How Whole Life Insurance Works

If you don’t have life insurance, you may worry about the future of your family. And, you may have good reason to worry. It can be financially devastating to have a wage-earner pass away without any life insurance left behind. That’s why it’s so important to get a life insurance policy, and a whole life policy is a good choice. If you’re interested in one of these policies, contact us at Hanneken Insurance Agency Inc. in Little Falls, MN.

An Insurance Policy for Life

As the name suggests, who life insurance is there for the rest of your life or your "whole" life. While term life insurance is only good for a specific number of years, whole life policies have no expiration dates. Keep paying the premiums and your policy will be there for your family after you pass away. This guaranteed coverage under the policy is perfect for giving you better peace of mind about the future. Once you sign up, keep paying for it and the company cannot cancel the policy. 

Building a Cash Value

Another thing that is advantageous about whole life policies is that they will build up a cash value over the years. The longer you have the policy, the more the cash value will be. It generally starts a few years into the policy, and it grows over time. This amount is a small portion of the number of profits the company receives from investing in your premiums. Once you have a cash value, you can borrow against it if you have a financial emergency and need access to the funds. 

Get Whole Life Coverage

If you don’t have any life insurance, it’s important to get a policy as quickly as you can. Contact us today at Hanneken Insurance Agency Inc. in Little Falls, MN.

Minnesota’s Health Insurance Requirements

Every state has requirements for health insurance. In fact, all Americans are required to have some sort of health insurance. If you have questions about what kind of health insurance you are required to have, you are not alone.

Hanneken Insurance Agency Inc. helps the residents of Little Falls, MN find the health insurance they need. These are the health insurance requirements for Minnesota residents.

Health Insurance Must Cover More than Vision or Dental Care

Even if you already have a vision and dental care, it is not enough to meet the requirements. You need to have insurance that covers things like prescription medications and preventative care. You need to have a plan that is well-rounded, even if it has a low premium and a high deductible.

Health Insurance Must Be for General Health

Health insurance does not meet the requirements if it only covers some types of injuries or health conditions. For example, a policy cannot only cover emergency room visits.

Health Insurance Must Not Only Provide Discounts

Some people have health insurance that does not provide coverage for any procedures or exams but rather only offers discounts on treatment. Insurance must offer more than discounted pricing on exams and treatment options.

Learn More About Minnesota’s Health Insurance Requirements

Generally, anything you get through the marketplace will meet healthcare insurance requirements. A professional can help you choose the right policy for your needs.

Hanneken Insurance Agency Inc. serves Little Falls, MN, providing locals with the information they need to make good health insurance choices. If you are interested in changing your health insurance policy, now is a good time to take action. Contact an insurance professional to learn more.

Is Farm Insurance Mandatory?

If you are trying your hands in a niche sector like agriculture in Little Falls, MN, you might find that farm insurance is more suited for your industry as opposed to ordinary commercial insurance. Why? Farm insurance is more tailored to cover your agri-business against various perils.

But is farm insurance mandatory? The reality is that no law requires you to carry farm insurance. But as you will find out, farm insurance should be a must-have insurance policy, whether compulsory or not.

What does farm insurance cover?

Yes, farm insurance isn’t mandatory, but you need it to protect your agricultural business. Ultimately, farm insurance provides the below protection:

  • Home and contents coverage: Farm insurance protects your farm home and its contents from loss or damage by perils like theft, fire, and so on.
  • Farm machinery: If you want to protect farm equipment like tractors, combine harvesters, and other farming equipment, you must invest in farm insurance. Besides, farm insurance is a requirement if you want to lease your farm machinery.
  • Livestock protection: Farm insurance protects your animals from theft, severe weather changes, and accidents subject to your policy’s exclusions.
  • Farm loss protection: If severe weather, accident, theft, or any other covered peril decreases your yields, farm insurance compensates you for the loss.
  • Farm liability coverage: Just like your home insurance, farm insurance covers you against liabilities occurring on your farm. Whether it’s property damage, bodily injury, or legal suits, farm insurance got you covered.
  • Farm products: Farm insurance shields farm products like feeds and seeds while on storage.

