Health insurance terms you need to understand

Every year it is the same thing, trying to find health insurance that gives you some coverage while still being able to afford it. It isn’t easy and all the terms are so confusing. It is made easier by having an independent insurance agent who has your back. At Taake Insurance Agency in Columbia, IL, we are family-owned and operated, and with more than 40 years of experience, we can help you find the right health insurance for your needs and your wallet.

Before you choose your health insurance for the next year, here are some terms that will help you to make an educated decision. 


In health insurance terms, a network is the health care providers who have contracted with a particular insurance carrier to provide services at pre-arranged prices. It includes doctors, hospitals, pharmacies and labs just to mention a few. Before you choose a healthcare plan you need to be sure if you have a preferred doctor or doctors they are in the network. 


The formulary is the prescription drugs that are covered by a particular health care plan. They are in tiers by the amount of cost to you. Some tiers may be very inexpensive and others may be very high. You need to know any prescriptions you have will be covered and what amount you will have to pay when you fill the prescription. 


The copay is your share of any service that is provided. 


This is the amount you need to pay every year before your health insurance starts to provide coverage. 

Out-of-pocket limit

This is the maximum amount you will have to pay before your health insurance pays 100% of your medical expenses. 

When you need help making your health insurance yearly choice, give Taake Insurance Agency in Columbia, IL a call or stop by our office. Our experienced team will be there for you. 

Life insurance FAQs

Life insurance is something you are never too young or too old to benefit from. It adds a layer of financial protection to your estate that might be missing otherwise. In addition to the death benefit, life insurance offers other benefits depending on the type and amount of insurance you carry. At Taake Insurance Agency in Columbia, IL we are a family-owned and operated independent insurance agency that has been in business since 1977. Our service is what sets us apart, and we strive to make sure our customers get the best possible coverage at affordable prices.   

Is there a specific time that is best to buy life insurance? 

The obvious answer is before you need it. Life insurance is least expensive when you are young and in good health. If you are thinking of purchasing life insurance, and you are young and have no dependents, getting whole life is an investment to consider. The premium you get will last for your entire life so, at this point, it will be quite affordable. Term life insurance has a term, so you want to make sure the term lasts through the period that you need it.

Do I need to buy my own life insurance if I get it from work?

Do you know exactly how much your employer is providing for you? Has he taken your needs into consideration or is your life insurance determined by what your job is and your pay level? Most importantly, do you plan to stay at this employment forever? Is your life insurance something you can keep if you leave this employer? Life insurance is something you should control so purchasing at least some on your own is a good idea. 

To discuss life insurance give Taake Insurance Agency in Columbia, IL a call. 

How can insurance protect a business in Illinois?

A great career option for anyone that would like to be their own boss in the Columbia, IL area is to start a small business. If you are interested in being a business owner in this area of the state, you need to make sure that you get the proper insurance for it. There continue to be several important reasons why business owners need to protect themselves with a full commercial insurance policy. 

Insurance Protects Company Assets

An Illinois business owner will soon find that growing a company into a successful one requires that you make certain investments into key business assets. These assets often include inventory, equipment and other major assets that are needed to manage and operate the company. As losing these assets for any reason could be devastating, having proper insurance is important. Your commercial insurance plan will give the coverage needed to repair or replace these assets.

Insurance Gives Liability Coverage

You should also get a commercial insurance plan as it will give you coverage for liability risk. Businesses take on some level of liability risk on a regular basis. If there is ever an accident or other situation that results in a liability claim, it could be detrimental for your company. Fortunately, you are able to offset and mitigate this risk if you invest in a commercial insurance plan that has a liability insurance component.  

Business owners in the Columbia, IL area need to take their insurance needs seriously. As you are looking for coverage, calling the team at Taake Insurance Agency can be very helpful. The insurance professionals with Taake Insurance Agency understand the importance of having this insurance coverage. They can give you the support you need to build and choose a new plan that protects your company. 

A Look At 8 Important Facts Regarding Health Insurance

For over 40 years, Taake Insurance Agency has served the Columbia, IL community by offering residents different types of insurance coverage. We strive to help our clients secure their assets and prepare for their future. As an independent agency, we have established successful partnerships with several top carriers in the Midwest.

8 Important Health Insurance Facts

Health insurance is a major asset as you strive to maintain a healthy lifestyle. The policy covers you in the event that you become ill and need to go see your doctor. You’ll also be covered during preventative care measures such as your yearly checkups and screenings. Here are 8 important facts to consider while researching health insurance policies.

The Policy Covers You During An Emergency

While no one plans on becoming sick or being diagnosed with an illness, it’s likely that you will have a period in your life where you just aren’t feeling well. Health insurance will cover you during an emergency situation.

