You have car insurance for your car and homeowners’ insurance for your house. What about your life? Have you protected yourself? It only makes sense to get life insurance to take care of your life and that of your loved ones.
Are you wondering how to go about life insurance in Chicago, IL? Arial Insurance Group is ready to give a helping hand by providing you with everything you need to know.
Why Do You Need Life Insurance?
Life insurance is a long-term financial plan that everyone needs to pay close attention to.
Imagine what would happen if you’re the caregiver in your family and suddenly you die? How would life be like for the family members left behind? Would your children continue getting the same quality of life as when you were alive?
These are pertinent issues that need to cross your mind as you evaluate the advantages of purchasing life insurance.
Life insurance will support your loved ones financially after you’re gone— this is the single most important reason you need to buy life insurance. But what type of life insurance do you need? Let’s look at a few coverages.
- Term life insurance: This is the most common type of life insurance. It pays the people you choose as beneficiaries a fixed amount of money if you die. However, the money is only available if you die in the course of the term.
- Permanent life insurance: This coverage tries to hit two birds with one stone. Offer your beneficiaries income and be a savings account at the same time. As a saving account, this policy is called cash value. It means that you deposit money regularly and can access it as you wish. Unlike term life insurance, it doesn’t expire.
- Whole life insurance: This coverage is still meant to pay your beneficiaries after you die, but it has a cash value element. A percentage of your premiums will count as cash value.
Other life insurance policies include universal life insurance, variable universal life insurance, and joint life insurance.
Protect Your Loved Ones with Life Insurance
If you’re yet to buy life insurance, then the right time to do it is now! For residents of Chicago, IL, Arial Insurance Group is ready to help you choose the right life insurance coverage. Contact us today for more information.