Minnesota Life & Health Insurance Agency
Life Insurance in Minnesota
Life insurance protection is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living.
Types of Life Insurance
There are several different types of life insurance products available. The most common include:
* Term insurance provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It's generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 30-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
* Permanent life insurance is characterized by the ability to continue coverage throughout a person's lifetime, provided premiums are paid a specified in the policy. The higher premiums paid into a permanent life insurance plan can build as cash value. This cash value earns an adjustable interest rate which is usually guaranteed not to fall below a minimum rate. Some permanent life plans can provide a great deal of flexibility to meet your needs at various life stages.
How much coverage do you need?
The amount of life insurance you select is dependent on your personal and financial needs. We recommend first determining what monthly income your loved ones would need to meet their financial obligations. The amount of money needed to produce this monthly income is the amount of life insurance you need. Let Hanneken Insurance assist you in determining the appropriate coverage amount and deciding on which type of life insurance is right for you.
Minnesota Health Insurance
As you are likely well aware, the Affordable Care Act has mandated the purchase of health insurance for everyone in Minnesota. The Affordable Care Act has dramatically changed health insurance for both individuals and employers. There are a multitude of options available both inside MNsure (Minnesota’s health insurance exchange) and in the private market.
The best way for families or businesses to navigate through these options is with the help of an independent insurance agent that represents several insurance companies and is certified to offer coverage through MNsure. An agency that can help you narrow down the choices based on your budget and the current laws.
Finding coverage for your concerns and goals can seem complicated, but a variety of options are available to help simplify the process. Contact Hanneken Insurance to talk to an agent for more information about your options and the process of obtaining appropriate coverage.