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With PolicyHub you get to compare over 37 Des Plaines, IL Variable Life Insurance policy providers in as little as 15 minutes. Save time. Save big. Get started now.
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"I was totally lost trying to find the right Variable Life Insurance until I found PolicyHub. I was able to work with a licensed agent to compare all my options all at one. I got the perfect plan for me at a cheaper rate than I expected."
Barbara Winters
Policy Holder
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"I lost hope trying to find a Variable Life Insurance policy that wasn't insanely expensive. Thankfully PolicyHub helped me find the perfect policy that is affordable with high coverage. Thank you!"
Bill Barton
Policy Holder
PolicyHub is the smartest way to protect the people that matter most.
Safeguard Your Family
Variable Life Insurance means safeguarding your family in a worst-case scenario. Don't risk it.
Gain Peace of Mind
Far too many Americans are financially blindsided by the death of a loved one. But not your family.
Protect Your Business
Protect your business by ensuring a smooth transition of ownership with the right life insurance.
Beat Estate Taxes
Inheritance or estate taxes is burdensome for your heirs. A life insurance policy can help.
Invest in Your Future
For less than $1 per day, you can make a huge contribution to your family's financial safety.
Build Your Legacy
Through a life insurance policy, you can leave behind a legacy for your loved ones.
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With PolicyHub getting started is easy. Compare all the Variable Life Insurance rates from all the providers in Des Plaines, IL. Get started in under 15 minutes.
All your Variable Life Insurance needs in one place.
Variable Life Insurance is a type of insurance that combines the features of protection and investment. It isn't just about securing your family's future; it's also a way to grow your wealth. While it offers a death benefit similar to traditional life insurance, a part of your premium goes into investments, offering a chance for your money to grow over time.
This insurance has two main components. The first is the death benefit. If you pass away, your family receives a set amount to financially support them. The second part is the cash value. This is the investment portion. You can choose from a variety of funds provided by the insurance company. As the value of these investments goes up or down, so does the cash value of your policy.
One subtype of variable life insurance is called variable universal life insurance. You can adjust your premium and death benefit as your financial needs change. And just like with Variable Life Insurance, a portion of your premium goes into investment funds. This policy offers both the security of life insurance and the growth potential of investment. It's all about giving you the choices and control over your financial strategy.
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Real PolicyHub testimonials...
"I knew I needed Variable Life Insurance but I didn't know where to go. I talked with a few other companies but the cost was outrageous. I found PolicyHub and found the perfect plan for me at an affordable cost."
Wendy Smith
Policy Holder
Get matched with a 5-Star Variable Life Insurance agent.
Roy Stephens
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Mark Sidway
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Mark Sidway is a Variable Life Insurance agent licensed in your state.
Cale Reeves
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Cale Reeves is a Variable Life Insurance agent licensed in your state.
"I was searching for Variable Life Insurance but quickly found out that everyone was trying to sell me on policies I didn't need. Thankfully I found PolicyHub and get the cheapest rates and the right policy."
Nicole Nielson
Policy Holder
Introducing PolicyHub Price Match Guarantee
Our priority is to save you money while getting you the right coverage. If you find a lower rate for a similar policy anywhere else, we'll match it! With PolicyHub, you can rest assured knowing you're getting the best price for Variable Life Insurance in Des Plaines, IL.
Frequent Questions...
Yes, premiums for variable life insurance are fixed in Des Plaines, IL. However, the premiums may differ depending on the provider and type of policy you purchase. It is important to select the most suitable company and policy that will suit your needs. You can do this by shopping around and comparing different quotes to find the best variable life insurance policy that has fixed premiums. Additionally, accounting for any additional factors such as the age of the insured, the sum insured, and other riders may also lead to variation in the premiums.
Can I use my variable life insurance quotes in Des Plaines as collateral?
Yes, you can use variable life insurance as collateral for a loan in Des Plaines, IL. Many banks in the area offer variable life insurance loans that can be used for various purposes including borrowing for a car, investment, home or educational expenses. Furthermore, this type of loan allows you to borrow against cash or single premium payments on the policy, while providing the flexibility to pay only the interest or the entire loan amount each month. As with any loan, it is important to speak with a financial advisor or loan officer to ensure you fully understand and are comfortable with the loan terms.
