Ways to Determine the Right Amount of Life Insurance

Life insurance can be a very confusing and tricky thing, especially if you do not know how much you need to purchase. There are many people who go into this blindly and fail to purchase enough for their needs or could purchase way too much. Instead of guessing the amount that you need, you can answer some basic questions to help you determine the right amount for you and your family after you pass. Get started with these to help you find a great beginning number. 

  • Do you care for any family members financially? If you have someone like a spouse, child, or a parent that relies on your income to survive, then you need to consider leaving them some money so they can be taken care of after you are gone.
  • Do you have any debts? If you have a mortgage, a car note, credit card debt, or any other kind of debt, that debt does not necessarily go away after you pass. Many times, it can fall to a family member to take care of. If you want to avoid that, make sure there is enough in your life insurance policy to pay off all of your debts. 
  • Have you thought of funeral costs? Funeral costs are a lot higher than you may imagine. Not to mention, whether you get buried or cremated, there are costs associated with that as well. Instead of making a family member pay for these things out of pocket, add it to your life insurance amount. 

After you have answered these questions, there may still be some more that you need to consider. Contact us at Hanneken Insurance Agency, Inc. today to get started on your life insurance quote and for assistance with any further questions you may have.

Business Insurance: Is Your Coverage Adequate?

If you live in Little Falls, MN and you’re in charge of running a business, then you are undoubtedly aware of the importance of having adequate commercial insurance. Since you can never predict when the unfortunate might happen, proper insurance can give you peace of mind in case a less-than-pleasant event were to occur. Just because you have insurance doesn’t mean that the coverage is adequate, so here are so tips for determining whether your insurance is what you expect:

Allow an expert to scrutinize your current coverage

The first step in determining whether your business insurance is adequate is to carefully determine what it covers. It you don’t want the tedious task of scrutinizing your policy with a fine tooth comb, you can contact your insurance company directly and ask them to go over every aspect of your coverage. Most insurance companies would be more than happy to ensure that you understand what your policy does and does not cover.

If you prefer not to contact your insurance company, you might choose to appoint an experienced individual to read through your current coverage. A properly trained person will know exactly what to look for in order to ensure your coverage is adequate.

Consider changing insurance agencies

If you discover that your current policy doesn’t quite meet your expectations, then you might want to consider changing insurance agencies. Hanneken Insurance Agency Inc. is a reputable insurance provider, offering not only commercial insurance, but other types of insurance as well. You might also be able to switch over your other insurance policies. In some cases, purchasing more than one type of insurance product with the same agency can qualify you for a discount.

Having adequate commercial insurance is important, as it can help you avoid possible catastrophic financial crises in the future. All it takes is a trained and knowledgeable person to look at your current policy, to insure that your insurance policy can cover you in just about any possible event.