I am afraid that since my father is already an elderly person, he can’t get life insurance anymore here in Chicago. So I just need to ask you: Is life insurance for elderly still a possibility?

Maddex

Chicago, IL

Yes, it is still possible that your father can get life insurance for elderly. But since your father failed to get his life insurance while he was still young, don’t expect to pay very low premiums for this type of life insurance policy or higher death benefits.

Various life insurance providers have different criteria in giving out life insurance for elderly, but basically all of the important factors are considered in underwriting life insurance policies for the elderly. Life insurance providers usually put a limit on the age a person to be eligible. But this can be somewhere between 70 and 85 years old, depending on which life insurance company. Also, there would be strict limits on the amount of face value the elderly could be eligible for and normally, this would be just $25,000 or sometimes even less.

In general, life insurance for elderly is “guaranteed issue,” which means there’s no physical exam to be eligible. Most of the time, there is a condition that if the policyholder dies within 24 or 36 months, the payout won’t be given to the beneficiaries. What the life insurance company usually does is refund all the premiums, plus interest, to replace the death benefit. But even though the premiums may not be low, this is still a smart choice as your father will still have life insurance coverage even though he is already in old age.

I have a teen daughter which I will be adding under my auto insurance policy soon. I know this could increase my insurance rates . I’m wondering, is there a way to get cheap teen auto insurance in Chicago?

Sarah

Chicago, IL

Definitely there are ways to get cheap teen auto insurance in Chicago Sarah. However, it’s a fact that teen auto insurance can be expensive because teens are inexperienced drivers and because of that they often get involved in accident of traffic violations. That’s why it’s important that your teen driver do her best to take outmost care of her driving records. Here are important things that you teen must do to ensure that her driving records always stays clean:

• Your teen should never drink and drive. According to statistics, 60% of teen drivers who got involved in accidents were drunk;
• Your teen should always wears her seatbelt whenever she’s driving. That’s because seatbelt can definitely lessen the risk of serious accidents;
• Your teen should be alert whenever she drives.
• Your teen should always focus on her driving – avoid distraction like cell phones, radio, or even other passengers in the car.

Remember Sarah, there are auto insurance companies that increase a person’s insurance rates even after a single traffic violation. It will also help you get cheap teen auto insurance rates if your child will get a driver’s education program. She may also consider driving less or even getting a grade of 2.0 for a possible auto insurance discount. Don’t forget to get her a low profile car to get cheaper teen auto insurance rates too.

Should I invest in a Chicago life insurance plan? An agent here has been trying to sell me a policy but Im not sure if I should take it.

Tim

Chicago, IL

Interesting question there! Will anyone suffer financial hardship in case youre suddenly no longer there? Do you have the financial foresight to already plan who will take care of your affairs once you take your last breath? Life insurance is more of protection, rather than investments so before you take that policy in Chicago, consider the following first:

Get Life Insurance Only If You Have Dependents

The main purpose of that Chicago life insurance policy should only be to give your dependents (beneficiaries) immediate financial security if ever you suddenly die. If youre family is financially well-off, however, a life insurance policy may not be that much effective.

Coverage To Accumulate Wealth

Life Insurance can be a great way to make sure that you have a good deal of money that you can use once you reach your golden years. It is also a good way to plan and cover for funeral services and burial costs. The last thing you would probably want is to burden family members with this once you do pass away.

As Insurance For Long-Term Financial Obligations

Life insurance coverage is also an excellent instrument to make sure those who have survived you are not left the burden of your financial obligations, such a long-term debt and mortgage. People sending someone to college should seriously think about life insurance coverage as well.

Anyone or combination of the above circumstances should be good enough reason for you to take a look at that policy youre being offered. Do take time to review the policy carefully, and do compare offers coming from a wide range of provider to maximize your chance of getting the right policy. You can use the free insurance quote search tool on this website to get the latest rates in minutes to help you accomplish this.

How can I get cheap vehicle insurance price in Illinois?

Jack

Elgin, IL

One of the most important things that you need to consider in getting cheap vehicle insurance price in Illinois is to know the factors that affect car insurance rates.

I’ve done some reading about these factors and I’ve learned from the Illinois Division of Insurance that these are the factors that “may” affect your auto insurance rates.

