Whole life insurance may not be the right choice for everyone, but it can be a policy that protects you and your loved ones in ways you hadn’t considered. If you live in Little Falls, MN, it makes sense to explore your options before settling on a type of life insurance that will actually serve your needs.
1. Consistent Payments
When you buy whole life insurance, you’re getting consistency when it comes to how much you pay. In other words, you won’t have to worry about your premium going up as you get older, no matter what happens in the future. It’s also a permanent policy, which means that it’s always available to your loved ones. If you purchase term insurance, the policy will have an expiration date based on your preferences (e.g., the policy runs out when your youngest child turns 21).
2. You Accrue Interest
Like most permanent policies, whole-life insurance comes with a built-in savings component. If you needed to take out a loan later on in life, you can borrow from your life insurance policy. This loan is not interest-free, but it is tax-free. It can be exactly what you’re looking if you and your family hit a rough patch. There are also accelerated benefits available through a whole-life policy, which may pay for things like long-term medical treatment. It’s even possible to terminate the policy for a cash payout.
3. Help When You Need It
When you buy whole life insurance, you have a wealth of options available to you. People in Little Falls, MN who work with Hanneken Insurance Agency Inc. know that they always have someone to turn to if they’re confused or have questions. Call Hanneken Insurance Agency Inc. today to learn more about how whole-life can work for you.
Opening a business in Little Falls, MN can become a very rewarding experience. Hanneken Insurance Agency Inc. wants to be part of that by helping cover you against losses. This blog covers the types of commercial insurance coverage that protect your business. Depending on your company, you might need one or all of them.
You might think of commercial auto or commercial property insurance when someone mentions insuring your business, but it goes much further than that. Most businesses require property and liability insurance to protect against damages to their property or someone else’s. If they employee people, they also need a workers’ compensation policy to cover employees injured on the job. Here’s a quick list of policies your business may also need.
- Equipment breakdown insurance covers the breakdown of boilers, equipment, and machinery. That includes your copier or your tiller or your crane, depending on your business.
- Debris removal insurance pays for cleanup and debris removal following a covered hazard such as fire or flood.
- Builder’s risk insurance covers structures you have under construction.
- Glass insurance covers the glass on your building. If vandals break your store windows, this pays for their replacement.
- Inland marine insurance covers other people’s property on your worksite and property in transit.
- Business interruption insurance pays for your lost income and expenses if your business incurs property damage or loss.
- Ordinance or law insurance could also be called code insurance since it pays the costs of demolishing and rebuilding to code if you partially damaged the building.
- Tenant’s insurance is renter’s insurance for a business. It also pays for damages to improvements you, the tenant, made caused by employee negligence.
- Crime insurance pays out when your business becomes the victim of a theft, burglary or robbery.
- Fidelity bonds cover theft of property or money by a bonded employee.
- Liability insurance pays for damages stemming from injuries your business caused to third parties. This category includes the specialized policies of errors and omissions ("E & O") insurance, malpractice insurance and automobile insurance.
- Directors’ and Officers’ liability insurance covers lawsuits against the directors and officers of corporations and nonprofit organizations.
If you think that sounds a tad complicated, we can help sort it out. Contact Hanneken Insurance Agency Inc. of Little Falls, MN for a consultation to help you determine which policies your business needs.