Life insurance is a policy that you invest in while you are living, providing financial security for your family after you pass. The reason to have life insurance is to cover beyond funeral expenses and personal debt- life insurance should be able to sustain your family for a while, acting as a source of income that replaces what you were bringing in so that your family can avoid financial crisis and can maintain mortgage or rent payments, childcare, etc.
If you don't have life insurance, you are putting yourself and your family at risk. The sooner you invest in a policy, the better, as life insurance premiums rise with your age, as well as if you have any health issues already in place.
In particular, life insurance in Illinois must have these provisions in place in their policies:
An Incontestability Clause - This clause provides the security of not being able to void an individual life insurance after being in place for two years unless the premiums have not been paid. Therefore, if something happens within two years of owning the policy, the insurance company will review the claim for accuracy. If there is information that is incomplete, or inaccurate, you may be at risk for being denied. This is why it is important to have an insurance agent on your side that understands Illinois life insurance policies and its complexities to help guide you through the process.
A Grace Period - Life insurance companies must grant the policyholder a 30 day grace period in which they must pay their premium.
Free Look Period - There is a minimum period of ten days in which the policyholder can review the policy that they received from the life insurance company. At this point, you may decide if you want to keep the policy, or request a refund and return the policy.
Evaluating your needs for a life insurance policy is important to do, not just the first time, but when major life changes take place- i.e. a marriage or divorce, adoption, birth, or purchasing a home or business. Our agents at Ralph Weiner & Associates can help you find out what type of life insurance is best for you and your family, based on your needs. Contact us today for a quote.