Hometowne Insurance

Month: September 2020

Life Insurance Awareness Month: A Time to Reflect on What Matters

Life can be quick to remind us of its unpredictability: Daily news and events are easy examples of that. We all do our best to live our days peacefully and productively, but in the end we just never know when things might change for us and our loved ones.

September is Life Insurance Awareness Month. For those of us who live and work in Oswego and Morris (IL), it’s an opportunity to consider how those we care about will be provided for in the event we can no longer contribute.

life insurance

Are Retirement Savings Enough?

Ideally, all of us will be able to work and earn until we retire, and we will develop sufficient retirement funds along the way. Upon our passing, those funds will remain an asset to our survivors.

But what if life’s circumstances don’t allow us to build a large nest egg? Will what we leave behind still support our loved ones?

This is where you can determine if life insurance is a desirable supplement to your retirement. A life insurance policy can make a big difference for survivors.

This can be all the more vital if you have young dependents, and the earlier you start your life insurance in Oswego or Morris, the better. For example, if you are 35 with children ages six and nine, your coverage will cost notably less than if you begin it at 50. You’ll also know you’ll be providing for your children should something happen to you when they cannot yet provide for themselves.

It’s often sensible for both parents to have life insurance as well. This can be particularly important if one stays at home with the kids and the survivor would be responsible for paying the mortgage, childcare costs and other debts or bills.

Life insurance can benefit children later in life as well. For example, if you have a child in middle school or high school, life insurance can help provide for college tuition, student loans or future milestones such as a wedding or a first house.

Let’s look at some other situations in which life insurance coverage can benefit those of us in Oswego and Morris.

People with partners, no dependents. Those with a significant other and no dependents may still wish for coverage to assist with payments such as the mortgage or other bills should one of the partners pass away. Life insurance can also help with funeral expenses for the deceased.

Plus, as we know, life can change. People can decide to get married or have children even if they didn’t think they would. Acquiring life insurance at lower rates earlier when you’re single and without dependents can make your coverage last longer for less.

Debt co-signer. If someone co-signed a loan with you (e.g. car, tuition, credit card), that person would still be responsible for the debt upon your passing. A life insurance death benefit could cover that obligation for the surviving co-signer.

Business owner. If you own a business in Oswego or Morris, life insurance can pay any current debts if you pass away. It can also assist heirs to the business with the estate taxes. If you have a business partner, it can help finance a buy-sell agreement that allows the partner to buy out your share.

Financial planning. If you have a high net worth, life insurance can assist heirs to your estate in paying estate or inheritance taxes. Even if you are not categorized as high net worth, you can still provide an inheritance amount through life insurance.

For investors who have reached the limits of other retirement plans, life insurance with a cash-value component can establish a separate source of retirement savings.

Life Insurance Oswego, Morris: Policy Types and Considerations

In acquiring life insurance, you have a wide range of policies to choose from based on your current situation and financial goals. If you wish to cover a specific period, such as until you retire or your mortgage is paid off, you might opt for a term policy.

If you would like coverage that builds a cash benefit through the years, you could discuss a whole life or universal life policy with your agent.

Main things to consider when looking for life insurance are the amount and cost of coverage you need. You might also inquire about any cost for policy adjustment or cancellation. Note too that the potential insurer may wish to collect information about your health when underwriting your policy.

Find Out More About the Right Life Insurance for You

Having life coverage in Oswego or Morris (IL) can give you great peace of mind in knowing you would still be caring for your loved ones even after you are gone. As an independent, full-service agency serving your community, Hometowne Insurance can help guide you to the coverage that’s best for you. Connect with a specialist today!

Oswego: (630) 554-4040
Morris: (815) 942-1312
Email us

We are also a main source of life insurance for nearby communities such as Plainfield, Naperville, Aurora, Montgomery, Batavia, Geneva and Yorkville.