Joliet
Find the right life insurance policy for you.
Written by
Steve is a financial services expert who has dedicated himself to the insurance industry for the last 5+ years. Steve is a key contributor to TrustedChoice.com.
Joliet is a lovely Illinois city in both Kendall and Will Counties. Conveniently located within commuting distance of Chicago, it is one of the state’s fastest growing cities. According to the most recent census, Joliet has more than 36,000 households. Of those, 51.1 percent are comprised of married couples and 38.8 percent include children. If you are one of this city’s many residents who have dependents, you should strongly consider a Joliet, IL life insurance policy.
When you are ready to purchase a life insurance policy, you can contact an independent insurance agent in the Trusted Choice® network for assistance. Member agents can provide you with information about your many options and can answer the insurance-related questions you may have. Find a member agent in your ZIP code today to learn more and to receive a selection of Joliet life insurance quotes from a variety of insurance companies.
- Kendall County life expectancy: males, 79.6 years; females, 83.1 years
- Will County life expectancy: males, 77.2; females, 81.2 years
- Illinois life expectancy: males, 76.3 years; females, 81.3 years
- United States life expectancy: males, 76.2 years; females: 81.3 years
As the numbers indicate, you are likely to live a long and productive life. However, it is best to be prepared for the unexpected. It is important to consider how your loved-ones and dependents would fare financially if an accident or illness were to cut your life short.
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Why Purchase Life Insurance?
There are many compelling reasons to buy a Joliet life insurance policy. The primary reason is to give your dependents a financial security blanket in the event that you die unexpectedly. Paying for your home and raising children is expensive, and a life insurance policy will prevent this expense from being an overwhelming burden on your family.
Life insurance can also help your family afford burial costs and estate settlement. The average cost of a funeral these days is around $10,000. If you have loans and debts at the time of your death, your policy may provide enough coverage to settle them while still leaving funds for your beneficiaries. The amount available depends on how much coverage you buy.
A final reason to consider life insurance is that is can provide a financial safety net. Some policies accrue a cash value over time. If you should happen to need the funds while you are still alive, you can close your policy and collect its value, or you can take out a loan against it.
Leading Causes of Death in Will and Kendall Counties
- Total deaths: Kendall County, 442; Will County, 3,724, Total, 4,166
- Cancer: Kendall, 108; Will, 1004; Total, 1,112
- Heart disease: Kendall, 95; Will, 874; Total, 969
- Chronic lower respiratory disease: Kendall, 24; Will, 164; Total, 188
- Stroke: Kendall,18; Will, 168; Total, 186
- Accidents and injuries: Kendall, 24; Will, 161; Total, 185
What Type of Policy Should I Buy?
When you purchase a policy, you will need to choose between two basic types. These include term life and permanent life insurance. Each policy has its pros and cons. The policy type that is right for you depends on how much you are willing to spend on your premiums, your main reasons for purchasing a policy and your personal preferences.
Many people struggle to decide which policy type is best for them. An agent in the Trusted Choice network can review each of your policy options with you to help you decide on the right choice for your particular circumstances.
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What are the Pros and Cons of Term Life Insurance?
Term life insurance is purchased for a given term, typically 5 to 30 years, during which time, if you should pass away, your beneficiaries will receive death benefits in the amount of the policy that you purchased.
Pros: This is the least expensive coverage type. You purchase coverage for a long period of time for surprisingly low rates. It provides coverage at a time in your life when you’re most likely to need it. Many people purchase it understanding that, by the time it expires, their house will be paid off and their children will be adults with incomes of their own.
Cons: Once this type of policy expires, it ceases coverage and cannot be renewed. Depending on your age and medical condition, you may not be able to purchase an additional term life policy at a comparable price. This policy also does not have a cash value feature. If you fail to pay your premiums or wish to close it out, you will not collect any cash back.
What are the Pros and Cons of Permanent Life Insurance?
Permanent insurance, including whole life and universal life insurance, lasts for as long as you continue to pay your premiums and will pay out death benefits to your beneficiaries if you pass away. It is used by many as an investment vehicle.
Pros: These policies do not expire. You can continue to receive coverage at the same rates for as long as you hold your policy. These policies also have a cash value feature, so you can cash them in or borrow against them at any time.
Cons: These policies tend to be far more expensive. For some, the temptation to cash the policies in for an easy payday may be too great.
Will I Have To Take A Medical Exam?
Most Joliet life insurance companies will require that you undergo a medical exam or, at the very least, complete a medical questionnaire. A required examination will not cost you anything and will be arranged by the insurance company. These exams almost always include taking a blood sample.
There are some policies available that do not require a medical exam or a health-screening questionnaire, but these policies are always more expensive. This is because the insurance company takes on a bigger risk when they insure someone without a full health record. They also provide much lower coverage limits, usually just enough to cover burial costs.
How Much Life Insurance Should I Buy?
The amount of life insurance needed will vary from person to person. There are many factors that can impact your decision. Those without dependents may only need to purchase enough coverage to settle their estate, while those with young children will want to be certain that they are provided for well into adulthood. A Trusted Choice member agent can help you assess your coverage needs.
Find the Right Joliet Life Insurance Policy for You
When shopping for life insurance, it is a good idea to get advice from someone who is familiar with the different policy options. This will give you the opportunity to ask questions and may inspire you to consider coverage you had previously overlooked. You will be best equipped to decide on a policy type and coverage amount before making a purchase.
You can get this help from an independent agent in the Trusted Choice network. Every member agent has taken a pledge to provide customers with exceptional service and honest, ethical advice. Your agent can work with several different insurance providers to offer you a variety of Joliet life insurance quotes. Contact a local agent today to get started finding the right coverage for your unique needs.