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Life Insurance

Many Illinois residents think they can skip the life insurance until they get old, but you're better off buying it as a young person and keeping the policy for a lifetime. Contact Cusack Insurance Agency serving Oak Lawn, IL to learn more.

The best method of life insurance coverage starts with a term life policy in your 20s. You exchange this for a whole life policy in your 50s. In the 30 years that you use the term policy, you invest the difference between each month's two policy types.

Term Life Insurance

A term policy offers coverage for a specific number of years at a reduced premium. To keep the coverage in effect, you must pay the premiums. You can opt for a decreasing term policy that pays out less as you age. The level term pays the same amount to your beneficiaries no matter at what age you die. You need to pass away while the policy remains in effect. Term policies offer various term lengths of 5, 10, 15, 20, 25, or 30 years. You can also obtain an annual renewable term policy, which covers you for one year. You renew it annually, and the premium increases.

Whole Life Insurance

When they hear the term life insurance, most people think of whole life insurance. Also called permanent life insurance, this policy pays a death benefit to your beneficiaries as long as you pay the premiums. It comes in a variety of options including, variable life, variable universal life, and universal life with a cash value account. The latter type features two components. When you die, your family receives a death benefit, but you also build a savings account. This savings gets invested for you by the insurance agency in an investment account or a money market account. Once the savings account matures, you can borrow against it or use it as collateral.

Call Cusack Insurance Agency, serving Oak Lawn, IL about getting the life insurance you need to protect your family and provide them with financial peace of mind. Let us help your family in Illinois protect its future.

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