4 critical reasons you need life insurance

Life insurance is not always an exciting policy to buy, but it’s one of the most critical financial decisions you will ever make. Unexpected things happen that leave people in shock and uncertain about the future. If you are wondering whether or not to buy life insurance in Spring Grove, IL, here are four critical reasons to open your eyes.

1. Provide For Your Family and Loved Ones

The main reason why most people buy life insurance in Spring Grove, IL is to provide financial protection for their families and loved ones. Life insurance generally replaces your income when you die, and your family can use what you left to pay for their daily expenses. The policy is essentially crucial for parents with young children.

2. Pay Off Mortgage, Loans, Debts, and Other Expenses

Life insurance can be used to pay anything you want, including children’s school fees, mortgage, funeral expenses, and other family needs. Depending on your needs, Spring Grove Insurance may recommend that you buy term life insurance and set the duration as the number of years you will need to offset the loan or pay for a debt.

3. To Increase Your Financial Security

The last thing you want is to fall sick, die, and leave your children with large hospital bills. You want to know that they will be well cared for when you’re gone. Life insurance helps you achieve this when it pays the death benefit.

4. To Have Peace Of Mind

Whether you are young or critically ill, life insurance brings peace of mind that everything is well cared for. Instead of worrying about death occurring suddenly, you can live a fulfilled life without worries.

We Can Help

At Spring Grove Insurance, we care about those that matter to you most, and that’s why we take you through the process of obtaining a life insurance policy that aligns with your needs and budget. Call us today.

What type of life insurance is best for me

Life insurance is a way to show your loved ones how important they are to you and how much you want to take care of them if you pass away. No one likes to think about passing away, but other than taxes, it is the only certainty in life. Life insurance comes in two basic types. There is some variation between the two types, but generally speaking, you will choose between whole life and term life. Both of them have pluses and minuses and can have a place in a lifetime financial plan. At Spring Grove Insurance in Spring Grove, IL, we are independent agents. This allows us to shop around for our customers to offer them the best products at reasonable rates. 

Whole life insurance

Whole life insurance is what it sounds like, life insurance that remains static for your entire life. You often will purchase it when you are young, and it is well priced, and you will pay the same price for the coverage until you die. It does have some real pluses in addition to the rate that never rises, and it earns dividends. This is not going to be a bigger earner, but it will be safe and steady, and if saving is not something you are good at, this is a way to do it painlessly. You can also borrow against the cash value, and there will be cash value that can be cashed in if needed. 

Term Life

Term life insurance is insurance that you buy for a set term. The price will remain the same throughout the term, but when the term is over, the likelihood is that the new premium will be considerably higher than the original. It has no cash value, but the monthly cost is lower. You are paying for protection, not saving. 

Both types of life insurance can be beneficial, and at Spring Grove Insurance in Spring Grove, IL, we look forward to discussing the benefits of both with you. Please stop by our office or give us a call.