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Life Insurance can help protect your family and is an excellent way to
accumulate money for college, retirement or unplanned expenses. A person
should have life insurance that approaches six to eight times their annual
gross income. Under current laws, there is generally no federal income tax
on death benefits paid to a named beneficiary.
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Using the strength and experience of our life insurance markets, we offer
affordable term life, whole life, burial / final expense life, and universal life
insurance policies.
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We are a Chicago, IL insurance agency offering affordable Illinois life insurance policy
premiums in the following cities and counties: Oak Lawn, Englewood, Calumet Park,
Roseland, Landsing, Dolton, Calumet City, South Holland, Riverdale, Glenwood,
Chicago Heights, South Shore, Burnham, Oak Forest, Bedford Park, Hazel Crest, Alsip,
Palos Hills, South Chicago Heights, Orland Park, St. Charles, Geneva, Batavia, Lafox,
Orland Hills, Elburn, Mooseheart, De Kalb, Virgil, Maple Park, Burlington, Kaneville,
Cortland, Sycamore, Hampshire, Big Rock, Hinckley, Wasco, Lily Lake, Valley View,
South Elgin, Wayne, Aurora, Naperville, Montgomery, Warrenville, Moecherville,
Winfield, Wheaton, Carol Stream, Bartlett, Streamwood, Glen Ellyn, Lisle, Glendale
Heights, Hanover Park, Elgin, Ontarioville, Keeneyville, Bloomingdale, Medinah, Roselle,
Schaumberg, Hoffman Estates, Carpentersville, Udina, Huntley, Gilberts, West Dundee,
Barrington, Cary, Palatine, Lake Zurich, Libertyville, Wauconda, Inverness, Elk Grove
Village, Itasca, Addison, Lombard, West Chicago, Villa Park, Elmhurst, Oak Brook,
Highland Hills, Downers Grove, Woodridge, Bolingbrook, Darien, Oswego, Yorkville,
Sugar Grove, Joliet, Romeoville, Algonquin, Buffalo Grove, Arlington Heights, Roling
Meadows, Mount Prospect, Des Plaines, Bensenville, Homer Glen, La Grange,
Northbrook, Skokie, Evanston, Cicero, Berwyn, Burbank, East Chicago, Waukegan,
Mundelein, Deerfield, North Chicago, Newark, Sheridan, Morris, Ottawa, Sandwich,
Serena, Waterman, Rochelle, Marengo, Dupage County, Kendall County, Will County,
Lake County, Kane County, and Cook County, IL. We also offer Illinois life insurance
services throughout the prairie state, including in Moline, Rockford, Peoria, Springfield,
Bloomington, Decatur, and Champaign, IL.
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Life insurance coverage for a specified length of time. A term life
insurance policy is usually purchased with a particular need in mind.
Beneficiaries will collect, usually tax free, the face value of the policy upon
the insured (your) death. Term life is attractive for those with a limited
income, high short term insurance needs, or for personal family
protection.
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If the insured survives the time period, the policy expires. There is no cash
value at the expiration of a term life insurance policy. Some policies have a
convertible feature permitting a policyowner to exchange a term policy for a
cash value policy without evidence of insurability.
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Level Term Life Insurance Policy Features
A constant death benefit and a level premium for a specified number of
years. We offer 10, 15, 20, and 30 year terms.
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Decreasing Term Life Insurance Policy Features
Has a decreasing death benefit and a level premium.
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Click on the link below to fill out a secure quote request form for a Term
Life Insurance policy that will provide excellent life insurance coverage at
an affordable cost. Or you can speak with one of our Life Insurance agent
specialists toll free at 877-808-2900 to discuss the features.
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Click on one below to learn more!
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The most popular choice for those seeking to cover permanent needs, such as
contributing to a survivor's nest egg, paying off final expenses, etc. Whole life
insurance provides permanent, lifelong insurance coverage. The benefit amount
remains the same and is payable to the beneficiary(s) at the time of the insured's
(your) death. It also offers an opportunity to build cash value, so you can take a
loan on your policy to fund major purchases or to provide for unexpected costs.
