for a future based on two incomes - but what if one of you passes away unexpectedly? Life insurance can be used to replace the lost income so the survivor can maintain the same standard of living.

(3) Final Expenses

You've seen the commercials - funeral expenses, burial costs and medical bills can add up to a hefty amount. The last thing you want is for your loved ones to shoulder this extra burden. Life insurance can be used to plan for these final expenses. Permanent life insurance is available in various amounts, so you can pick a death benefit that meets your needs.

(4) College Funding

OK, OK ... this one only applies if you have kids. But have you seen the tuition rates lately? Life insurance can help fund a college education. If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children reach college age. Feel better knowing that you helped prepare for their future - even if you are not there to see it.

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