Life Insurance

Life Insurance | Hall Insurance Services | Champaign ILLife Insurance Policy – What’s the Right Choice for You?

Of all insurance options on the market today, outside of the health insurance market, life insurance can be the most intimidating. It’s not something people really want to think about very much. It’s kind of like burial planning. Something you know you should do, to spare your family, but most people aren’t interested in facing what may happen once you’re gone from this earth.

Taking the time to explore your life insurance options now can save you a good deal of aggravation (not to mention money) later in life, while helping your family in a really big way if, and when, you’re no longer around to do so yourself.

Whole Life Insurance

You’ll hear a great deal of debate about whether a whole life policy or term life policy is the best choice for you. Whole life policies offer lifetime coverage accumulating cash value over the life of the policy, which you can borrow against.

These funds can be used for education, retirement, and other financial goals. The added benefit of this policy is that premiums do not increase with age. You can lock the price in while you’re young and as long as you continue making payments, the premiums remain the same. The downside is that the premiums are initially higher than a term life policy at this stage in your life.

Term Life Insurance

Term life policies provide protection for a specified period of time at an affordable rate. These periods may be five, 10, 20, or even 30 years in length. These policies are well suited for anyone looking to supplement whole life policies with additional coverage or someone who is simply looking to help shield your family from financial hardships that would arise in the event of your death. The downside of this type of policy is that it does not build cash value, only lasts a specified period of time, and premiums may increase as you grow older.

Some insurance companies offer term life policies specifically for their mature clients. These policies are generally not big dollar policies, but generally provide enough to help cover funereal expenses, pay medical bills, offset probate costs, or even help eliminate some debt (such as house notes or credit cards). These benefits often have no medical requirements to qualify making them ideal for seniors looking to supplement existing whole life policies or who no longer have term life coverage.

As uncomfortable as it may be to consider, life insurance offers peace of mind that’s priceless. Don’t neglect this vital insurance coverage because of a little bit of discomfort when it can mean so much to the people you love.

Our goal is to ensure that your coverage meets your needs at the best possible price. Hall Insurance Services provides Auto, Home, Life, Business, Taxi | Livery and Workers’ Compensation

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Hall Insurance Services | 711 South Neil St. - Champaign, IL 61820