Life Insurance

Dryden-Kamis Insurance Agency can assist you in obtaining a life insurance policy in Illinois. The ultimate goal of purchasing a life insurance policy is so that your family will have some financial security before you die. There are two basic types of life insurance - whole life insurance (also called permanent life insurance) and term life insurance. Term life insurance is coverage that you purchase for a specific time period, such as 10, 20, or 30 years, or up until you are 60 to 65.

There are 5 basic features to term life insurance:

1.  It is generally cheaper than whole life insurance.
2.  It only pays out benefits if you die during the term that is covered by the policy.
3.  It is more practical to buy if you require very large amounts of coverage for a specified time period.
4. Once your term in completed you no longer have any coverage (unless your policy has a renewable provision).
5.  Your policy might have a convertible provision that permits you to exchange your term policy for a whole life insurance policy without having to provide any evidence of good health.

Whole life insurance has the following 4 features:

1.  The policy accumulates cash value over time.
2.  You will get lifetime coverage.
3.  If your policy is a 'participating policy', it may pay you dividends.
4.  You are permitted to pay premiums at a secure fixed rate as long as the policy is in force.

Universal life insurance offers a nice combination making it a great fit for many people:

1. Universal Life has lower premiums than whole life.
2. It has more permanency than term life.

Besides getting a whole life policy, you can get a modified coverage policy or a modified premium policy instead. Contact Dryden-Kamis Insurance Agency to discuss a new policy, or use our online rating tool to find a quote. We look forward to serving you!