• Driving record: If you have several traffic violations or accidents, then you may get higher car insurance rates. Remember, the more violations or accidents you have means you are riskier to be insured
• Where you live: If you live in a populated area like in your case in Elgin, you may also be charged with higher car insurance premiums. The reason? The more populated the area is the higher that chances of getting involved in vehicular accidents not to mention the higher the chances for theft and vandalism activities.
• Driving Miles: The more you drive the higher your auto insurance rates may be. The reason here is somewhat the same with the location where you live – the more you drive, the higher the chances of getting involved in vehicular accidents.
• Type of Car: Fancy car like sports car cost more to repair or even replace hence car insurance rates are also higher. If you would like to lower your car insurance premiums, you may want to use a low value vehicle.

If you have additional questions or inquiries on how to get cheap vehicle insurance price in Illinois you can ask your auto insurance agent or even the Illinois Division of Insurance.

I travel from Illinois, my hometown, to the West Coast once or twice a month due to company-related concerns. My company doesn’t offer adequate coverage, so I’m planning to get additional life insurance. What do you recommend, assuming budget is not a constraint?

Tommy

Chicago, IL

Tommy, usually, company-sponsored life insurance policies are good only as long as you are employed to them. Once you retire or decide to leave for another company, you can say good-bye to your coverage.

Now, let’s assume that you did not buy additional coverage and stayed with the company until you got to the age of 60. Upon retirement, you are no longer covered and at the same time, no longer insurable as you might have lots of health conditions, making you a very risky person from the insurer’s point of view. Because of the age factor, you might not be able to get life insurance anymore. So, Tommy, to complement your company-sponsored life insurance policy, I would recommend that you get a whole life policy.

Getting a whole life insurance policy will guarantee that your beneficiaries will get your death benefits. Not only does your family get a certain amount, you also get to build up cash value, which you can withdraw if you would like to surrender your policy. You can also borrow or loan against your cash value at lower interest rates. It would be good if you can afford a 10-year limited-pay type of whole life insurance. Getting a 10-years-to-pay program will make sure that your policy will cover you for the rest of your life if pay your premiums during that 10 years. So, be sure to contact your life insurance agent there in Illinois to give you a quotation.

Tags: life insurance, life insurance beneficiary, life insurance premium, whole life insurance

What is a “Cash Surrender Value” and why is it under my policy here in Chicago, Illinois?

Leigh Allen

Chicago, IL

“Cash Surrender Value” is basically a clause or stipulation within your life insurance policy that would probably state the amount of money you will be receiving, should you decide to cash-in or discontinue your existing life insurance coverage there in Chicago, Illinois. This kind of feature is mostly found only in whole life insurance, permanent life insurance, universal and variable life insurance or any form of life insurance that covers the entire lifespan of the insured individual.

The actual amount of money that would be returned to the individual who decided to terminate the policy would vary between companies and state regulatory laws. There will be some life insurance provider that would have specific conditions whereby your policy would not actually have any cash surrender value if you cancel within a year or two into your coverage period. Some might also not return the full amount of life insurance premiums you paid to recover the expenses they have incurred when setting up your policy.

Also, state or government regulation may impose a certain amount of standard policy reserve for every life insurance policy, and it is possible that the said company would need to keep your policy for a set period of years (usually two years) to hit this standard so by pulling out soon they may opt to put a charge to you. It would be best to get in touch with your life insurance provider and ask what to expect in the even that you do decide to surrender your policy.

Tags: whole life insurance, life insurance questions, life insurance information, advise

Why does a life insurance policy lapse? If my life insurance policy lapse, how can I have it reinstated?

Amy

Chicago, IL

A lapsed life insurance policy occurs when the policy holder fails to pay the life insurance premium when due. When the policy holder missed the payment period, the life insurance company allows a grace period where the policy owner can pay the life insurance premium within the period of 30 to 31 days. If the life insurance premiums remain to be unpaid after the grace period, the life insurance policy goes to the state of a lapsed premium. This happens to term life insurance policy. With permanent life insurance policy, the state of lapse can happen in the initial year or two since there is no significant dividend or cash value. After a few more years, there is a build-up in cash and loan values that makes the life insurance policy not to lapse easily.

Life insurance company gives an opportunity for lapsed life insurance policy to be reinstated. Usually, they allow a 5-year period for the policy holder to pay all the outstanding premiums. However, if the policy holder becomes uninsurable, the life insurance policy cannot be reinstated. In addition, if the life insurance policy has been surrendered for the cash value, reinstatement cannot take effect.

Tags: life insurance

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

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

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