If you want to make sure that your beloved ones are financially safe and protected when you are not around anymore, life insurance is exactly what you need. Choosing the right life insurance policy might be a complicated task, especially if you have never done it before. Moreover, its rules and regulations vary from state to state. If you are currently searching for life insurance in the state of Illinois and want to make the right choice, Balanoff Enterprise LLC has prepared a list of things you should know about this type of insurance:
- In the Prairie state, life insurance is regulated under Title 215 of the state statutes. The purpose of this regulation is to protect policyholders and insurance companies from dishonest behavior.
- All policyholders are entitled to a 30-day grace period, during which a policyholder can still make a payment after the due date and bring their life insurance policy to good standing. During these 30 days, a life insurance policy will not lapse. Moreover, if a death occurs during this time, an insurance company will have to pay the beneficiary's death benefit.
- If you just bought a life insurance policy in the Prairie State, you are given a 10-day free look period. This period starts upon delivery of the policy. During these 10 days, a policyholder has the right to return the policy and receive a full refund.
- The state of Illinois requires all insurance companies to settle and pay out claims quickly. If an insurance company decides to pay out after 30 days, it will have to pay not only the claim but interest as well.
Buying life insurance may be confusing and frustrating. Balanoff Enterprise LLC is a company serving clients in the Prairie State that is ready to help. Our experienced and qualified agents will answer all your questions and provide you with all the information you need. Do not hesitate to search our website or give us a call for more information.