Phone: (217) 351-1518
Some things to be aware of when purchasing
life insurance are:
All policies are either Term (pure insurance coverage) or Whole Life and the many variants of Whole Life (Universal Life) which have an investment component and build cash value.
Both types serve a purpose. In the vast majority of cases, Term Insurance is the best option for affordable coverage through the heavy financial responsibility years.
Some suggested guidelines include:
-Investing and Life Insurance should be kept separate.
-Match the term of the policy to your needs.
-Buy when your healthy. Age and health are major factors in determining premium rates.
-Use an experienced agent to help determine need and what products best fit those needs.
Types of coverage include:
-Term – pure insurance coverage for a specified Death Benefit amount and term.
-Return of Premium Term – Most people out live a Term policy. ROP option allows policy holders to get all premiums back at the end of the term.
-Universal Life – Permanent Insurance with variable components. Premiums can vary depending on economic and market conditions.
-Final Expense – typically used for burial expenses – fixed premium and death benefit.