Answers to Your Questions
Life insurance provides financial protection for your loved ones if you pass away. It can help cover:
- Funeral costs
- Mortgage or rent
- Outstanding debts
- Daily living expenses
- College tuition
It’s peace of mind for those who depend on you.
- Term Life Insurance: Temporary protection (10–30 years); lower cost; no cash value.
- Indexed Universal Life (IUL): Lifetime protection; builds cash value; tied to market index performance.
Living Benefits let you access part of your death benefit while you’re alive if you face a:
- Critical illness (e.g. heart attack, cancer, stroke)
- Chronic illness (can’t perform daily activities)
- Terminal illness (life expectancy < 24 months)
- Critical injury (coma, paralysis, traumatic brain injury)
These are included at no additional cost in most of our policies.
A common rule is 10–15x your annual income, but we’ll tailor a plan based on your financial picture.
Yes. Many carriers offer no-exam approval up to $1 million for qualified applicants.
Yes — either through Living Benefits or cash value access (policy loans or withdrawals).
- Term policy: Coverage ends after a grace period.
- Permanent policy: Cash value may cover missed payments temporarily.
Yes. Most term policies can be converted into permanent life insurance without a new medical exam.
Cash value grows inside permanent life insurance. You can borrow or withdraw it tax-free for:
- Emergencies
- Business opportunities
- Retirement income
- College tuition
- Grow tax-deferred
- Offer tax-free loans in retirement
- No income limits or contribution caps
A MEC is an overfunded policy that loses tax advantages. We help avoid MEC status.
- Death benefits are income tax-free
- Cash value grows tax-deferred
- Policy loans can be tax-free when structured properly
Provides liquidity for taxes and debts. ILITs can keep the death benefit outside your taxable estate.
- Key Person Insurance
- Buy-Sell Agreements
- Executive Bonus Plans
- Deferred Compensation
- No contribution limits
- No income restrictions
- No early withdrawal penalties
Yes. Pass on a tax-free death benefit. Paired with a trust, it creates lasting legacy.
Personalized, educational, no-pressure guidance with trusted products.
Call: 847.920.6265
Email: Andres@Lifelyinsure.com
Office: 1345 Wiley Rd, Suite 113, Schaumburg, IL 60173
No — it’s completely free. No pressure. No obligation.