Buy farm insurance today in Little Falls, MN

Would you like to protect your crops, farm equipment, and livestock with farm insurance? Why don’t you get in touch with Hanneken Insurance Agency Inc.? We offer customizable farm insurance coverage that suits your budget and other needs.

How Much Life Insurance Should I Have?

With so many life uncertainties, you may need to review your current life insurance to determine if it’s adequate. But how much life insurance do you need? To be fair, it’s not a straightforward answer. However, with the help of Hanneken Insurance Agency Inc. of Little Falls, MN, figuring how much life insurance you need should be easy.

Here are a few steps to guide you.

Figure out your financial picture

Are you about to invest in life insurance? Painting a picture of your financial plan would be a great place to start. Where are you financially, and where are you headed? Better yet, you can involve a financial advisor to identify gaps in your plan and figure out how life insurance can plug the holes. 

Why do people need life insurance?

If you are to determine the amount of life insurance you need, the first step is to determine why you need life insurance in the first place. Most people need life insurance to:

  • Finance final expenses
  • Transfer wealth to dependents
  • Pay for debts
  • Supplement retirement income
  • Ensure the success of their business

After identifying why you want life insurance, the next step is figuring how to calculate your life insurance. 

How to calculate the amount of life insurance you need

There are numerous methods to compute how much life insurance you need. Let’s look at some.

  • Multiply your income by 10: It’s an outdated model, but it can help estimate the life insurance you need.
  • The DIME method: This method considers your debts, income, mortgage, and education (DIME) in the computation. This method is better than the “10 times method,” but it ignores your current financial assets. 

While there are numerous life insurance calculation methods, the general rule is that the life insurance you need equals your financial obligations less your existing assets that can settle bills. 

Buy life insurance today!

If you are still unsure about calculating your life insurance, don’t hesitate to contact Hanneken Insurance Agency Inc., serving Little Falls, MN and its environs. Besides, we will help you choose a life insurance plan that fits your needs and budget.

The Different Types of Commercial Insurance

If you live in the Little Falls, MN area and want to start a business, it is crucial to invest in commercial insurance. Commercial insurance protects you from things such as property damage, theft, employee injury, and more. But, unlike traditional insurance, there are various types of commercial insurance that you must familiarize yourself with. Understanding each type of commercial insurance will help you pick the best policy and coverage for you and your business.

Here are the different types of commercial insurance.

Business liability insurance

Business liability or general business liability insurance is one of the most essential types of insurance for businesses of all types. Business liability protects you from being sued by a third party outside of your business. In addition, it helps cover legal fees, settlements, and awards.

Workers’ compensation insurance

Workers’ compensation covers medical care and partial wages if your employee gets injured on the job.

Property insurance

Property insurance is essential to protect your place of business from natural disasters, floods, and fire. Depending on your plan, you can cover everything from furniture, inventory, technology, and anything you deem necessary for your business in addition to your property.

Business auto insurance

Business auto insurance is crucial if your business relies on vehicle transportation. For example, if you or an employee get in an accident, your business auto insurance will cover the costs.

Umbrella policies

Umbrella policies are crucial if you’re a business that is prone to major losses and lawsuits. Umbrella policies work by covering whatever your original policies won’t.

If you’re looking to start a business in the Little Falls, MN area reach out to Hanneken Insurance Agency Inc. to discuss what commercial insurance would be right for you!

Should You and Your Spouse Carry Separate Health Insurance Policies?

In most cases, spouses tend to get health insurance coverage under the same policy. However, this is not always possible and sometimes having separate policies makes more sense. Spouses in Little Falls, MN should take the time to review their health insurance plans, determine who has the best policy, and decide if they should be under the same policy or carry individual ones. 

Those with questions about health insurance coverage for spouses should reach out to Hanneken Insurance Agency Inc. for additional information.

Out-of-Pocket Expenses

Health insurance plans have maximum out-of-pocket costs policyholders pay annually. The total out-of-pocket expenses vary based on the plan. However, the Affordable Care Act did impose a max limit of $8,550 for an individual and $17,100 for a family. If it is just you and your spouse, having separate policies may not be an issue for out-of-pocket expenses. However, if you have a family, having a policy together is beneficial when calculating max out-of-pocket costs. 

