How and Why to Purchase a Life Insurance Policy

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The process of buying life insurance may be a morbid, boring, and complicated process, but it’s a necessity for anyone who wants to look out for the well-being of their loved ones. While it can seem overwhelming at first, understanding the basics principles behind life insurance can make the process far simpler.

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Why Invest in Life Insurance?

Few people like to reflect on the possibility of their own deaths, but investing in life insurance policy shouldn’t be a reflection on your own mortality but instead a reminder that there are important people and things in your life that are worth saving for. By investing in life insurance earlier, you’re reminding the people that matter to you of how much you care, sensibly creating a nest egg before the costs become unbearable, and ensuring a long and profitable legacy.

The most obvious protection that life insurance provides is an assurance that your final expenses won’t be unmanageable to your family. We all hope that we live long enough to build up a substantive cushion in case the worst happens, but the worst is nothing we expect until it happens. While funeral expenses are a one-time cost, they can add up to tens of thousands of dollars, and life insurance can mitigate these costs entirely at a time when financing is the last thing your family should have to worry about.

Life insurance can also provide protection for the people you left behind. Whether you have a spouse who relies on you for their income or children young enough to qualify as dependents, insurance provides them with the safety net they need to continue to be financially secure even after your passing. Reliable insurance can offset your lost income, ensure higher education for your children, and mitigate the debts you’ve accumulated over the years.

If you’re a business owner, there’s an added advantage to buying life insurance. Partners should always take out life insurance so that the surviving member can buy out the shares in the business and prevent your business going under due to unfortunate circumstances.

How to Navigate the Life Insurance Market

Everyone should purchase life insurance, but it’s not a decision you have to make alone. Enlisting the services of an insurance agency can provide you with a guided hand through the process, but most agents only sell from selected companies, so you should do your research and court multiple agents to ensure you get a policy that’s right for you. Make use of online resources to compare quotes from different providers, and consider going directly through an insurance company if you feel comfortable in the knowledge of what exactly you need. Compare agent quotes closely, as insurance agents in the U.S. aren’t required to reveal their commissions.

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Purchasing life insurance can be a sobering process, as you’re required to fill out a questionnaire determining your health and liability. This determines the class into which you fall, but it can also be a personal incentive. Understanding how your insurance company looks at you in rationally capitalist terms can help you identify risk factors in your lifestyle and make positive changes so that you can live a longer and healthier life.

How Does Competition Law Affect a Business in Illinois?

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Understanding some of the state laws about unfair competition is essential when you live in a state like Illinois because it could affect the behavior businesses engage in with other companies. In fact, in this state, it’s important that you safeguard and protect yourself from these practices, which have been proposed by both the state […]

Who Can Be a Registered Agent in Illinois for a Corporation?

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Most business people are aware of the fact that every corporation needs a registered agent. This agent’s main job is to receive legal notices on behalf of the corporation. However, determining who can fulfill this role is usually an open-ended question during business formation. The business laws of each state dictate how a corporation may appoint a registered agent. In Illinois, there are several avenues to meeting the requirement.

1. Take a Look in the Mirror!

The first obvious step in finding a registered agent is to appoint yourself. You, as an individual, can choose to undertake the role. The state’s Business Corporation Act of 1983 specifically grants this authority in subsection (b) of 805 ILCS 5/5.05.

Although this may seem like the easiest option at the start, the Chicago law firm of Roth Fioretti says it’s important to consider the long-term responsibilities. Most business people are too busy running a company to be bothered with ancillary matters. Important pieces of mail, like a summons, can easily get lost in the flow. Therefore, sometimes it is better to have someone else do the job to ensure such mail gets the attention it deserves.

2. Keep It In The Family

Some business owners opt to have a family member or close friend act as a registered agent. A trustworthy relative will be sure to notify the corporation if any legal problems arise. However, there are a couple of requirements that need to be met. First, the relative or friend must have a valid address in the state of Illinois. Second, they must be available at all times during business hours.

This choice will not work out if your relative works, or has other obligations away from home. When an agent is unavailable, it can be impossible for a process server to deliver legal documents. The failure to receive these documents could result in a default judgment. In some cases, the state may also decide to dissolve the business due to non-compliance.

3. Hiring a Commercial Agent

For most corporations, it makes the most sense to hire a business that acts as a registered agent. These businesses exist for the sole purpose of acting as a registered agent. They make it a point to have someone available to receive service during any day of business. Most services are reasonably priced at $100 per year or more. This is a small price to pay for flexibility and peace of mind.

4. Making the Final Decision

At the end, who you choose as a registered agent will depend on the unique needs of your business. If you have any doubts, using a commercial agent like Incorp or Harbor Compliance is a viable option. The valuable time of corporate staff can be better spent on business matters than worrying about process servers.