It’s Important To Have Your Own Policy

Even if you have coverage through your employer, it’s a mistake to simply rely on that coverage. Research your own individual policy to ensure that you are protected in every situation.

Health Insurance Policies Contain A Network

Be aware that every insurance policy includes a network of different doctors and hospitals that you can choose from. The plan includes a list of covered medications.

You Can Amend Your Policy For Additional Treatment

For example, you can amend your policy to cover issues regarding your mental health.

You May Be Able To Add Personal Goals To Your Policy

For example, you can note in your policy that you plan to lose a specific amount of weight.

Many Policies Have Taken Note Of Recent Technologies

Newer policies include innovative policies and telemedicine visits.

Watch The Deadline

It’s important that you pay attention to the enrollment dates for signing up.

Taake Insurance Agency Will Guide You Through The Process

Visit our website to learn more information about the health insurance policies we offer in Columbia, IL.

Three mistakes to avoid when you purchase life insurance in Illinois

The decision of which life insurance policy to purchase is a significant decision that could impact the finances of your family down the road. Consumers in Columbia, IL can rely on us at Taake Insurance Agency for information on life insurance options.

The following are three mistakes you should avoid if you’re in the process of purchasing life insurance in Illinois. 

Buying an inadequate amount of coverage

One of the most important decisions you need to make is how much coverage to purchase. The amount of coverage you need depends on what expenses your beneficiaries will face if you should pass away suddenly.

Calculate the needs of your beneficiaries carefully. Life insurance is needed to replace your income for those who are financially dependent on you. Ideally, you want a death benefit amount that’s high enough so that your beneficiaries can continue to enjoy the same lifestyle without your income.

Choosing too short a policy term

If you’re purchasing a term life insurance policy, make sure the policy term you select is long enough. Once your term is up, you might face challenges renewing your policy. This is especially true if you develop a health problem in the meantime.

Choose a longer policy term to enjoy reliable coverage well into the future. 

Purchasing a life insurance policy without thoroughly understanding the product

Life insurance is a complex financial product. You have numerous types of life insurance policies to choose from. You also can select between various policy options.

Do your research before making a decision on life insurance. Be sure you understand the differences between term, whole, and universal life insurance. Also, be sure you shop around and get numerous quotes to find the best option. 

Do you have questions about life insurance? We’re here to help. Consumers looking for life insurance in Columbia, IL can contact us at Taake Insurance Agency to explore our life insurance policy options. 

What Does Commercial Insurance Cover?

Your business is not only your livelihood but it is more than likely one of the largest investments you will make in your lifetime. You need the peace of mind and security that is provided by a commercial insurance policy. Here are some of the main coverage options that a commercial insurance policy will provide for you and your business.

Workers’ Compensation Insurance

In the state of Illinois, all businesses you must have workers’ compensation insurance if you have four or more employees working for you at your business. This type of policy will cover injuries or illnesses that may be sustained by employees while working at their job.

Commercial Auto Insurance

It is also required to have at least liability insurance in Illinois for all vehicles, including those that are used for business. This policy will cover any injuries to people involved in an accident up to a certain amount along with property damage that occurs during the accident.

General Liability Insurance

This policy will protect you if a customer or visitor is injured on your business’ property or due to a product you sell. This will also cover property that is damaged by your business. For example, if you own a tree-trimming business and a branch falls from a tree and hits someone, causing them to be injured, this policy will help to cover the medical expenses and time off of work that they may incur. If you rent the space in which your business is located, the property owner will more than likely require you to obtain a liability policy.

To create the best policy for you and your business, you will need to enlist the help of an experienced commercial insurance agent like the agents at the Taake Insurance Agency in Columbia, IL. Call for an appointment today!

Types of Health Insurance Coverage

If you own your own business or your employer doesn’t offer health insurance, you might have to look into private health insurance. Under private health insurance, policyholders pay the entire premium based on the coverage they choose. Call Taake Insurance Agency in Columbia, IL for assistance selecting your health insurance policy and understanding the various options available. 

Who Needs Private Health Insurance?

If you just turned 26 and can no longer use your parents’ insurance, you might need to purchase private insurance. Those who are unemployed or self-employed also need to find their own insurance since there is no employer to turn to for benefits. The same holds true for part-time workers and new business owners who don’t have the option of an employer-based plan. Additionally, recent retirees who may not qualify for Medicaid and Medicare may also turn to the private health insurance market.

Your insurance agent can help you navigate the Health Insurance Marketplace created in 2014 under the Affordable Care Act (ACA). It’s a good idea to understand the types of private insurance available before narrowing down your best options.

