Life Insurance in Illinois
"What type of life insurance policy should I get?" It's a question we hear a lot here at Spring Grove Insurance in Spring Grove, IL. Those who ask have been told that getting a policy would be a good idea, but other than that, they are clueless where to start. We start by asking them questions about their life situation.
Do You Have Any Dependents?
Children, whether they be babies, school age, or college, are what initially spring to mind. Still, then we ask about their spouses, and perhaps elderly parents or disabled siblings since many Illinois residents live in multi-generational households and may have family members who also look to them for support.
Does Your Spouse Work?
Since life insurance is intended to replace your salary should you pass away, it helps to know if there is another source of income should the insured pass away. Whether or not his or her income is the sole amount helps us determine how much insurance they should purchase. And if both partners are employed, and they can afford it, it is a good idea that they both take out policies since should one pass away, the family's income will be cut in half.
How Old Are You?
Younger people in Illinois usually buy life insurance; those who will have dependents for twenty to thirty years down the line, rather than older individuals who will be retiring in the not too distant future. Such individuals no longer have family members looking to them for support. If they are fortunate, they will have enough in retirement savings, investment savings, and social security to support them and their spouses. However, many older clients choose to purchase a policy to provide their spouses with money to cover their funeral expenses, plus any medical expenses or long-term care needs the spouse may need after the insured partner dies.
Do You Plan on Buying a House?
Like many people, most take out a 30-year mortgage. Life insurance can help with payments should you pass away before it's paid off. Also, some life insurance policies are tied to the mortgage, and as the debt is whittled away, decrease in value, and thus in the amount of premium paid.
More Life Insurance Answers
Once we have a proper angle on the circumstances, we usually go into the types of life insurance policies available: term, whole life, universal life, variable life, or universal variable life. If you're interested in learning about these options, we have a great idea. Why don't you come in and see us at Spring Grove Insurance? Let's sit down and talk.