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Whole life insurance has a fixed premium and a level death benefit to age 100.
The premiums don't increase with age, which averages the cost of the policy
over your life. The cash value increases with time until it equals the death benefit
at age 100. This type of policy never has to be renewed or converted. The cash
value is an amount of money that you are guaranteed to receive in the event of
policy cancellation.
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Variations of Whole Life Insurance include:
Modified Premium - lower fixed premium for the first 3 or 5 years, and then
premiums increase. These policies work well for individuals that expect to
improve their financial condition in the near future.
Graded Premium - premium increases each year for the first 5 years, and
then is fixed.
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1. premium costs may make it difficult to buy enough
2. need to carry a whole life policy for a considerable length of time to be very
beneficial
3. cash value may be less than your face value
4. cannot vary your monthly premium payment and the premium-paying period
may be lengthy
5. amount of coverage cannot be increased at a later date
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Advantages of Whole Life Insurance
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1. guaranteed protection for life
2. level death benefit that is generally tax-free
3. premiums do not increase in correlation with your age
4. cash may accumulate tax-deferred
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Disadvantages of Whole Life Insurance
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Click on the link below to fill out a secure quote request form for a Whole Life
Insurance policy that will provide excellent life insurance coverage at an
affordable cost. Or you can speak with our Life Insurance agent specialist toll
free at 877-808-2900 to discuss the features.
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A flexible premium policy that combines protection against premature death with a
savings account that typically earns a money market rate of interest. A universal life
insurance policy is a combination of term life insurance protection with the cash
savings value of whole life insurance. Interest rates paid on the cash value are
typically higher than with whole life insurance because they tend to follow the
markets.
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Premiums for universal life insurance policies can be paid in a lump sum, annually,
or anywhere in between. Interest on the cash value is usually guaranteed, but will
vary according to the investment performance. Each month deductions are made
from the cash value fund to support the costs of the insurance protection. As long
as the cash value is substantial enough to maintain the monthly costs, the policy
will remain in force. Typically the death benefit reduces in proportion to the increase
in cash value, thus causing a level death benefit.
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**The information, pictures, and other content in this website about particular insurance services
is only provided for informational purposes. Any decisions regarding your insurance needs should
be discussed with a licensed insurance agent.
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Illinois Life Insurance
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O'NEAL
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Insurance Group
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Insurance Coverages
Insurance Solutions
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Toll Free: 877-808-2900
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Your Chicago Insurance Connection
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Life Insurance
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O'Neal Insurance Group
1637 E. 87th Street #303
Chicago, Illinois 60617
Cook County, IL
Toll Free: 877-808-2900
Local: (773) 358-7168
Fax: (773) 358-7168
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ILLINOIS
PERSONAL INSURANCE
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O'Neal Insurance Group
Copyright 2000-2013, All rights reserved
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The average cost for an adult funeral ranges from $5,000 to $6,000. About one-third of that
goes to the cost of the casket alone. An in-ground burial can add another $2,400 to the
total $2,500.
With funeral prices continuing to rise, a $10,000 burial policy purchased today may save
your estate thousands of dollars!
At O'Neal Insurance Group, we'll work with you to customize a final expense policy to fit
your specific needs. Your policy will be payable upon your death, so you won't have to
worry about your loved ones being saddled with your expenses. Plus, you can set aside
some additional money to take care of any dependents that you might leave behind.
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Funeral expenses include:
Cemetary plot
Casket
Headstone
Funeral Service
Visitation/Viewing
Minister
Hearse
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Additional costs are often associated with the death of an individual:
Legal Fees
Debts
Doctor Bill
Pay off debts like mortgage, car, credit cards
Legal costs at death (probate, taxes, etc.)
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