Life Assurance Company of America is a privately held Illinois licensed and domiciled stock life insurance company that has been in business since 1970. As one of the best life insurance companies in Chicago, we underwrite and issue life, accident, and health insurance policies in Illinois. We began as a conventional insurance company selling traditional policies and annual renewable term life insurance to Chicago-area customers via a face-to-face customer interaction between an insurance agent and the customer, it is transforming itself into a “digital” direct-to-consumer life insurance company that sells specialty and niche life insurance policies via the internet, including social media.

For a price of $75, $150 and $225, you can purchase a one-year term life insurance policy that provides a death benefit of $5,000, $10,000 or $15,000 to your beneficiaries or estate if you die during the term of the policy. This is a standard term life insurance policy.

For a price of $99, you purchase a one-year term life insurance policy that provides a death benefit of $10,000 to your beneficiaries or estate if you die of covid-19 during the term of the policy. It does not provide coverage or a death benefit if you die of a different cause, such as a heart attack, for example. Only the best life insurance company in Chicago is nimble enough to offer this annual renewable term life insurance policy to Chicago and Illinois residents.

No. We rely on your representations regarding your age and health. Please review our applicable terms and conditions for more details.

You must be age 18-65 at the time of application and purchase. Also, you must generally be healthy. For example, although we don’t check your health or the accuracy of your representations, this annually renewable term life policy is not for you if you have already had covid-19 or have other serious illnesses, such as cancer, diabetes, or heart disease, just to name a few. Please review the applicable terms and conditions for more details.

Currently, no. We have tried to create simple products that protect your loved ones from the cost of a death. For the standard one-year renewable term life policy for Chicago and Illinois residents, we offer limits of $5,000, $10,000 or $15,000. For the covid-19 one-year term life policy, we offer a single limit of $10,000. In most circumstances, a death benefit of $5,000, $10,000 or $15,000 is sufficient to cover the cost of a standard funeral, cremation or related expenses.

No. However, we do need some kind of legal document for identification purposes in the event of your death. You can email us a scanned or photographed copy of your ID. We can accept a driver’s license, foreign driver’s license, a state identification card, a passport, a visa, a birth certificate (issued in the United States or a foreign country), just to name a few examples. You can contact us if you have questions about what qualifies as an acceptable form of identification.

We only require the following information: First Name, Last Name, Email Address, Telephone Number, Date of Birth, Primary Beneficiary Name(s), Contingent Beneficiary Name(s), and Zip Code. We don’t need your physical address or your social security number. Of course, you also need to make a payment, so some payment information is required if you pay by credit card. Less information is required if you pay via PayPal or a digital wallet.

After you fill out the required information on our shopping cart page, make your payment, and click that you have reviewed the applicable terms and conditions, you will receive a confirmation email which contains a link to a copy of your policy.

You automatically get a 10-day “free” look period. After this period, the standard one-year term life policy or covid-19 one-year term life policy is fully earned. However, as the best life insurance company in Chicago, we want you to be happy. If you want to cancel your policy, we will consider a “pro rata” refund if the policy has been in effect for less than four (4) months.

Yes. Under Illinois law, there is a fund, specifically called the Illinois Life and Health Guaranty Association, that will pay death benefits owed by an issuing life insurance company licensed under Illinois law in the event of financial failure. For a term life insurance policy, the death benefit payment is capped at $300,000. For an annuity, the maximum protected amount is $250,000. Companies are prohibited from advertising that they or their products are fully insured, even though this fund exists.

No. Life Assurance Company of America is an Illinois licensed and domiciled stock life insurance company that has been in business since 1970. You can check us out via the company lookup feature on the Illinois Department of Insurance website. Or, you can check us out on our website at www.lifeassurancecoa.com. Pursuant to applicable laws, the standard one-year term life insurance policy and covid-19 one-year term life insurance policy were filed with and approved by the Illinois Department of Insurance.

You can visit our website at www.lifeassurancecoa.com and use the chat function or email us at admin@lifeassurancecoa.com. We have a working telephone number, but as the best life insurance company in Chicago, we strive for a fully digital customer experience.