Types of Private Insurance Plans Available

Here are the most common types of private insurance plans. A health maintenance organization (HMO) provides insurance coverage via a specific network of approved providers. A preferred provider organization (PPO) offers medical care to subscribers for reduced rates. An exclusive provider organization (EPO) restricts covered care to providers within a documented network — excluding exceptions for emergencies. Additionally, a short-term insurance policy lasts for a short term of up to one year. This type of coverage can ensure that you have health insurance between open enrollment periods.

Contact Us Today

If you need assistance finding and securing private health insurance, contact Taake Insurance Agency in Columbia, IL. We can set up an appointment to discuss your needs and provide options for effective insurance coverage. 

Types of Life Insurance in Illinois

If you’re looking for life insurance, you need to decide what type you want. You have eleven different types to choose from,  and if that sounds overwhelming, then you may want to consult an agent at Taake Insurance Agency in Columbia, IL. We can help answer all your questions.

While there are about eleven types of life insurance, there are two main types that the remaining nine falls under, or what most people may consider an extension of one of the two main categories. However, we are going to take a closer look at two types of life insurance. Term and whole life are the most common forms.

Term Life Insurance

This type of policy is basic and only paid out when the policy owner dies; it is a death benefit policy. There is no cash value you can borrow against. This type of policy is purchased as a 5, 10, 15, 20, 25, and 30-year policy. The premium price does not change for the duration of the policy. If you want to renew it at the end of the policy, you must have a physical exam. This is difficult because of age and other health factors that come later in life.

Whole Life Insurance

As the name implies, the policy is good for the person’s entire lifetime. The premiums do not change as the person ages, and there is also a cash value option. People who are on a budget like the fact that the premiums do not get higher as they get older.

Life insurance is a complicated topic, and everyone should have a policy of some type. If you do not understand what you are looking at, call Taake Insurance Agency in Columbia, IL, and we will help you figure out which policy is best for you. Contact our office to get started with a quote.

Common Misconceptions about Business Insurance

Misconceptions about business insurance can make it difficult for new business owners to make good insurance choices. At Taake Insurance Agency, we’ll help separate fact from fiction concerning commercial coverage so you can obtain the protection your Columbia, IL business needs. Here are some misconceptions you should be aware of when purchasing your business policy.

Misconception: Small Businesses Don’t Really Need Insurance Protection

If you think your business assets aren’t large enough to warrant commercial coverage, think again. Commercial insurance offers extensive protection for a small business ranging from property insurance to protection for business equipment, inventory, loss of revenue, liability claims and more. If your company is struck by a major disaster, it could affect every aspect of your business, leading to devastating financial loss. By compensating you for disaster damage, commercial coverage can help you recover your losses and move on.  

Misconception: Home Businesses are Protected by Home Insurance

Your homeowner’s insurance is designed to protect your home and personal possessions, not your business. If your home business makes use of business equipment such as computers, fax machines, printer, office furniture, etc., you need commercial property insurance to protect this equipment from harm. If you receive clients in your home, commercial liability will protect you against liability claims that may arise if a client is hurt while visiting your home for business purposes.

Misconception: Personal Auto Insurance Covers Your Personal Vehicle When Used for Business Purposes

Personal auto policies protect you when using your car for personal use. If you have an accident when using your car for business, your insurer may not cover your loss. If you’re going to use your vehicle for business purposes, obtain commercial auto coverage to protect you against accidents on the job.

To learn more about the protection that commercial insurance provides, contact Taake Insurance Agency in Columbia, IL.

How To Make Sure You Have The Right Health Insurance Coverage

When Illinois residents look to obtain the proper health insurance coverage, a number of questions are bound to come up. Time of the essence when these decisions have to be made and that’s why this step by step guide is here to help.

1. Select The Marketplace

If the person in question is not going to receive health insurance from their employer, they must decide on the marketplace that they will be utilizing. Some may decide to use the state’s public marketplace and others will rely on the federal marketplace. Private exchanges and direct purchases are also considered at times like these.

2. Compare Each Plan Side By Side

No two policies are going to be exactly alike. The insured must consider their specific needs when they are in the process of choosing an insurer. The type of insurance that is chosen will go a long way towards determining the remaining steps of the process. While it can be tough for a prospective client to make sense of the alphabet soup that exists out there, this is where the assistance of professionals comes into play.

3. Discuss The Required Benefits With a Professional

Even those who consider themselves to be well versed when it comes to health insurance are not always able to find the policies that offer the benefits they need. That’s what make consultation meetings so crucial. Once you have narrowed down your options, the professionals allow you to learn everything that you need to know. Making an informed decision is as simple as scheduling a consultation and asking all of the necessary questions.

At Taake Insurance Agency in Columbia, IL, we understand the importance a proper health insurance plan. If you have any further questions about the process of selecting the right plan for your needs, be sure to visit our office in Columbia, IL or give us a call as soon as possible.