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RetireMax Insurance

9651 W 153rd St. Suite 51
Orland Park, IL 60462

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Featured Insurance Blog

Should I purchase Life Insurance for My Children?

One of the most frequent questions any insurance provider, including RetireMax Insurance serving Orland Park, IL, gets is who should get a life insurance policy.  Believe it or not, that question very often includes whether or not children should be insured.

Parents are frequently presented with this dilemma and it can be a perplexing question to answer.

So why should parents purchase a life insurance policy for their children? 

One of the biggest advantages to purchasing a life insurance policy for your children is that they almost certainly won’t have to undergo a medical examination like adults have to.

Additionally, children are nearly guaranteed to be insured if a policy is purchased when they are young. Already having a policy means that even if your child should develop a chronic illness or other medical condition, or if they choose to have a dangerous job or hobby, they will already have a life insurance policy.

Another great reason for purchasing a policy for your children when they are still children is the fact that the premiums will be much lower than they will be as your children age. The younger the policyholder is, the lower the premium and the more value it will gain since it will be held for a longer amount of time.

Finally, while odds are very low that a child will pass away, having a life insurance policy for your child means that their funeral expenses would be covered, which could provide invaluable peace of mind to mourning parents if the unthinkable occurred. 

To find out more about life insurance for policyholders of every age, contact the professionals at RetireMax Insurance serving Orland Park, IL today!

Why basic auto insurance may not be enough

Illinois has 8.5 million drivers, which is a lot of people to share the road with. The state does not make the top 10 safest states for drivers which makes it imperative that you are aware at all times of the other drivers around you and have a good auto insurance policy. At RetireMax insurance in Orland Park, IL we locally owned and operated and have been in business for more than 25 years. We strive to provide our customers with the best products at the best price. 

In the state of Illinois, basic auto insurance is liability coverage. The mandated amount is 25/50/20. What those figures mean is your policy will pay $25,000 for injuries for one person in an accident where you are at fault and if more people are injured, the total will be $50,000 maximum. Basic auto insurance allows $20,000 for damaged property. That is pretty basic especially if it is a newer car. 

While these are adequate amounts, they may not be right for you. Given what a hospital visit can cost or even just a visit to the ER, you may want to at least double the basic amount.  The property amount is low as well considering the price of new vehicles. If the damage in an accident goes beyond the limit you have, you are responsible to pay the overage out of your own pocket.

If you have a car loan or if you are leasing you will need to add collision and comprehensive coverage. Even if you don’t owe anything on your vehicle, having collision and comprehensive will allow you to repair or replace your vehicle. If you count on your vehicle, this is important.

Get in touch with RetireMax insurance in Orland Park, IL when you are ready to discuss your auto insurance needs. 

Do Illinois Businesses Require Commercial Insurance?

Featuring over 1.2 million businesses, Illinois is an excellent state for conducting business. But before starting a business here, it’s prudent to understand the nitty-gritty of commercial insurance. RetireMax Insurance from Orland Park, IL can share insights about business insurance.

Mandatory business insurance in Illinois

If you own a business in Prairie State, you need to carry the below commercial insurance options to avoid civil and criminal penalties.

  • Commercial auto insurance: It’s required for all vehicles used for commercial purposes. It covers your driver and vehicle when an accident occurs. However, if you use a personal vehicle to carry out business operations, your auto insurance won’t cover damages when involved in an accident.
  • Workers’ compensation insurance: Whether it’s seasonal, part-time, or full-time employment, Illinois requires you to purchase workers’ comp insurance if you have more than one or more employees in your business.

Optional commercial insurance

While the state doesn’t require businesses to carry these commercial insurance coverages, they are critical for the business. These are: 

  • Business liability insurance: Protects the business against advertisement injury, property damage, and bodily injury liabilities caused to third parties. 
  • Commercial property insurance: Protects your building and equipment from damage against fire, theft, hail, vandalism, and so forth.
  • Business owners insurance: Combines commercial property insurance and business liability insurance to make it affordable and simple for businesses.
  • Cyber insurance: Because of increasing internet use, cyberattacks are becoming increasingly common, resulting in data breaches and other unspeakable damages. Cyber insurance covers client notification costs, legal costs, and data recovery costs after a malicious online attack.
  • Professional liability insurance: Protects professional businesses from alleged negligence and missed deadlines. 
  • Business income insurance: Compensates for lost income as a result of disruptions emanating from a covered risk.

Commercial insurance near me

Are you looking for commercial insurance for your Orland Park, IL business? Please contact RetireMax Insurance today for a quote.

4 Things That Are Covered By Home Insurance

No matter where you live in Orland Park, IL, your home is worth safeguarding throughout all the seasons. Home insurance isn’t required by law in Illinois, but most mortgage lenders will require you to show proof of home insurance throughout your mortgage period. But whether home insurance is mandatory or not, it’s a worthy investment to guard your structure, family, and personal property. Here are areas covered by home insurance from RetireMax Insurance.

Structure protection 

Home insurance is designed to protect your dwelling structure by providing financial reimbursement to the homeowner in the event of a calamity. It covers the structure of your home, including walls, floors, in-built appliances, and plumbing systems, from unpredictable catastrophes like fire, vandalism, and theft. 

Home insurance also safeguards other structures detached from your homes, such as a shed, detached garage, and a gazebo.

Personal belongings

The home insurance policy covers repairs and replacement of personal possessions like clothes, sports equipment, electronics, and furniture if they get stolen, vandalized, or damaged. However, for high-value items like cash and jewelry, please talk to your agent for optimal coverage.

Liability coverage

This coverage pays for legal fees if an individual sues you for injuries inflicted while on your property. For instance, if someone slips or falls in your swimming pool, home insurance covers medical costs and legal costs if the person goes ahead to sue you.

Additional living expenses coverage (ALE)

If your home becomes uninhabitable for one reason or another, home insurance helps pay for additional expenses (like hotel meals and accommodation) you might incur.

Pro-tip: Typical home insurance does not reimburse damage costs associated with floods and earthquakes. As such, talk to your agent for separate covers. 

Home insurance in Illinois

Every home comes with its own set of risks and benefits. However, RetireMax Insurance, located in Orland Park, IL, can provide you peace of mind irrespective of where you live. Contact us today for more home insurance information.

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