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Life insurance is one of the most important purchases you can make. The following information will help answer some general questions you may have about life insurance.

What is life insurance?

Life insurance, an important element of a solid financial plan, can help you protect what’s most important in your life. A life insurance policy is a contract between you and an insurance company that pays a lump sum of cash, or death benefit, to your beneficiary at your death, provided all premiums are paid. This death benefit can help prevent financial hardship by providing an income stream to support your family’s current lifestyle, pay off a mortgage, pay for final expenses, or provide funds for a college education. Certain types of life insurance policies may also offer a cash value feature. 

Why do I need life insurance?

First and foremost, life insurance can help give you peace of mind knowing you have a plan in place to provide for those you care for most if something should happen to you. In the event of your death, your family members/beneficiaries will be responsible for your financial obligations, including your mortgage, car loan, final expenses, etc. Life insurance can help ease this burden on those you’ve left behind. If others (spouse, children, parents, business partner, etc.) are also dependent on the income you earn, then ensuring you have enough life insurance to help maintain their standard of living in the event of your death is important. 

Should my spouse have life insurance?

Yes. Today, many families depend on two incomes. If your spouse died suddenly, life insurance can help your family maintain its standard of living when your spouse’s income is no longer there. Stay-at-home spouses need life insurance, too. If your stay-at-home spouse died, could you afford to pay someone to help with childcare, transportation, cleaning, cooking and other household responsibilities? With the appropriate amount of life insurance, your family can afford to make the choices that will best preserve is quality of life.

How much life insurance do I need?

The answer isn't really how much life insurance you need, it’s how much your family will need to maintain its current standard of living after you’re gone.

To start, ask yourself these two questions:

•   How much money will my family need after my death to meet immediate obligations such as final expenses, mortgage
and debts?
•   How much future income does my family need to sustain its standard of living?

Use this Life Needs Analysis Calculator to estimate the amount of life insurance you need to help protect your family’s financial future in the event of your death.

What types of life insurance policies are available?

There are two general categories of life insurance: term insurance and permanent insurance. 

Term life insurance is designed to meet temporary needs and typically has a lower premium cost than permanent life insurance. Term life insurance allows you to maximize your coverage at a comparatively low cost and is ideal when your budget is limited and protection needs are high. This type of plan provides protection for a particular term or length of time and pays a death benefit only if you die during that period of time. This is a popular solution if you have a need for coverage that will disappear at a specific time, such as mortgages, tuition expenses, or car loans. As just one example, a family might opt to have term insurance when children are young and future expenses are estimated to be great.

Permanent life insurance provides guaranteed protection for life. As long as you pay the premiums, the death benefit will be paid. Premiums for permanent insurance are generally higher than for term insurance. One type of permanent insurance is whole life insurance, which provides guaranteed protection and guaranteed asset growth for a lifetime. Even though life insurance needs may fluctuate throughout a lifetime, opting for permanent insurance might be the best long-term solution to help ensure future financial security.

What types of life insurance does Illinois Mutual offer?

Path Protector® Term Life
Path Protector® Whole Life
Path Protector® Final Expense
Universal Life

How much does life insurance cost?

The cost of life insurance is dependent on a number of variables, including (but not limited to) your age, the amount of coverage needed and the type of coverage you want. Use our Get a Quote web tool to determine the cost of the life insurance coverage you need.

Why should I choose Illinois Mutual for life insurance coverage

With Illinois Mutual’s flexible plan designs and a variety of options, you can customize a policy that will meet your needs, budget, and planning objectives. Beyond our products, Illinois Mutual has a strong history of proven stability. During our more than 100 years in business, we’ve maintained a commitment to providing our policyowners and their families quality service when they need us the most. Click here to find out what some of our policyowners are saying about Illinois Mutual. 

*Issue ages 0-18.

These policies have exclusions, limitations and terms under which the policies may be continued or discontinued. For costs and complete details of coverage, contact your agent or Illinois Mutual.

Pursuant to IRS Circular 230, statements made in this communication regarding taxation of insurance products are not intended to (and cannot) be used to avoid IRS penalties and are for general information purposes only. Illinois Mutual, its agents and representatives may not give legal or tax advice. An independent tax advisor should be consulted regarding individual circumstances.

Policy Form 614, Renewable Term To Age 95
Policy Form 615, Modified Death Benefit Whole Life Insurance
Policy Form 616, Level Death Benefit Whole Life Insurance
Policy Form 617, Whole Life Insurance To Age 121 Policy
Policy Form 618, Flexible Premium Life Insurance Policy
Policy Form 619, Whole Life Insurance Policy Non-Level Premium

Not available in AK, DC, HI, MT or NY. May not be available in other states.