The “Windy City” of Chicago is a pleasant, walkable city with fantastic night life. And it is sprawling, as the 3rd largest city in the U.S. with a population of over 2.6 million people who live in more than 100 neighborhoods. Whether you’re a homeowner, you’re starting a family, planning for retirement, or just getting your feet under you financially, you may want to consider purchasing a Chicago, IL life insurance policy to help you plan for tomorrow.
Life insurance provides a valuable financial umbrella for your loved ones, and can provide for them in the event of your passing. But which type of life insurance is right for you – term life or permanent life insurance? You can get the answers you need by contacting an independent life insurance agent in the Trusted Choice® network. An independent agent can help you compare Chicago life insurance quotes and choose a policy that is best for you.
- Heart disease
- Chronic lower respiratory disease
- Accidents and unintentional injuries
How Does Term Life Insurance Work?
A term life insurance policy is the most economical form of life insurance available in Chicago. A term life insurance policy is sold for a specific period of time, which can be anywhere from 1 to 30 years. Additionally, you can buy a term policy which covers you until you reach a certain age.
The main feature of term life insurance is a death benefit, and as the policyholder, you decide the amount that is appropriate for you. These death benefits are payable as a lump sum to whomever you name as the beneficiary on the policy.
There are three formats of term life insurance policies available including:
- Level term: Both the death benefits and the premiums remain level through the life of the term policy.
- Decreasing term: The death benefits decrease over the term of the policy, but the premiums remain level.
- Increasing term: The death benefits begin at a certain amount and build by pre-determined amounts or a specific percentage at set time periods. The premiums also increase, as do the death benefits.
How Does Permanent Insurance Work?
A permanent insurance policy will cover you for your lifetime. There are many forms of these policies, and each company has its own version. These policies cost more than a term life policy. The reason for this is that they provide death benefits and also have a cash value accumulation/investment component.
There are two types of permanent life insurance:
- Whole life
- Universal life
These policies vary from insurer to insurer, and typically you can customize your coverage to your individual needs. Because of the complexity of permanent life insurance, as well as the financial commitment required, it is important to work with a knowledgeable agent. You can sit down and discuss these plans with an independent life insurance agent in the Trusted Choice network to get the complete assistance you need.
How Much Will You Pay for Chicago Life Insurance?
The premium you will pay for your policy will depend on a number of variables. Each insurance company uses its own unique method for determining premiums, so the costs will differ from one company to another. Some of the things you can expect to affect your rates include:
- Age: Life insurance becomes more expensive to buy as you grow older, so if you are considering buying a policy, it’s best not to put it off.
- Smoking: This is one of the biggest risk factors, and it will cause a dramatic increase in rates with all life insurance companies.
- Gender: Males have more risk factors than females, and pay higher rates accordingly.
Other factors that might affect how you pay include your weight, your occupation and the general state of your health.
Most policies sold in Chicago require that you either take a medical exam or answer a brief health questionnaire. While you may be able to buy life insurance without a medical exam, you will pay more for your coverage. This is because the life insurance company cannot accurately measure how much risk it takes on when it insures you, so they “go in blind” an assume you’re a risky candidate.
How to Compare Chicago Life Insurance Quotes
The most effective way to find life insurance is through a local independent agent in the Trusted Choice network who specializes in life insurance. These agents can access plans and quotes from numerous companies, and can help you evaluate several policies that may meet your needs. Your agent will answer all of your questions and help you make an informed choice.
Find a local member agent in the Trusted Choice network today to get the process started and find the Chicago life insurance policy that you need right now.