4 reasons you need to buy term life insurance

Life insurance comes in all shapes and sizes to fit different consumer needs. The policy is divided into major types–term and whole/permanent life insurance. In such a complex marketplace, it becomes difficult to choose the right plan. However, there is always a typical winner as most people in Little Falls, MN, choose term life insurance to keep things as simple as possible. If you’re wondering why you should go for term life insurance, Hanneken Insurance Agency Inc will share four reasons why you should.

1. Can pay for your debts

If you’re the breadwinner for your family, you may want to buy term life insurance to ensure that your family is provided for even after your death. If you have students loans, car loans, mortgage, and other debts, your policy can help clear all of them if you pass away without fully paying them.

2. You lock in low rates 

Many people in Little Falls MN, buy term life insurance due to its surprisingly low rates. Unlike whole life insurance, you’re likely to pay your premiums smoothly without hitches throughout the agreed duration. You can also opt for simplified term life insurance that fits your goals.

3. It’s more flexible

Term life insurance allows you to take charge of your financial needs and plan your future accordingly. If you are young and single, you can buy the policy and choose your duration–3, 5, 10, or even 30 years, depending on your lifestyle goals.

4. Rates remain the same throughout

Unlike permanent life insurance, which comes with maturity benefits, term life insurance does not have such privileges. However, rates remain the same throughout which makes it easier for you to plan your finances as you age.

Buying term life insurance soon? Hanneken Insurance Agency Inc. would like to be part of the process. Let us guide you through the process and make sure you’re adequately covered. Feel free to call or visit our offices in Little Falls.

Required Commercial Insurance in Minnesota

If you own a business in Minnesota, there are two types of commercial insurance that your company may be required to have. In addition, there are many other types that are smart to have but not required by law. If you need commercial insurance, call us at Hanneken Insurance Agency Inc. in Little Falls, MN. 

Workers’ Compensation Insurance

In Minnesota, most businesses are required to carry workers’ compensation insurance for their employees. This is mandated by the state if your company has at least one employee whether they work full or part-time. If you are a sole proprietorship with no employees, you are not required to have this type of insurance. For all other businesses, this insurance policy protects them from having to pay for the medical bills of those who are injured at work. For employees, it stays ready to pay for their medical bills after an accident or illness that happens while on the job. 

Commercial Auto Insurance

Every vehicle in Minnesota has to be covered by auto insurance, and every vehicle in the state that is owned by a business is required to have a commercial insurance policy. These policies will pay out if there is a company vehicle that has an accident. If the same vehicle had a personal insurance policy, it would not pay out because the vehicle was used for business. If you use a personal car for business, it’s recommended that you get a hired and non-owned auto policy for it. 

Other Insurance

While no other insurance types are mandated, there are several that are helpful to small businesses. These include a business owner’s policy, professional liability coverage and cyber insurance. Talk to an agent about the best ones for your business type. 

Get Your Commercial Policies

If you are in need of a commercial insurance policy, call us at Hanneken Insurance Agency Inc. in Little Falls, MN.