Healthcare Needs

If one of you has extensive healthcare needs, such as a significant medical condition, having two separate policies may be the best option for financial reasons. The spouse with the medical conditions can select a more expensive provider with higher coverage options. The other spouse can choose a less comprehensive policy and save money on premiums. 

Employer-Sponsored Health Insurance

Most employers offer health insurance options for their employees, which also provide coverage for spouses. If both spouses work and have access to employer-sponsored health insurance, they need to decide if they want to keep separate policies or pick the plan with the best coverage for both of them. If only one spouse has this option, it may be best to be on the same health insurance plan. Otherwise, it would be best if you shopped for insurance from a Little Falls, MN private provider. 

Call the agents at Hanneken Insurance Agency Inc. today for additional information about health insurance options for couples. 

How Is My Farm Protected Against Pollution With Farm Insurance?

Whether it’s a prominent concern or a minimal one, pollution should be a consideration for farmers in Little Falls, MN. Fortunately, Hanneken Insurance Agency Inc.’s insurance agents can help ease those concerns.

When you first think of farm insurance, pollution might not immediately spring to mind as something that needs to be part of your coverage, but in fact, it’s definitely something you’ll want to make sure is addressed in your policy. 

There are a variety of reasons why any farmer should make sure that there is adequate pollution coverage in your policy, which is that there are exposures to pollution that are completely unavoidable. Some of these potential losses include:

  • Water contamination (both groundwater and surface water)
  • Storage of pesticides and herbicides
  • Potential for fertilizer mishaps (such as spills or unintentional releases)
  • Bodily injury from exposure to bacteria (such as high levels of nitrates in drinking water)
  • Storage tanks for fuel related to operating the farm
  • Damage to natural resources on or near the farm
  • Odors from the items needed to run the farming business (manure, pesticides, fuels, fertilizer)

Additionally, with the rise of multiple farming locations being placed under one ownership, the risk of accidents has increased because of equipment and supplies being moved in between farming locations. Costs to clean up farming accidents can be substantial, particularly for accidents that are considered pollution related, so insurance in situations like that could mean the difference between the survival of a farm and debilitating costs to the farmer.

Let the team at Hanneken Insurance Agency Inc. serving Little Falls, MN assist with all your farm insurance questions today!

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.

4 Benefits of Health Insurance

If you have been keen, healthcare in the US has been rising every day. Without health insurance, medical costs can drain your finances. To protect yourself from the biting healthcare costs, you need to secure health insurance from Hanneken Insurance Agency Inc. of Little Falls, MN. This way, you will enjoy the below benefits.

Coverage of medical expenses

Of course, the most common reason for a health insurance plan is ensuring you receive proper medical care without straining your resources. Health insurance covers hospitalization expenses, medication costs, ambulance costs, domiciliary expenses, and many others. With health insurance, you can focus on your recovery, knowing that medical costs are taken care of. 

Coverage of chronic health conditions

The good thing with health insurance is that it protects against life-threatening diseases such as cancer, heart disease, and stroke. Health insurance caters to treatment costs, disease management costs, and other financial obligations.

With the increasing pollution, increasing accident rates, deteriorating lifestyle, and the emergence of new diseases, you need health insurance to protect your health. 

Prevention of illnesses

Health insurance plans offer preventive and routine care to prevent the occurrence of future illnesses. Services like vaccinations and routine checkups are pivotal in preventing and identifying illnesses at an early, easy-to-manage stage. 

For peace of mind

No one likes to get ill or injured. You might be in good health now, but the next minute you are sick or injured. Since we are humans — and humans get sick — we need health insurance to protect us at our vulnerable moments. 

Health insurance near me

Health is wealth. That said, you need to safeguard your health with a sound health insurance plan. If you are a resident of Little Falls, MN, your health insurance needs are well covered by Hanneken Insurance Agency Inc. Contact us today, and our friendly staff shall help you navigate the health insurance landscape.