Life Insurance 101

  • By interactive
  • 08 May, 2017

A Beginner's Guide to Life Insurance Coverage

Life Insurance - Quincy, IL

Shopping for life insurance in Quincy IL may not be the most exciting or enjoyable activity in the world, but it's important nonetheless. After all, the right life insurance coverage can protect your loved ones down the road while providing you with added peace of mind now. As you shop, be sure to keep a few important considerations in mind.

Being Dishonest on Your Application

One of the biggest mistakes you can make when obtaining quotes for life insurance is not being 100% honest on your applications. It's important that you disclose all pertinent information, such as lifestyle habits (smoking, drinking, etc.) and known medical conditions in order to receive an accurate quote for coverage. Remember that pre-existing conditions and lifestyle habits cannot keep you from buying coverage, but lying on your application can lead to denial of a pay-out down the road.

Figure Out How Much Coverage You Need

One of the biggest challenges is figuring out how much coverage you need. The key is to make sure your loved ones would have enough money to continue living a comfortable lifestyle in the event that you passed away. There are some helpful calculators available online that can help you figure out your coverage needs to get started. Some of the determining factors in your coverage may include:

  • immediate financial obligations (mortgage, remaining debts, etc.)
  • future income needed to sustain your loved ones' lifestyle (college fund, etc.)

Know Which Type of Coverage is Best For Your Needs

There are so many different types of life insurance that knowing which type is best for you can be difficult. Some of the more common types include term and permanent coverage, though At Winters Insurance, we offer all of the following:

  • Term Life Insurance - offers coverage for a specific period of time (typically 10-30 years) and tends to be the least expensive
  • Whole Life - provides coverage for the rest of the policy holder's life
  • Universal Life - a hybrid form of coverage incorporating parts of term and whole life insurance
  • Variable Universal Life - a cash-value insurance policy with an investment component
  • Indexed Universal Life -  allows the policy holder to allocate cash value amounts to either a fixed account or an equity account
  • Second to Die Life - coverage that provides benefits to heirs after the last surviving spouse passes away

Now that you know what to look for when shopping for life insurance in Quincy IL, you're in a better position to find the right policy for your needs. Contact us to obtain your quote from Winters Insurance Group today!

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