Life Insurance in Illinois
Life insurance is an important financial tool that can provide financial security for your loved ones in the event of your unexpected death. If you live in the state of Illinois, there are several reasons and unique problems that make life insurance even more important for residents.
Why is Life Insurance Important to Have in Illinois?
- High tax on life insurance premiums
One of the unique problems that residents face is a high tax on life insurance premiums, because life insurance premiums are subject to state and local sales tax. This means that if you purchase a life insurance policy in Illinois, you may pay more in premiums than you would in other states.
- Consumer protections
Illinois has several unique consumer protections in place for life insurance policyholders, and insurance companies in Illinois are required to provide consumers with a buyer's guide that explains the different types of life insurance policies available. This list has to include all benefits and differences between the programs, and life insurance policies in Illinois are required to have a grace period of at least 30 days before the policy can be canceled for non-payment.
- To protect your business
If you own a business, life insurance can help protect it, and can be used to fund a buy-sell agreement, which ensures that your business partners have the funds to buy out your share of the business from your estate. This can help ensure that your business continues to operate smoothly, and your business partners are able to move forward.
Why is Purchasing Life Insurance Important?
Purchasing life insurance in Illinois is crucial, and as the state has its own unique set of problems, having life insurance is even more important. While the tax may increase the cost of life insurance, the consumer protections and grace period provide additional security for policyholders. Life insurance can help ensure the survival of your business and the financial security of your business partners. It's worth letting Jeff Vukovich Insurance Agency help you explore your life insurance options to find a policy that meets your needs and budget.