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Life Insurance Information
Life Insurance in Westmont IL & Hinsdale IL
Planning for the future is something everyone should start when they are young. One of the critical pieces of protection that should factor into your long-term financial plan is life insurance. These are expansive, adaptable coverage solutions designed to protect those close to you in case of your death.
Getting life insurance will require care, patience and attention to detail. If you have the right policy, you can make sure your loved ones receive adequate protection that you might no longer be able to provide. By placing your trust in the agents at TW Group, Inc., you’ll be able to find suitable, far-reaching protection with ease.
For help getting the right coverage, all you need to do is call (630) 737-0300 to speak to a representative. Or, if you want to handle the process online, then click below to request your quote:
Common Life Insurance Questions
What does life insurance do?
During your lifetime, you will contribute to both your own well being and that of your family. Not only will you bring value into the home, but you will also owe money to others.
In the event of your death, the source of income that you provide will dry up. However, your family’s or other loved ones’ expenses will not. Life insurance will allow you to leave them a financial settlement so that they can continue to meet their financial obligations and avoid hardships.
How does life insurance work?
When you enroll in life insurance, you choose a sum of money known as a death benefit to be paid to a third party on your death. As long as your policy does not exclude the cause of your death, then your coverage will pay the death benefit to a designated beneficiary.
Your life insurance beneficiary might be a spouse, adult child, another family member or even a charitable foundation of your choice. In most cases, the beneficiary can use the money within the life insurance policy however they wish. If you want to set rules for the use of your money, however, then you have the option to put that money into a trust.
Additionally, some life insurance policies offer cash value benefits which act as investment tools. If your policy offers this benefit, then a portion of your premium goes into an investment account which grows in value over time. You can use this money as a source of income throughout your life.
What types of life insurance are there?
There are many different types of life insurance, but they generally fall into two categories:
Whole life insurance policies last for the rest of a policyholder’s life as long as they continue to pay their premium.These policies offer both death benefits and cash value options and are generally the more expensive policy option.
Term life insurance policies include death benefits but no cash value options.They only last for a certain number of years. If the policy expires before your death, then you will have to re-enroll in new coverage. This is a great coverage option for individuals who want to buy a policy for a specific purpose, such as to pay their child’s education expenses, which will vanish in time.
There are many other, more specific types of policies on the market, such as:
Your agent is happy to work with you to determine which of these coverage options is the best investment opportunity for you and your family.
How much does a life insurance policy cost?
All insurers base premiums around the cost risks the policyholder poses. In the life insurance market, this risk is the insured person’s risk of death. The more likely you are to die young or unexpectedly, the more you are likely to pay. Some people even do not qualify for certain policies based on their risks.
Several factors might influence your premiums and eligibility for coverage, such as:
Still, even if you have concerns that you won’t be able to qualify for life insurance, never fear. Our agents are more than happy to work with any client at any stage of life to help them find a life insurance solution that meets their needs and fits their budget.
Do I have to get a medical exam?
To help insurers gauge your life insurance risk, you will likely have to receive a medical exam as part of the application process. Though some policies like guaranteed-issue coverage do not require medical exams, they are often comparatively more expensive.
We recommend that you always choose a policy with a medical exam component, and that you enroll in coverage while you are young. Younger people usually have lower life insurance risks, and therefore often qualify for optimized premiums.
TW Group, Inc. provides quality Life Insurance solutions for clients near Westmont, Hinsdale, Oak Brook, Downers Grove, Elmhurst, and Lombard.
September is Life Insurance Awareness Month
How Much Life Insurance Do You Need?
How much life insurance do I need? from Ohio National Financial Services on Vimeo.
As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.