Why You Need A Chicago, IL Life Insurance Policy
November 30, 2015
Choosing the right life insurance Chicago IL policy has many financial benefits.
Life insurance can be one of the most difficult insurance policies to talk about. It is also one of the most important policies to invest in. As part of your financial planning policy, your Chicago, IL life insurance policy will provide the financing needed for many situations, including:
- Income for your dependents – if you have anyone who depends on your income, your life insurance can work to replace that financial need when you are gone. While most people think of their children as dependents, your elderly parents, spouse, or siblings could all benefit from the death benefit provided by your policy.
- Cover final expenses – the payout that is provided by your Chicago life insurance policy can be used to cover your burial and funeral costs, debts, probate, and any other estate administration costs that would be passed onto your family. It can also be used to cover any medical expenses that were not covered by your health insurance policy.
- Create an inheritance – if you do not have any assets that you can pass onto your heirs, your life insurance policy can provide a financial payout to help provide a financial cushion when they are gone.
- Donate to a charity – if you were very involved with a charity, or simply want to help out one or more charities when you are gone, you can name a charity as the beneficiary of your policy. The charity will then receive the death benefit of your policy, which can act as a large donation.
- Create a savings account – even while you are still alive, you can benefit from your life insurance policy. Certain types of life insurance, such as whole life insurance, have a savings account that can be borrowed against while you are still alive.