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Life 101

QandA

What is life insurance?

Life insurance is the means of providing the necessary financial resources to your loved ones in the event of your death. These proceeds can help your family stay in their home, pay for funeral expenses, provide financial security while your family is growing and provide needed dollars for education and business continuation needs.

Why do I need life insurance?

Your most valuable asset is your ability to earn an income. If you are in a situation where others are dependent on your ability to earn an income, then you need life insurance. This could include a spouse, children, parents, a unique family need or a business.

How much life insurance do I need?

The answer is how much investment capital your family will need at the time of your death. Their need for capital, on a gross basis, is really a function of two variables:
  • How much will be needed at death to meet immediate obligations (such as
    mortgage or other debts)?
  • How much future income is needed to sustain the household?
Assess your needs with our Life Insurance Calculators and contact your agent to ensure you are covered with life insurance from Illinois Mutual.