Chicago Life Insurance

Written by Genevieve Hawkins
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If you are looking for insurance in the Windy City, there are multiple companies to go to. Chicago has a population of almost three million within the city limits, and almost ten million people if one is counting the suburbs. This makes it the third largest city in the US, and as a consequence, there are many insurance agents that specialize in Chicago alone. With a quick check online, one can easily find a dozen insurance agents who work in just this city.

Chicago Insurance Needs

Depending on if you are living within the city limits or in a suburb such as Joliet, your life insurance needs may vary. Most life insurance calculators online are based on monthly coverage for term life insurance, assessed only based on current risk. Most will want to know either your state of residence (Illinois, in this case), your zip code, or your phone area code for classification purposes. Location does affect rates mildly, but one must talk to an agent to determine one's exact level of risk.

Life insurance also varies based on coverage payment in the event of death. Many calculators have set the death benefit at 500,000 dollars, but this amount may be too high or too low for your needs. The coverage amount should be calculated either using an income replacement method or the needs fulfillment method. In the first, you multiply your yearly income by ten to determine how much income would be necessary to keep your family's needs met if you passed on. The second is based on personal requirements of the family and is regardless of your income.

One should set the life insurance level at an amount that does not increase the family's wealth in case of death, but that maintains one's level of living for five or ten years. Many death benefits go to cover expenses such as children's college tuition, funeral expenses, and mortgages. It is good to know that your family is protected no matter what happens in the Windy City.


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