Chicago, Illinois Life Insurance Quotes

chicago life insurance quotes

Contact: LifeInsurance.Net Chicago Il (773) 321-0226

Life insurance is regulated by the states, not the federal government. So the requirements and provisions of life insurance policies, while generally pretty standardized, can vary from state to state. Here are the provisions which the state of Illinois considers mandatory for all Life Insurance in Illinois.

Mandatory Provisions of Life Insurance Contracts in Illinois

All types of individual life insurance policies sold in Illinois must contain the following provisions:

Incontestability Clause—An insurance company cannot void an individual life insurance policy after it has been in force for two years, except for nonpayment of premium. If a claim is filed within two years of the effective date, the company will review the application for insurance to make sure it was completed accurately. If you omitted information that would have caused the company to not issue the policy, the company may void the contract, return the premium and deny the claim. For that reason, it is extremely important that you accurately complete the application.

Grace period—A life insurance company must give you a 30 day grace period for payment of premium.

Free Look Period—Once a life insurance policy is delivered to you, you have a minimum of ten days to review it and decide if you want to keep it. If not, you can return the policy for a full refund.

Allowable general exclusions—A life insurance company has the right to deny benefits if:

  • The insured commits suicide within the first two years of the policy.
  • The insured dies as a result of war or act of war while serving in the naval or military service or while serving in any civilian noncombatant unit serving with such forces.
  • The insured’s death is related to aviation, except when riding as a fare-paying passenger of a commercial airline flying on regularly scheduled routes between definitely established airports.

Here is a guide published by the State of Illinois on buying life insurance policies in Illinois.

Getting a Life Insurance Quote in Chicago Illinois

is easy. Fill out the Chicago life insurance quote form here, and we’ll review your request and contact you with a range of carrier and policy options.


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