Life Insurance Quotes In Illinois

When looking for life insurance quotes in Illinois or any other state, you will need to get some facts to base your decisions on. Every state generally has different laws, policies, and procedures that you will need to be aware of.

In Illinois, any type of individual life insurance sold has to have certain provisions stated or the policy is not valid. These four provisions are:

Incontestability Clause- This clause states that a individual life insurance policy cannot be voided by the company unless the premium has not been paid. If a claim is filed within the first 2 years of the policy, the company will verify that all information is correct and that no information was intentionally omitted. The policy may be voided if it is found that this information was omitted intentionally and the claim will be denied.

Grace Period- Simply means that any life insurance provider must give you a 30 day grace period for payment of the premium.

Free Look Period- This clause gives you the right to examine the policy that was given to you and if you do not want to keep it, you cancel the policy and get a full refund.

Allowable Exclusions- The company can deny benefits in the following three circumstances if the insured person:

1. Commits suicide during the initial two years.

2. Is killed during a war or act of war while serving in a branch of the military.

3. Is killed in a accident related to aviation unless riding in a commercial airline as a paying passenger during a regular scheduled route.

There are two types of life insurance that can be purchased in the State of Illinois.

Term Life Insurance- Coverage that is bought for a specific number of years or up to a certain age. Term life insurance only covers the time period of the policy and generally costs less than whole life insurance. For some people who need higher coverage amounts for a certain period, this can be a good option.

Whole Life Insurance- Coverage that is meant to last for life and allows the insured to pay a fixed rate for the life of the policy. This type of policy accumulates a cash value over time and can pay dividends if it is a “participating policy”.

Before you purchase life insurance, you will need to consider your current financial situation and what type of life you would want for your dependents. Things to consider include funeral costs, medical bills, relocation, and ongoing expenses that will need to be paid including mortgages and college.

If you want to save money on life insurance over your lifetime, you must remember that purchasing life insurance at a younger age is cheaper in the long run. As you age or if you incur a serious illness, it will be much more expensive to acquire insurance and you may not even be able to buy insurance at all.

For more information on Illinois Life Insurance call the Illinois Consumer Services Section at (312) 814-2427 or the Consumer Assistance Hotline at (866) 445-5364.