How does the cash value work for a variable life insurance policy Des Plaines?
In Des Plaines, IL, variable life insurance works by providing policyholders with the flexibility to select investments for their cash values depending on their specific needs and goals. This allows the policyholder to actively manage the account, which may have tax advantages depending on the investments chosen and how the money is used. A portion of the premium is allocated to an allocated investment account and the performance of these investments determines the cash value’s growth or loss. Policyholders can access this cash value through loans, withdrawals and partial surrenders. However, there are also surrender or withdrawal charges associated with these.
Is there a death benefit guarantee with variable life insurance near Des Plaines?
Variable life insurance policies provide death benefits based on the current value of the policy holder's eligible investments. As the value of your investments increase or decrease, so does the death benefit. For those living in the Des Plaines,IL area, the insurance company may offer the added benefit of providing a death benefit of at least the minimum value guaranteed by the policy, even if the value of your investments decreases. This guarantees some return to beneficiaries upon the policy holder’s death, regardless of fluctuation in the investments.
How does a variable life insurance quote Des Plaines handle dividends?
In Des Plaines, IL, the dividends from Variable Life Insurance are taxed as ordinary income. Generally, the policyholder will receive a Form 1099-DIV for any dividends earned and will need to report this income on their tax return. Any dividends left in the policy will act as a return of premium and reduce the cost of future premiums or increase the death benefit. Furthermore, if the policyholder elects to redirect the dividend into a different account such as the insurer’s separate account or the purchase of optional riders, they may be subject to current taxation of any income realized.
Depending on the financial institution, fund transfers within the policy may be subject to certain limitations in the Des Plaines, IL area. Some banks and credit unions, for example, may enforce a daily maximum limit or may cap transfers to a certain dollar amount. Additionally, many of these policies are subject to change depending on bank or policy terms and conditions. It is important to visit your local branch in Des Plaines, IL or speak to a representative to receive a full breakdown of any restrictions on fund transfers that apply to your account before initiating a transaction.
How does cash value growth influence death benefit with variable life insurance policies near Des Plaines?
In Des Plaines, IL, the cash value growth of a variable life insurance policy affects the death benefit payout because the cash value is typically used to cover any premiums that come due prior to death. As the cash value grows, the death benefit payout will fluctuate based on any consistent premium payments and capital gains or losses experienced during the life of the policy. In some instances, a larger sum of money may be available after death depending on the success of the investments.
Can I change investment options for variable life insurance in Des Plaines without tax effects?
Yes, it is possible to switch between investment options without tax implications when located in Des Plaines, IL. Specifically, investors in the area can take advantage of the Internal Revenue Code Section 1035 exchange. This allows investors to switch investment options, such as annuities or life insurance policies, without facing taxes on money gains. The benefit of switching investment options without tax implications is that investors can gain access to potential higher yields while avoiding being taxed on the gains of their current investments. To take advantage of this opportunity, investors should consult with a certified and qualified financial advisor.
Is the cash value in my Des Plaines variable life insurance policy safe from creditors?
The answer is yes. The cash value in variable life insurance is in fact protected from creditors in Des Plaines, Illinois. While a beneficiary may sue and the policy owner advantages from the cash value, the insurance company will not pay out those funds to any creditor or other private plaintiff. The Illinois Insurance Code protects policyholders from any such levies, protecting the money from creditors even if the policyholder declares bankruptcy. Therefore, in Des Plaines, IL, a policyholder can keep the cash value of their variable life insurance policy safe and secure.
How do loans affect death benefits with my Des Plaines variable life insurance company?
Policy loans from variable life insurance can have a significant impact on the death benefit in Des Plaines, IL. They are a way for policyholders to access cash from their policy while they are still alive, without any taxes associated with the withdrawal. However, policy loans reduce the policy’s cash value and usually but not always require the repayment of principal and a fiduciary rate of interest. If death occurs before the loan is fully paid off, interest and principal are deducted from the death benefit, reducing the amount paid to beneficiaries.
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