How Whole Life Insurance Works

When you need to choose a life insurance policy, two types represent these policies. One of these is called term life. The other one is known as whole life. There are a lot of benefits that come with choosing a whole-life policy. These policies can be very advantageous to have, and they will also give you peace of mind. When you know that your loved ones are better taken care of when you’re gone, it may be easier to sleep at night. If you need a life insurance policy or more than one, call us today at Hanneken Insurance Agency Inc. in Little Falls, MN.

Long-Lasting Coverage

If you were to choose a term life policy, it would expire after a set number of active years. However, whole life insurance policies never expire. They stay active for as long as you live. Many people get a whole life policy because of this feature alone. They don’t want to have their life insurance policy expire at any point and have to seek out a brand new policy. With whole life, you never have to do that. 

The Cash Value

Another great way to get more peace of mind is to have the policy’s cash value in place. As you own the policy, a cash value will build up over the years. The company will allow a small portion of its profits from your premium payments to build up and become available to you to borrow. Whatever the cash value, you can borrow that amount in case you need to. 

Get Your Whole Life Policy

When you know you need a life insurance policy, call us to get started. You can contact us at Hanneken Insurance Agency Inc. in Little Falls, MN.  

Why a Business Owners’ Policy (BOP) Should Form Your Company’s Insurance Foundation

At Hanneken Insurance Agency Inc., we want the business owners of Little Falls, MN, to benefit from the insurance they need to protect their investment in their company. That’s why we offer business owners’ policies (BOPs) to small and medium-sized businesses in Minnesota.

Better Protection Through BOPs

The term BOP refers to a policy package that provides four commonly purchased types of commercial insurance at a reduced premium than the policy owner would incur if purchasing them separately. These four policies include:

  • Business interruption insurance
  • General liability insurance
  • Property insurance
  • Business income insurance.

These forms of coverage protect the physical and financial assets of the company.

Who Can Purchase a BOP?

Only small and mid-sized businesses qualify for this policy package. The business can’t employ over 100 people, and most operate in a low-risk industry.

Businesses that want the protection of the BOP’s four insurance coverage types must apply for the coverage. It differs in that way from buying another type of insurance policy.

Filing a Claim on a BOP

Filing a claim on a BOP works the same as with any other type of policy. You contact the insurance company or your Hanneken Insurance Agency Inc. agent to file a claim. We process BOP claims just as we would if the business purchased standalone policies.

Contact Hanneken Insurance Agency Inc. Today

Call or email our office, serving Little Falls, MN. Let us take your application for a BOP and answer any questions you have about this type of policy package. Only the premiums are lower with a BOP; we still provide high-quality insurance coverage.