Keep your life insurance in Lombard, IL!

You children have grown and you’re now left with an empty nest. Retirement is great and you may start to think that life insurance is no longer a necessary expense. Your kids are out on their own and you don’t have as great of a financial responsibility, but don’t cancel your life insurance policy just yet. Here’s why empty nesters still need life insurance in Lombard, IL.

Retirement Safety Net.

Social security often isn’t enough, and while your retirement finances may seem like they’re on track, you never know what the future holds. In the event that there’s a fiscal catastrophe and retirement savings no longer provide enough means to live, life insurance will help take financial burdens off the surviving spouse.

Life Is Unpredictable.

You never know what life may bring and your loved ones may need financial support after you’re gone. With an unpredictable economy, it’s possible that your once financially independent children may become financially dependent. In fact, a study showed that 36 percent of young adults (up to age 31) have moved in with their parents. Keeping your life insurance will help keep them save in the event that you pass on.

End-Of-Life Costs Are Expensive.

While you may be convinced that your family no longer needs an income, they may need help covering after-life expenses. End-of-life costs are expensive. A 2012 report, showed that the average funeral costs $8,565. Plus if you have any debts, your family will be responsible for settling any outstanding balances.

Make sure you have the right life insurance in Lombard, IL. Contact the professionals at Steve Wilk Insurance Agency for assistance finding the best insurance for your lifestyle. Located in Illinois, we serve all your personal and commercial insurance needs.