Illinois Term Life Insurance

Written by Genevieve Hawkins
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Insurance quotes are easy to find online for any state in the US, and Illinois is no exception. Chicago is the third largest city in the country and has countless insurance agents right in the area; if one is looking for somebody that can identify with smaller town or rural needs there are also many companies that have experience in these areas. By looking around online, one can quickly and easily save up to 70 percent on life insurance premiums.

Benefits of Term Life Insurance

This is the type of insurance mentioned most often in television commercials, and the reason may seem obvious. Term life insurance is far less expensive than other types of life insurance, in part because so little of it is guaranteed in return. Much like a gamble, there is a lower chance of payoff, making the monthly payments far less.

Think of it this way. A permanent life insurance policy has had 500,000 dollars put into it for a 500,000 return. In addition, this money can be borrowed from, changed around, and treated as an asset. There is a high cost at first, but a guaranteed return, so a permanent life insurance policy works like social security or almost any other retirement service.

Term life insurance, however, is paid every month at the lowest end of the scale. The cost is low because the likelihood that the policyholder will die in this given month is very low, particularly if the person is young and in good health. Although the risk is less for the life insurance company, the rewards are ultimately greater on the return. The downside, unfortunately, is what must occur for your loved ones to receive the death benefit.

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