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    the beneficiaries the amount of the policy if the insured should die before the end of the policy term. However, if the insurance term ex
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    Illinois residents should be aware of the fact that there are many different types of life insurance. Some are more affordable up front than others, but some of the more expensive policies offer differing benefits that make the cost worthwhile. Life insurance policies basically fall into two main categories, Term and Permanent as described below:

    1. Term: Term life insurance policies are the least expensive of the various life polices. In essence, it is a contract for a pre-determined amount of time in which the insurance company agrees to pay the beneficiaries the amount of the policy if the insured should die before the end of the policy term. However, if the insurance term exp

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    han others, but some of the more expensive policies offer differing benefits that make the cost worthwhile. Life insurance policies basically fall into two main categories, Term and Permanent as described below:

    1. Term: Term life insurance policies are the least expensive of the various life polices. In essence, it is a contract for a pre-determined amount of time in which the insurance company agrees to pay the beneficiaries the amount of the policy if the insured should die before the end of the policy term. However, if the insurance term ex

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    y fall into two main categories, Term and Permanent as described below:

    1. Term: Term life insurance policies are the least expensive of the various life polices. In essence, it is a contract for a pre-determined amount of time in which the insurance company agrees to pay the beneficiaries the amount of the policy if the insured should die before the end of the policy term. However, if the insurance term ex

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    e of the various life polices. In essence, it is a contract for a pre-determined amount of time in which the insurance company agrees to pay the beneficiaries the amount of the policy if the insured should die before the end of the policy term. However, if the insurance term ex
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    the beneficiaries the amount of the policy if the insured should die before the end of the policy term. However, if the insurance term expires before the policyholder does, there is no payout or return premium.

    2. Permanent Insurance: There are several types of permanent insurance. They each have their own unique investment options. Below we’ll briefly explain three types:

    • Whole Life insurance: In addition to accruing cash value over time, these policies pay dividends to policyholders. Cash accrual is an attractive quality as it allows for borrowing against the value of the policy.

    • Universal: A bit more flexible than the Whole life policy as it allows the poli

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