Believe it or not, the earliest type of life insurance policy can actually be traced back to 600 BCE, when Greeks and Romans established groups that were referred to as benevolent societies. The entire purpose of these unions was to provide monetary protection for the families of deceased people.
Hundreds of years later, in the late 1760s, Americans finally gained access to commercially available life insurance policy options, and it’s important to note that this unique form of coverage forever changed the way we pass on wealth and safeguard our families. But if you’re interested in obtaining an affordable life insurance policy in Chicago, there are some particulars you need to be aware of before contacting your local provider.
Understanding the Two Primary Forms of Life Insurance
To ensure that you’re making the right decision for you and your family, take a moment to read about the foremost options at your disposal listed below:
* Whole Life Insurance protects your family forever, and it even builds valuable cash value over time. Your monthly (or yearly) premium will be locked in at the same price, which is particularly helpful for budget-conscious individuals.
* Term Life Insurance provides a death benefit for a predetermined period of time, ranging from one year all the way up to 30 years, according to your specific needs. However, you’ll have to be re-approved for coverage after your term runs out and you might have to pay more due to your age or any health conditions.
In most cases, people opt for a personalized life insurance policy that features both term and whole life coverage, because this allows you to pay for your final expenses as well as replace your income during your peak earning years.
What’s the Best-Rated Provider in My Area?
When it comes time to safeguard your family and ensure their financial security in the event of an unforeseen death, be sure to visit the homepage of a revered local company such as the Illinois Automobile Insurance Agency.
All it takes is a few minutes to pinpoint the most appropriate and affordable policy. You can also follow them on Twitter.