Whole Life Insurance Illinois IL
Reader’s Question:
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
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