Peoria is a robust Midwestern city. According to the most recent census, 29% of Peoria households included children under the age of 18. If you have a family, you know how important it is to plan for future costs like college tuition, for example. As you plan, are you thinking about what could happen if the primary income earner passes away? You can do your part to ensure the financial stability of your loved ones by purchasing a Peoria, IL life insurance policy.
Selecting the right life insurance can be confusing, but you can simplify the process by speaking with an independent insurance agent in the Trusted Choice® network. One of these local agents can sit down with you, answer your insurance-related questions and help you learn everything you need to know to make an informed decision. Contact a member agent in your ZIP code today to compare Peoria life insurance quotes and find the right plan for you.
- Life expectancy in the United States: male, 76.2; female, 81.3
- Life expectancy in Illinois: male, 76.3; female, 81.4
- Life expectancy in Peoria County: male, 74.7; female, 79.9
Chances are good that you will live a long and healthy life. But sometimes the unexpected happens. If your life were to be suddenly cut short, how would your loved ones cope financially? Would your spouse be able to afford to keep the house? Would your children be able to afford college? These are difficult questions to ask yourself, but necessary ones.
Why Purchase Life Insurance?
A Peoria life insurance policy can ensure that your dependents are well-cared for after your death. You can decide how much coverage they would need to get by and purchase a policy suitable to provide that amount.
Some people feel that because they are young and healthy, life insurance is not necessary. However, the earlier you purchase a policy, the lower your premiums will be. Also, if you wait until you have been diagnosed with a serious illness, you may find that you are unable to find an insurance company willing to cover you.
Most Common Causes of Death in Peoria County
- Total number of deaths: 1,695
- Malignant neoplasm (cancer): 424; 25% of all deaths
- Heart disease: 350; 20.6% of all deaths
- Chronic lower respiratory disease: 115; 6.7% of all deaths
- Cerebrovascular disease (stroke): 112; 6.6% of all deaths
- Accidents: 74; 4.4% of all deaths
How Much Life Insurance Do You Need?
The appropriate amount of life insurance coverage will vary from person to person. You will want to consider your reasons for buying a Peoria life insurance policy. Some people want only enough coverage to provide their loved ones with income replacement, while others have additional needs such as paying off their mortgage and other outstanding debts. Still others buy life insurance for business needs or because they want to set up an estate.
Determining the right amount of coverage for your particular circumstances can be difficult. A Trusted Choice network agent can assist you as you assess your coverage needs.
What Types of Peoria Life Insurance Are Available?
When you purchase your policy, in addition to choosing a coverage amount, you must also choose a policy type. Peoria life insurance comes in two basic policy formats:
- Term Life Insurance
- Permanent Life Insurance
These policy types provide different benefits. The policy that is right will be defined by your current life circumstances, financial situation and personal preferences. A Trusted Choice member agent can provide you with the information necessary to make the most informed decision.
Reasons to Buy Term Insurance
Term insurance allows you to buy a lot of coverage at a low rate. It is a suitable option for people who are interested in buying a policy to give their loved ones financial stability after the death of a primary income earner. This type of policy is ideal if you only need to have life insurance for a specific period of time, for example while your children are young or while you are still paying off your mortgage.
When you buy term insurance, you do so for a specified period of time. Terms usually range from five to thirty years. Once the term is up, the policy is no longer in effect. You buy these policies expecting that, by the time they expire, your income will no longer be vital to your loved ones.
Reasons to Buy Permanent Insurance
Permanent life insurance, including whole life and universal life insurance, is more expensive than term life because, in addition to providing you with death benefits, it also includes a cash value accumulation savings feature. These policies do not expire and will allow you to keep your policy at your quoted rate for as long as you continue to pay your premium.
One of the benefits of permanent life is the cash value feature that you can cash in at any time. If you find yourself in dire need of cash, you have a built-in safety net in your life insurance policy. You also have the option to borrow against the cash value accumulation of the policy at a lower rate than you would get at a bank.
Select the Right Peoria Life Insurance Policy for You
When you are ready to purchase a life insurance policy, be certain that you are getting a policy that is right for you and for your family. The best way to ensure that you are making the right decision is by comparing policy types and rates to get an idea of what the coverage you need will cost.
Shopping for life insurance does not have to be difficult or time consuming. The easiest way to find a suitable policy is by contacting an independent insurance agent in the Trusted Choice network for assistance. With more than 27,000 member agency locations nationwide, it’s easy to find an agent in your neighborhood. Contact your local member agent today and start reviewing competitively-priced Peoria life insurance