Life Insurance

The primary purpose of life insurance is to provide for your family at the time of your passing. But that isn’t its only purpose. Life insurance also helps recipients pay off existing debts, fund funeral and memorial services and keep family businesses afloat. At Maggio Financial Services, we understand these advantages and encourage individuals of every age to invest. When you partner with us, we’ll take an in-depth look at your financial portfolio and pair you with the appropriate policy. Depending on your specific set of circumstances, we’ll recommend one of the following solutions:

Term Insurance

Term insurance is a policy that provides coverage over a set period of time. When an insured individual dies while the policy is still in use, a specific sum or “death benefit” is paid to a designated beneficiary. Term insurance remains a popular choice for many because it is easy, accessible and affordable.

Whole Insurance

Unlike term insurance, whole insurance is a permanent policy that stays active throughout an individual’s “whole life.” As long as premiums are paid, this type of insurance does not expire. Whole insurance also differs from term insurance in that it has a cash value that accrues interest gradually. Because of this benefit, whole insurance is ideal for individuals with large estates or disabled dependents.

Universal Insurance

Universal insurance is another permanent policy with cash value coverage that increases over time. This option is fitting for clients seeking flexibility because premium and death benefit amounts can be adjusted as the policy permits.

FAQ

Want more information about life insurance? Check out the following frequently asked questions:

• How do I apply? – The application process for life insurance is quite simple. You will need to undergo a short medical examination to help an insurance underwriter determine which risk class to put you in.
• What is a risk class? – A risk class is a specific category an insurance company assigns you according to your “risk” or health status. The primary purpose of this system is to help the insurance provider determine which premium you should be paying.
• What factors do underwriters consider when assigning classifications? – Underwriters determine your classification based on varying factors, such as your age, weight, alcohol consumption and medical history. The less at-risk you appear to be, the better premium you are likely to receive.

Contact Us

When you need reliable life insurance services in Peoria IL, we’ll provide it! To learn more about the types of plans and policies we offer, call us at (309) 693-8538. We operate out of the Peoria, IL area and provide financial advice on all things retirement, insurance and annuities.