Who Should Choose Health Insurance With A Higher Deductible?

Having health insurance in place is an excellent way to protect you financially and help you deal with any health issues that may arise along the way. Health insurance is a complex world of terms and conditions associated with each policy. In many cases, people are confused about which options to choose when it comes to things like deductibles.

Choosing The Higher Deductible

Those who have infrequent medical needs should choose the coverage with a higher deductible. The lower deductible with help with initial visits both to the doctor or an emergency facility which would be plausible for people who have health issues or who are at a higher risk for injury and accidents. The best way to assess the risks and discern current needs is to work with a licensed health insurance agent. They are specially trained to work with clients to help them get the right level of coverage including helping them decide which deductible amounts work best for their situation. 

Top Agents Ready To Serve

Those agents who are trained to help clients select health insurance are imperative to helping people get the coverage they need to protect them from losses due to health issues, accidents, or medical emergencies. The agents at Hanneken Insurance Agency Inc. serving Little Falls MN are ready to help you begin the process of evaluating your needs and then help sort through the options to find the health insurance coverage that meets your current and future needs. It’s all a part of their commitment to excellent customer services during and after the selection process. 

Anyone who is currently in the market for good health insurance coverage should call or stop by Hanneken Insurance Agency Inc. to find out more about how they can assist the residents of Little Falls, MN with their health insurance needs. 

Three things you need to know about farm insurance

It’s important to protect your Little Falls, MN farm with the right farm insurance policy. Whether you have a hobby farm or a farm business that you rely on for your livelihood, farm insurance is essential for covering unexpected expenses that could come up as the result of accidents.

At Hanneken Insurance Agency Inc. we offer a variety of farm insurance options. The following are three things you need to know about farm insurance when you’re in the process of purchasing a policy.

One of the most important and valuable assets that farm insurance protects is farm equipment.

Farm equipment is essential to the productivity of any farm operation. Farm equipment coverage is among the most important coverage types to look into when you take out a farm insurance policy.

Farm insurance is a highly individualized product.

Unlike many types of insurance such as auto insurance, farm insurance is a highly individualized product. There is no such thing as a standard farm insurance policy. You’ll need to devise your own farm insurance policy by determining which types of coverage you need for your unique farming operation. 

If you need coverage for livestock, you can choose between individual and blanket coverage.

Farm insurance is not automatically included in farm insurance policies and needs to be added on. Livestock coverage is classified as either individual coverage or blanket coverage.

Individual coverage involves specifying a certain amount of coverage for individual animals. Blanket coverage is a lump sum amount of coverage for all animals on a farm. 

It’s important to do your research to find the best farm insurance policy option for your needs. You can get in touch with us at Hanneken Insurance Agency Inc. to learn more about options for insuring your farm in Little Falls, MN. 

Different Types of Business, Different Commercial Insurance Policies

The kind of business you have affects almost everything you do. One of the biggest areas where that effect may be seen is in the kind of commercial insurance policy your company chooses. At Hanneken Insurance Agency Inc. we work hard to help all our Little Falls, MN area customers get the right type of policy for their business. The right type and level of coverage is great for protection, and it’s also extremely valuable for peace of mind. By understanding what your company does and how it operates, we can suggest the insurance policy that’s going to provide you with the right coverage level that will meet your needs.

A large retail store with hundreds of employees and a huge warehouse attached is going to need something far different from a small craft shop down the street where only one or two people work. Some businesses are operated from home, and others are service-based instead of product-based. The size of the business, what they offer to customers, and the kind of location they have all matter when determining the right kind of insurance for their needs. Insurance is about protecting a business, but it’s also about protecting people, too. The right policy will do all of that, and help you feel secure as a business owner.

If you’re in the Little Falls, MN area, give us a call at Hanneken Insurance Agency Inc. or stop by and see us. Our professional agents will be happy to help you find the right policy for your business. Whether you’re just getting started and aren’t sure what you need, or you have a commercial insurance policy that needs to be changed or updated, we’re here to work with you and provide you with quality service. Your business deserves a strong level of protection.

3 Ways Life Insurance Provides Financial Security For Loved Ones

Many of our residents living in or around Little Falls, MN look for ways to protect their loved ones even after they have passed. At Hanneken Insurance Agency Inc. we want our customers to know how life insurance can provide financial security for their loved ones. 

Covering Debt

It is hard to get out of life without having some type of debt. When you pursue a life insurance policy, you should consider all of your current outstanding debt. Upon your death, this debt will not be eliminated. It will fall to the responsibility of your loved ones or given back to the lender if they are not able to cover the cost. 

