Chicago Life Insurance Quote – Huge Discounts
Reader’s Question:
Can you give me a life insurance advice? I’m not sure what to buy. Should I get a term or permanent insurance? I am 35 years old and I live in Chicago, a mechanic, paying a mortgage for a $180,000 house and have 3 kids.
Brandon
Chicago IL
Chicago life insurance quotes
One of the best life insurance advice I could provide you is one that you have already made. That is, you have already decided to get for yourself a life coverage. Chicago life insurance advice should not be taken as the law since they may not be applicable to your life.
Looking at your situation, it would seem that what you need right now is a term life insurance, say for $500,000. Considering that you are not a smoker and has no health problems, getting half a million dollars of term life insurance will only cost you about $300 annually. For $300 a year, or $25 a month, your family is protected for about $30 years. I’m sure 30 years is enough for you to pay off the mortgage and send the kids to school. A term insurance is well-suited to people who have a lot of juggling with the finances, just like in your case. You have three kids to feed and clothe; you have mortgage to pay for the next few years; and your income is dependent on how many cars or vehicles you can fix. In getting term life, your primary consideration here is to provide death benefits. There are no savings in it for you.
An alternative life insurance advice I could give you is about the permanent life insurance coverage. This type of insurance is something you should avail of in the long run. This is more expensive but the good thing is, you only need to pay for about 5 to 10 years. After that, you are already covered for life. You can buy a $250,000 coverage and pay it off in 10 years. After that, there’s no need to worry about life insurance. If you are still alive once the insurance matures, you get to enjoy the money.
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