Need Illinois Life Insurance Quotes?

Purchasing life insurance in Illinois is an important matter and as such, it deserves significant thought and consideration. Several factors may affect your decision regarding the type and amount of life insurance that you choose to purchase. Regulations regarding life insurance vary from one state to the next. Be sure to consider the following facts, when considering the purchase of Illinois life insurance.

Insolvency coverage is limited to $300,000 in life insurance death benefits, but not more than $100,000 in net cash values; in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection regarding assets, beneficiary's interest in payment under policy insuring individual of whom beneficiary was a dependent is exempt to extent necessary for support of beneficiary and dependents All proceeds payable because of the death of the insured and the aggregate net cash value of any or all life insurance payable to spouse of the insured, or to a child, parent, or other person dependent upon the insured are exempt.

The federal taxable estate must exceed $1.5 million in 2005 before any Illinois tax will be due. After 2005, an exclusion amount of $2,000,000 will be allowed. After 2009, an Illinois estate tax will be equal to the federal credit for state death taxes then in effect.

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