Estate Taxes

At the time of your passing, your loved ones will need to cover estate taxes and other fees associated with taking over the property. If your estate is being divided between multiple parties, additional surveying and probate costs may apply. Leave enough funds in your life insurance policy to cover these costs maintain the financial security of your loved ones, ensuring that they do not have to cover additional costs. 

Inheritance

Leaving a financial gift behind to your loved ones is something that many of our customers consider. If you want to guarantee the financial security of those closest to you, make sure to leave them a financial gift that will cover their own obligations. They can use these funds to cover college tuition or down payments on a home if you choose. 

Contact us Today!

If you are looking to purchase a life insurance policy, give our agents at Hanneken Insurance Agency Inc. a call today for more information. We proudly serve the residents in and around Little Falls, MN, and look forward to hearing from you soon. 

What Does Home Insurance Cover?

This broad question about home insurance is certainly a good one, especially for those who are buying their first home. The people of Little Falls, MN have every right to understand how to protect their investments, especially when it comes to their home. Hanneken Insurance Agency Inc. wants you to learn more about what’s covered under home insurance, so you know what you’re getting into before you pick a policy. 

It’s Not Everything 

Many people may think that home insurance covers nearly any type of damage to their property, which is one of the more unfortunate misconceptions about home insurance. One of the most glaring exceptions is flooding from the list of natural disasters that are included under your policy. So while you can likely file a claim if several windows were broken from a bad storm in Little Falls, MN, you won’t be able to file for flooding if you sustained water damage because of the open windows. 

In addition, your possessions may not be covered under certain policies. Some home insurance policies will only cover the structure and the grounds, which means that if you’re robbed under this kind of policy, you won’t be able to file a claim. Finally, home insurance doesn’t cover routine maintenance of the home, only damage under a covered event. 

Getting Answers 

There’s no way an insurance policy can specifically account for every event, which is just one of the reasons why policies can be so confusing. If you’re wondering how to steer yourself toward the right coverage for you, contact Hanneken Insurance Agency Inc. It’s our pleasure to give you a quotes, answer your questions, and provide advice that will make it easier to protect the things that matter most to you. 

Why you need auto insurance in Minnesota

Those that live and work in the Little Falls, MN area likely will need to have a car to get around town. Since having a car is a necessity and a big responsibility, you need to make sure that you have proper insurance in place. There are several reasons why you need to have auto insurance when you are in the state of Minnesota.

Provides Liability Protection

One reason why you need to have auto insurance when you are driving in this area is that it will provide you with liability protection. Drivers that are behind the wheel are constantly taking on the risk that they could cause an accident when driving. If you do cause an accident, it will be up to you to pay restitution for damages that are caused. Liability insurance will give you this protection to ensure you can pay for damages. It is so important that the state also requires that all drivers carry it. 

Protects Your Car

An auto insurance policy will also help by protecting your vehicle. When you are driving your car regularly, the last thing that you will want is to experience a loss due to vehicle damage or theft that you cannot pay for. Fortunately, a full collision and comprehensive policy will ensure you are covered for any situation that causes a loss. 

Owning a car in the Little Falls, MN area is almost always a necessity. Due to this, having auto insurance is a necessity as well. Anyone that is searching for auto insurance in this area should call Hanneken Insurance Agency Inc. when they are looking for a new policy. Hanneken Insurance Agency Inc. will work hard to understand your situation to make sure you get into a great policy based on your situation and needs. 

What Are the Different Types of Health Insurance?

You have different options when you are shopping for health insurance in Little Falls, MN. An agent at Hanneken Insurance Agency Inc. can help explain your choices.

Health Maintenance Organization

An HMO will give you all your health services through a network of healthcare providers. You have the least amount of freedom to pick your providers but the least amount of paperwork to complete. You get a primary care doctor that manages care and then you get referred to a specialist when you need one.

Preferred Provider Organization

With a PPO, you have more options to choose your healthcare providers and you don’t need a referral in order to see a specialist. There will be higher out-of-pocket costs in Little Falls, MN if you see a doctor that is out of your network. There is more paperwork than other plans, especially if you see a doctor, not in your network.

Exclusive Provider Organization

With an EPO, you have a moderate amount of freedom for choosing your healthcare provider and you don’t need a referral to see a specialist. Unlike a PPO, you don’t get any coverage for an out-of-network provider and you have to pay for the full cost yourself.

Point of Service Plans

A POS blends features of a PPO and HMO. You have the freedom to choose your healthcare provider and a moderate amount of paperwork. Like an HMO, there is a primary care doctor to help coordinate your care and refer you to a specialist.

