Life Insurance in McHenry, IL & Northern Illinois
The people who depend on you, protected.
Whether you're protecting young kids, paying down a mortgage, planning for retirement — the right life insurance policy gives the people who depend on you a financial cushion when they need it most.
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Why Choose Ryan P. Conway Agency
Life insurance shouldn't feel like a sales pitch.
Most people put off buying life insurance because the process feels overwhelming, the products feel confusing, and the sales tactics feel pushy. We do it differently. We start by asking what you're actually trying to protect — then we shop multiple carriers to find a policy that does that job for the right price. No pressure, no upsells, no "limited-time" gimmicks.
And because we're local, you can sit down across a desk from us in McHenry instead of explaining your family situation to a stranger on a 1-800 line.
Coverage Options
Types of Life Insurance We Offer
Term Life Insurance
Coverage for a set period — usually 10, 20, or 30 years. Pays a death benefit if you pass away during the term. Best for replacing income while kids are young or a mortgage is being paid down.
Whole Life Insurance
Lifetime coverage that builds cash value over time. Premiums stay level. Often used for final expenses, legacy planning, or supplementing retirement.
Universal Life Insurance
Permanent coverage with flexible premiums and a cash-value component you can adjust over time as your needs change.
Final Expense Insurance
Smaller whole-life policies (usually $5K–$50K) designed to cover funeral costs, medical bills, and end-of-life expenses without burdening your family.
Survivorship Life
Covers two people on one policy — typically spouses — and pays out after the second death. Common tool for estate tax planning.
Key Person & Buy-Sell
Life insurance written on a business owner or critical employee. Funds buyout agreements or replaces the financial hit of losing someone essential.
Have questions about the right coverage? Contact Us
A Common Starting Point
10x
Annual income, as a baseline coverage target
20-30yr
Typical term length while raising kids
$0
Income-tax owed on the death benefit in most cases
Every situation is different. These are starting points, not rules. Figures reflect Internal Revenue Service guidance (IRC Section 101) and standard industry practice.
Calculating Coverage
How much life insurance do you actually need?
The honest answer is "it depends." A 35-year-old with two young kids and a mortgage needs very different coverage than a 60-year-old whose house is paid off. We start with three questions: who depends on your income, what debts would survive you, and what future expenses (college, retirement for a spouse, business succession) you want to make sure are covered.
When to Review
Key moments to revisit your life insurance
Life insurance isn't a one-and-done purchase. The right coverage today may be wrong in five years. Here are the moments most clients call us to update a policy.
Getting Married
A spouse who'd take on your debts or lose half the household income needs to be protected.
Having Kids
Coverage should account for childcare, education, and decades of income replacement.
Buying a Home
Term coverage matching the mortgage length means the house stays in the family if something happens.
Starting a Business
Protect the business, your partners, and your family from the financial fallout of losing a key person.
Local Services
Providing Life Insurance for Families & Business Owners Throughout Northern Illinois
Ryan P. Conway Agency is based in McHenry, Illinois, and we write life insurance for people throughout Northern Illinois and Southern Wisconsin. While we concentrate in McHenry County, Lake County, and the communities along the Wisconsin border, we also serve clients in Kane County, Boone County, DeKalb County, and beyond. The cities below are just a sample of the towns we work in — if you don't see yours listed, give us a call. Chances are we already insure a neighbor or two.
- McHenry
- Crystal Lake
- Woodstock
- Algonquin
- Lake in the Hills
- Cary
- Huntley
- Marengo
- Fox Lake
- Antioch
- Wauconda
- Grayslake
- Lindenhurst
- Lake Geneva
- Genoa City
- Twin Lakes
- Walworth
- Williams Bay
McHenry
Crystal Lake
Woodstock
Algonquin
Lake in the Hills
Cary
Huntley
Marengo
Fox Lake
Antioch
Wauconda
Grayslake
Lindenhurst
Lake Geneva
Genoa City
Twin Lakes
Walworth
Williams Bay
Common Questions
Life Insurance FAQ
How much does life insurance cost?
For a healthy 35-year-old non-smoker, a 20-year, $500,000 term life policy typically runs $25–$45 a month depending on age, gender, and health. According to LIMRA's 2023 Insurance Barometer Study, most Americans overestimate the cost of term life by two to three times. Whole and universal life policies cost significantly more because they build cash value and last your whole life.
Term life vs. whole life — which is better?
Neither is universally "better" — they solve different problems. Term life is the most affordable way to cover a specific risk period (raising kids, paying off a mortgage). Whole life is more expensive but lasts forever and builds cash value. Many clients use a combination: a large term policy for the income-replacement years, plus a smaller permanent policy for final expenses and legacy goals.
Do I need a medical exam to get life insurance?
Sometimes. Traditional fully-underwritten policies typically require a brief medical exam (blood pressure, height/weight, blood and urine sample), which usually gets you the best rates. Many carriers now offer no-exam or "accelerated underwriting" options for healthy applicants — we can help you compare both routes.
Can I get life insurance if I have health issues?
Often, yes. The cost and available options depend on the condition, but conditions like managed diabetes, controlled high blood pressure, past cancer, and many others don't automatically disqualify you. Different carriers underwrite different conditions differently — which is one of the biggest advantages of working with an independent agent.
Is the death benefit taxable?
In most cases, no. Life insurance death benefits paid to a named beneficiary are generally received income-tax free, according to the IRS (IRC Section 101). There are exceptions involving large estates, transfer-for-value situations, and interest earned on installment payments, so for high-net-worth or complex situations we work alongside your CPA or estate attorney.
Can life insurance be used for business purposes?
Yes. Common business applications include key-person coverage (protecting against the financial loss of a critical employee), funding buy-sell agreements between business partners, and using permanent policies as a deferred-compensation tool.