Adjustable Life Insurance Illinois IL
Reader Question:
Hi. With so many life insurance products available here in Illinois, I am getting rather confused. What is adjustable life insurance?
Dale
Chicago, IL
Dale, you’re right. It is really hard to keep track of what’s available in the market. We don’t want to pass up a great investment opportunity, do we? Especially when we have money to pay for it.
Basically, adjustable life insurance is just another name for universal life insurance. A universal life insurance is characterized by flexible premiums, which has two components. One part of your money goes to premium payments, and the other is for the build-up value or the investment part.
Let’s say that the portion of the investment part has already grown. You can then use then use the amount built up for payment of premiums. The performance of the investment part, therefore, will determine the flexibility of your premium payments.
The second feature of a universal or adjustable insurance is it has a cash value. This is the accumulated portion of the premiums you invested. Since it is a cash value, you can withdraw it anytime you want. However, though you have the power to decide where to invest the money, you are restricted only to safe low-yielding financial instruments.
On the other hand, with a variable life insurance, another kind of a universal life insurance, you can be allowed to invest in the stock market and bonds market, which can give potential higher rates of return. When it comes to death benefit, your universal insurance policy also is tax free. However, the accumulated portion of your investment part of the investible fund, assuming it has grown, will be taxable.
So, Dale, call your life insurance agent in Illinois and ask him for more details.
Tags: life insurance, universal life insurance
Life Insurance Medical Exam Illinois- What To remember
Reader’s Question:
Are there any preparations to be done for the medical exams when applying for life insurance in Illinois?
Rico
Chicago IL
An application for an insurance coverage below $100,000 and an applicant with an age below 40 are generally not required to take the medical exam. The older the person is, the more likely he/she is required to get a medical exam. The exam also depends on the insurance company’s guidelines and the person’s health history.
A medical exam is conducted by a nurse or a doctor assigned and paid by the company. Normally, a medical exam consists of urine test, basic physical exams and blood work. For a large amount of insurance policy, some insurance companies require EKG and/or treadmill EKG. The applicant is also asked with his/her medical history, which includes the name of the doctor, the dates of appointment with the doctor/s and
any treatment recommendation.
It will not help to obscure facts about your medical condition since insurance companies can get into wide medical information because of the Medical Information Bureau. In case the insurance company finds out that you have not disclose an information and you die, the company may not pay your death benefits.
Here are some of the guidelines that you can do to get the best possible result of the exam.
1. get enough rest the night before the test
2. to get the accurate result, fast for eight hours before the test
3. do not smoke and avoid caffeine an hour before the test
4. avoid alcohol at least eight hours before the test
5. avoid strenuous exercise for 24 hours before the test
6. limit intake of food with salt and cholesterol for 24 hours before the test
7. If you got sick, cancel the test as this can distort the result even for a minor infection.
Tags: life insurance, life insurance rate
Teen Driver Insurance Illinois IL
Reader’s Question:
I have an 18-year old teen daughter and is still living with me. In an accident, is there any difference in my liability if my daughter has her own car and auto insurance? We live in Illinois.
Pam
Chicago IL
Some states consider you, as the parent, responsible for the misdemeanor that your 18-year-old daughter may take
part-in if she is still dependent on your taxes. This, however, depends upon the state’s liability laws.
If your daughter has her own car and insurance policy, she is accountable for her own actions in her vehicle and an accident where she is at-fault. Like what I said earlier, the laws of the state will serve as the guide. In this case, you may want to consult a state lawyer that is familiar with the liability law to be certain with the things you are accountable for as a parent with an 18-year-old daughter living with you.
In case you were informed that you are still accountable for your adult daughter, there is a type of policy called umbrella policy that can protect your assets. You can contact your insurance provider to find out more about this.
Tags: auto insurance, car insurance, teen insurance, Young driver car insurance
Term Life Insurance Policy Illinois IL
Reader’s Question:
I’m currently residing in Chicago Illinois and I’m having a hard time deciding on getting a life insurance. What kind of life insurance policy should I get? How much would I pay?
Rodney
Chicago IL
First of all, Rodney, you need to know the differences of the types of life insurance policy out there in the market today.
Two of the most common type of life insurance policy in Illinois today are the term life insurance and whole life insurance.
Term life insurance is one the simplest and most inexpensive type of life insurance being offered today. With term life insurance, you are offered with insurance coverage for a specific period of time. When your policy has expired, you choose to cancel the insurance entirely or continue paying your premiums after renewal. Although, these premiums increase once you choose to renew your policy. Should you die during the course of your term life insurance policy, then your beneficiaries will receive the value of the policy. But if you die without being able to renew your policy, then your beneficiaries won’t be receiving any money from the insurer. Also, no cash value is gained with a term life insurance.
Unlike term life insurance, which is only for a limited period of time, a whole life insurance is permanent and lasts for as long as you live. A whole life insurance is guaranteed to cover you for the entirety of your life with no worries at all. With this type of insurance, you’ll have the peace of mind that your family is well taken care of if you pass away. Your loved ones will benefit from your insurance for they will receive the sum of your policy when you die. Your kids will have the money they need for their education and your spouse will be able to pay off mortgages. Not to mention all the expenses for your funeral. Of course, with these benefits come high premium rates but don’t worry because those rates don’t increase annually unlike with term life insurance.
