We use our consultative approach to empower you to protect your financial, your physical health, and your loved ones after you are gone. Through a life and health insurance programs, we can offer you the ability to protect what matters most.
Life insurance is a contract between a policyholder and an insurance provider, where the latter agrees to pay a specified sum of money known as a premium, monthly or annually, over the policy term in exchange for benefits to be received at the end of the policy or at the policyholder’s demise.
Purchasing this type of coverage ensures that you do not leave the future of your loved ones to chance. There is no right or wrong time to get this policy because no matter what stage you’re at in life, Life Insurance in Lombard, IL, can help financially protect your loved ones. The death benefit can help cover a myriad of expenses, including:
- Rent or mortgage payments
- Child care or education costs
- Outstanding credit card or loan debt
- Providing care for an elderly or disabled relative
The policy you choose must be unique to you and your particular circumstance. Note that you can make changes to your policy to suit any changes in your lifestyle, such as:
- You recently married or divorced
- You became a new parent or grandparent
- You have launched or expanded a business
- Your health or your spouse’s health has declined
- You are financially responsible for your parents
- Your child or grandchild requires support or long-term care
- You recently bought a new home or refinanced your home mortgage in the past six months
- You plan to pay for your child or grandchild’s college tuition
- You are planning for retirement
- You or your spouse recently received an inheritance
- You have a high-worth estate
There are three common types of life insurance, and getting the right coverage is pivotal to the wellbeing of your loved ones. Here are the three types of life insurance in Illinois:
Term Life Insurance
Term life insurance protects the policyholder for only a limited period. This is a good place to start, especially for those with limited incomes, because it is significantly cheaper than permanent coverage. This policy can last anywhere from 10 to 30 years and comes with fixed premiums. The policy’s beneficiaries are entitled to a huge payout in case the policyholder passes away during the policy term. Note that you can convert term coverage to permanent coverage as your needs change.
Whole Life Insurance
Whole life insurance is the opposite of term coverage because it covers you throughout your life, provided that you do not default in paying the premiums.
Unlike term, whole life insurance can be an investment opportunity because it tends to build cash value over time.
Universal Life Insurance
Universal life is similar to whole life insurance, except that it offers flexible premiums and death benefits. The policy serves as an investment because it can build cash value with a flexible interest rate (usually guaranteed not to fall below a certain percentage).
You can never be too prepared for the future. Life is all about surprises, and there is no way to guarantee that you will always be around as a financial provider for your loved ones. At Steve Wilk Insurance, our goal is to help you plan for your family’s future the right way: with a dependable and affordable life insurance policy to support your family financially.
For circumstances beyond your control, we provide life insurance coverage. To learn more about the advantages of a policy with us, visit our website. Contact us today to get started!
How do I get life insurance?
Apply for life insurance by requesting a quote from your chosen provider. Then, determine the coverage and type of policy that suits your particular needs. Your insurer will ask you to fill out an application that includes some basic information about you, your health, and your beneficiaries. The entire process may be done online, via telephone, or in person. Some providers require an in-person medical exam that can be done at any place of your choice, like your home, work, or lab facility.
Who is a beneficiary?
A beneficiary is a person entitled to receive part or full payment of the death benefit of your life insurance policy after your demise. You may have multiple beneficiaries on your policy.
Is life insurance taxable?
Usually, the death benefit is not subject to federal or state taxes. However, there are situations where proceeds may be taxable. Your tax advisor can help you understand the special instances where the proceeds of your policy will be taxable.
How can my life insurance support my family if I pass away?
This policy is a financial safety net for your family. It helps to limit financial difficulties that may arise as a result of your demise. Coverage includes burial and funeral expenses, medical bills, mortgage or rent payments, your kid’s college tuition, or other expenses.
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