What motivates you to purchase Life insurance? Whether it’s a means of saving and growing money for use down the road, or providing for your loved ones after you’re gone, the best policy is one that takes into account the type of Life insurance you need and the appropriate amount for your situation.

Life insurance is an excellent means of financial protection. It’s useful for paying off debts, taxes, and final expenses in the event of your death. But it can also be used for more: to provide a death benefit to loved ones to replace the loss of your income; pay off your mortgage or fund your children’s college education; or provide a substantial nest egg to give your beneficiaries assistance later on in life.

What kind of Life policy is appropriate for you will depend on your individual circumstances:

Term Life

Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including one-year annual renewable term.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

Universal Life

Universal Life is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments – i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance, savings or investment element and expense portions. The stated interest on the investment portion changes along with movement in interest rates.

Whole Life

Whole Life Insurance provides permanent protection for the whole of life – from the date of policy issue to the date of the insured’s death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child’s education, or cash surrender value if the policy is ever canceled.

Life products have many features and benefits, making it an area of insurance where our clients can rely on Myers Insurance Group expertise in particular.

For the right coverage at the right price, Myers Insurance Agency is the right choice.

Myers Insurance Group serves all of Champaign County including Champaign, Urbana, Savoy, Tolono, Philo, Sidney, Mahomet and the surrounding areas. Contact us to learn more about how we can help you with your financial services insurance needs: (217) 607-1652, or email at