In deciding what kind of life insurance you want, first you have to think about how long you want to be covered, for a lifetime or for ten years only. Secondly, you need to assess the amount of money you are willing to pay for a life insurance. You also need to consider how you want to use your insurance. With whole life insurance, you can have money savings called a cash value which you can use to pay off debts or in the event that you lose your job.
You should also consider your income, your household’s annual income, your lifestyle, your age as well as your health before you decide on what kind of life insurance you’re going to buy. Get in touch with an agent now because whether you’re a thrifty person or a jet setter, a life insurance is definitely a must for you!
Tags: life insurance, term life insurance
Cheap Health Insurance Rates Chicago Illinois IL
Reader’s Question:
What are HMOs? Is it a good health insurance option here in Chicago, IL?
Owen
Chicago, IL
Hi there, Owen. HMOs are health maintenance organizations, which are essentially, pre-paid health plans. You pay a monthly or annual premium in exchange for comprehensive health care, which usually covers doctor consultation fees, hospital confinement, emergency care, laboratory tests and certain surgical procedures. More often than not, though, you would need to secure these medical services from your HMO’s contracted doctors and hospitals in Chicago, Il.
Depending on your chosen plan or HMO, you could opt for co-payment on doctor consultation fees as well as other health services, which redound to lower monthly or annual premiums. Health care costs, even under co-payment schemes, are generally lower and more predictable when you’re signed up with an HMO. However, you do have to expect little inconveniences such as having to wait longer for consultation appointments or having a limited choice of primary doctors or having to secure recommendation from your primary doctor before undergoing further procedures, for example.
To get a better idea of what HMOs are available in Chicago, Il, you may want to enter your zip code in the forms on this page You can also request for several free online health insurance quotes from local insurers. Compare this to get a clearer picture of how much this is going to cost you.
Tags: cheap health insurance, health insurance lead, health insurance leads, health insurance quotes, health insurance rates
SR22 Auto Insurance Chicago Illinois IL
Reader’s Question:
I just moved here in Chicago Illinois from Arizona. I was required to obtain SR22 insurance in Arizona. Do I still have to continue carrying SR22 here in Chicago IL?
Brandon
Chicago IL
Actually an SR22 is being used differently in different state. Basically, an SR-22 insurance policy is a car liability insurance policy that is required for reinstatement process after drivers license suspension or revocation. An SR-22 insurance is basically used for these kind of cases, since it is required by the insurance companies to notify the department of motor vehicles if the auto insurance policy is canceled, terminated or lapses. If any of these things happen your drivers license will be revoked or suspended until you are able to show proof of current car insurance policy or has been reinstated. The laws of most states, states that , you need to buy an SR-22 insurance for a certain period, usually for a period of 3 years, after the suspension or revocation has ended.
If for example you, apply for a drivers license in a different state, you will likely have to continue with the SR22 insurance policy. I suggest that you contact the DMV in Arizona and Illinois to be sure if it is still required for you to carry the SR22 if you moved in Chicago IL.
Tags: auto insurance, sr22 insurance
Life Insurance Coverage Chicago Illinois IL
Reader’s Question:
My employer here in Chicago Illinois IL already provides life insurance coverage for me. Isn’t that enough? How do I know if I still have to get additional life insurance coverage?
Erin
Chicago Illinois IL
Hey there Erin! That’s a question a lot of people wonder about but never really get around to asking so I’m glad that you did. You know, each person’s financial standing and life goals are different; hence, future financial needs should also vary from person to person. Next to an insurance professional (I think there are a lot of them in Chicago Illinois IL), you are the best person to estimate your insurance needs.
If you’re single, Erin, you need to think about how much you currently need to get by and pay your debts and how much loans and other financial obligations you need to pay for in the future. Subtract your current savings and cash value of the life insurance that you already own from this amount to yield the amount of life insurance you still need to get there in Chicago Illinois IL. Surveys have found that the typical adult in the US has a coverage four times his annual gross income but that the actual need often amounts to ten or even twenty times what he initially thought he needed.
Why don’t you enter your zip code on this site so you can receive free quotes on life insurance policies available in Chicago Illinois IL. After you’ve determined how much you still need, this would help you determine whether you can afford it!
Tags: life insurance online, life insurance quote, life insurance rate
Auto Insurance Quotes Chicago Illinois IL
Reader’s Question:
I just got the inside of my old Mercedes Benz refurbished. I had it done all in white and I just love it! Do any insurers here in Chicago Illinois IL provide custom auto insurance just for the new interiors of my car?
Julie
Chicago Illinois IL
Hi Julie! What a fabulous car! Few people appreciate the beauty of old cars. The Mercedes is classic. With clear windows, the new interiors must attract quite a crowd. It would be such a shame for anything to mar that interior, what with such a delicate color! What you probably need is custom equipment coverage as part of your auto insurance. Have you got one yet? You know you need the auto liability insurance policy as a minimum but you can inquire with your selected auto insurance provider in Chicago Illinois IL regarding other coverage which they would be willing to add onto your basic auto insurance policy.
For a quick look at what is available in Chicago Illinois IL, you may want to enter your zip code in the form on this site. That would give you free quotes which you can use to estimate the premiums required for the coverage you intend to purchase. You can also look into other types of coverage for your car as well as for yourself such as collision coverage, comprehensive coverage or even emergency road service. Some insurers even provide packaged coverage at potentially cheaper premium costs. Just remember to ask your chosen auto insurance provider.
Tags: auto insurance, Car Insurance Company, car insurance quotes, car insurance rate
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