Life Insurance is a necessary part of life, and it provides you with peace of mind knowing that your family, home, funeral expenses, and any debts will be taking care of when your life is over. To find the right life insurance for your needs, talk to an agent at Mid-America Insurance Agency in Illinois. They are friendly, compassionate, and knowledgeable.
Knowing your Life Insurance
There are two main types of life insurance: whole life and term life. Whole life provides life insurance coverage for your entire life. While term life only provides life insurance coverage for a period that you select when you get the policy.
Under whole and term life insurance are nine more types of life insurance that could be considered ‘add-ons’ or ‘extensions’ of the policy you already have. Still, not every ‘add-on’ is available for every policy. It is something you want to discuss with your insurance agent before you purchase a policy.
Whole Life Insurance
Whole life insurance is a life insurance policy that is guaranteed to remain in place for your entire lifetime, providing the required premiums are paid. A life insurance policy is a written contract between you and the insurer as long as the terms are met the insurance company will pay the specific amount of the death benefit of the life insurance policy to your beneficiaries after the insured party dies.
Term Life Insurance
Term life provides life insurance coverage at a specific premium payment for a limited amount of time. A term life insurance policy could be a little as five years or as many as 30 years. If you die during the selected amount of time you have the policy, then the death benefit will be paid to your beneficiary. If you outlive your term insurance policy, you can choose to go without life insurance or find another policy (which depending on your age and health could be rather expensive.)
Life insurance is something everyone, regardless of age or health, should have. Call or stop by Mid-America Insurance Agency in Illinois today!