Catastrophic Plan

If you are under the age of 30, you can get a catastrophic health plan. With this plan, you get three primary care visits before a deductible and free preventive care, even if you haven’t met the deductible. There is also a lower premium.

Contact Hanneken Insurance Agency Inc. to get a quote on health insurance. 

Tips to Prevent Injuries on the Farm

Living on a farm, regardless of its size, can bring a lot of joy; however, there are also a lot of risks for injuries that come with farming. To make matters worse, living on a farm in Little Falls, MN may mean it takes longer to get treatment for injuries. Hanneken Insurance Agency Inc. has put together a few tips to help minimize the chance of injuries occurring on your farm.

Use Protective Gear

The most important equipment you have on your farm is the appropriate safety gear. For instance, wearing seat belts while using equipment such as tractors and wearing gloves when working with equipment that put hands at risk of an injury and always wear a face shield to protect your eyes when working with equipment that may spray debris into your eyes.  Regardless of how quick you think the job may be, it’s essential to use the appropriate safety gear.

Maintain Grain Bins

Although it’s essential that you maintain your grain bins all year round, it’s especially important that you thoroughly inspect the bins pre-season and post-season. Carefully inspect the roof, foundation, and walls for any damages and make repairs immediately. Inspect the conveyers and fans to ensure they are working properly and remind employees of the importance of cleaning up spilled grain as soon as possible.

One of the most important things you can do to prevent the risk of injuries on your farm is to be aware of potentially dangerous weather. Most farms have large portions of open land, which can become a target for high winds, so be sure your family and employees know the procedures for getting to safety, regardless of where they are when severe weather hits. Remember to have a list of contacts on hand for all family members as well as all employees working on your farm.

Residents of Little Falls, MN who want to learn more information about upgrading their farm insurance should contact Hanneken Insurance Agency Inc.

The Benefits of Updating your business insurance coverage

A quality insurance plan has become a necessity for all business owners.  However, it’s also important to keep it updated. The agents at Hanneken Insurance Agency Inc. serving residents of Little Falls, MN could assist you in making those adjustments to your plan. 

Avoiding Costly Risks

A business that isn’t adequately insured runs a huge risk of future financial problems. To avoid this, you must contact your agent or broker about making new updates to your coverage. For example, in the state of Minnesota, we are prone to severe winter storms.  If you own the building where your business is located, it’s vital to keep updating your property insurance. By making the needed adjustments to your plan, you will fully protect your property and assets from financial loss caused by those storms.

By updating your coverage, you are also protecting yourself against harmful claims against your business. One example of this is claimed for damages caused by your employees. If not handled properly, this risk could result in the loss of your business and personal assets. Understanding how to avoid or minimize risks like this will help you run a successful business.  

Maintaining Peace of Mind in running your business

No one wants to see everything they worked for disappearing. Your circumstances are likely to change in the near future. That’s why it is vital to stay in touch with your insurance agent on new changes to your plan.  Being adequately insured will protect your business from costly risks. 

If you live in the Little Falls, MN area, the agents at Hanneken Insurance Agency Inc. could help you in updating your insurance coverage. Visit our agency’s website for further information or to schedule an appointment.   

Using Life Insurance to Pay for Grandkids’ College Tuition

A great way to use estate planning is to put away something for the grandkids. You can really help them if you prepare for a way to pay for their college tuition and living expenses, while they go to school by using life insurance as part of your estate planning.

How to Use Life Insurance for a Dedicated Purpose

To use life insurance to meet a certain financial need, you will have to work with your agent at Hanneken Insurance Agency Inc. serving Little Falls, MN and the surrounding area and a trust attorney. The way this works is you put the life insurance in a trust that directs the use of the death benefits for a certain purpose. Be sure to consult with a tax accountant as well to make sure you minimize the tax implications as part of your estate planning.

How much life insurance do you need?

Forbes reports that the cost of attending college increased eight times faster than wages over the past thirty years so it is getting really expensive now to attend college in America. The median cost of attending a four-year college in 2019 dollars is $104,480. This amount goes up each year. If it continues to rise at the same past rate, it will increase by about 2.6% per year.

To make the calculation, take the 2019 base number of $104,480 and then use a compound interest calculator found online to see what that amount will be needed in the future year that your grandchild will be old enough to attend college.

For example, if they are 5 years old now, then, 13 years later they will need about $145,864 so getting a policy with a death benefit of $150,000 would be nice.

Summary

Leaving your legacy as free college tuition or a windfall when your grandkids turn 18 is an excellent idea. You will free them from the burden of having to pay back this enormous debt if they have to borrow this money to go to college. Contact your agent at Hanneken Insurance Agency Inc. in Little Falls, MN to get a quote for the life insurance you need.