Practical Illinois Term and Whole Life Insurance In Central Illinois
Term Life Insurance
Term Life insurance is like playing a really fun game of race with yourself. You get to pick how long your policy will last, and then you try to see who gets to the end first. If your policy runs out before you do, then you either have to renew it or it is null and void. The good news is that if you are young, a 10 or 20 year policy may be a better option, because once it runs out, you may be in a better position for an upgrade.
If you expire before your policy does, the beneficiary of your choosing will get the cash value. So it goes. They can use that policy to pay any outstanding debt and your funeral expenses and pocket the rest. Not a bad deal.
Whole Life Insurance
Whole Life is like the crème de la crème of life insurance policies. When it says “whole life,” it means you benefit while you’re alive and when you’re not. Besides the normal death benefit that all policies have, it actually makes money while you’re alive. And there are a whole mess of ways to put money into it.
The money that accrues during your life is the “cash value,” which you have access to while you are alive. You would take out a loan from the insurance company, and your cash value would basically be the collateral. They hold those funds from the cash value of your policy, and you pay it back with interest. So, in a way, you’re borrowing money from your afterlife.
Unlike term insurance, there are no term limits (hence the names). All you have to do is keep up on the premiums. Unfortunately, the premiums can be… more expensive than the Term Life. It is worth it if it’s a possibility for you.
Get a Quote From Us
Your own demise is never easy to talk about, but Midwestern Insurance Associates (who covers Peoria and other major cities in Central Illinois) will work with you to find a policy that is right for you. Many factors come into play with life insurance besides the length and size of your policy. Oftentimes, your age, health, and lifestyle are considerations in policies. We can give you quotes and calculations to find the best policy for your individual needs. Put your trust in our hands.
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