No one likes to think about the eventuality of their death, but it is important that you consider the financial impact it could have on your loved ones. This is particularly true if you have young children or are the primary breadwinner for your Illinois household. Without your income, your surviving loved ones could be left in financial trouble. This is where life insurance comes in. 

How Life Insurance Works 

In the event of your death, a life insurance policy will pay your loved ones a designated sum based on the policy you choose. Depending on the specific details of your policy, it may also pay out if you are suffering from a critical or terminal illness that restricts your ability to bring in income for your household. Typically, those who receive the payment, called beneficiaries, will be your spouse or children. However, it is also possible to name other beneficiaries, like siblings, non-married partners, or parents. 

The Purpose of Life Insurance 

The main goal of life insurance is to protect your loved ones financially after you are gone. Beneficiaries can use the money as they see fit, with many opting to put the funds toward funeral expenses, outstanding debts, kids' college tuitions, and other essentials. The money can also be used as a financial cushion for your spouse or partner while they seek new or better-paying employment to make up for your lost income. 

Choosing Your Coverage Amount 

When establishing your life insurance policy, one of the most important decisions you'll have to make is how much coverage you'll need. Take the time to evaluate your Illinois household's current finances so you can understand the impact the loss of your income will have. Don't forget to include any debts, like credit cards, car loans, and mortgages, in your decision-making process. The goal is to provide enough money to help your loved ones stay financially stable, at least temporarily, after you are gone. 

Our team will be happy to help you determine how much life insurance coverage you'll need, so don't be shy about reaching out. We'll help you get the protection your family deserves.

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