Benefits of life insurance for a bereaved family

Taake Insurance Agency wants to help you protect your family. If you are a resident in the greater Columbia, IL area, you can count on us. Having the right life insurance policy in place can help your family cope with the stress of an unexpected death. Give us a call today and find out more about the options available in our area.

Benefits of life insurance for a bereaved family

Losing a spouse is always a traumatic event, even if you are lucky enough to enjoy a long life together. It can be even more complicated if the death is unexpected and you have young children.

In any situation, having an appropriate level of life insurance in place can make coping with the situation a bit less stressful. Of course, money cannot ease emotional pain, but grieving can be more manageable when there aren’t any financial concerns.

With a robust policy in place, surviving family members can take care of burial costs and other end-of-life expenses without worrying about filing a claim. Having financial stability can also help maintain some sense of normalcy for small children. 

Knowing that you and your family can remain in your home, even after the death of a spouse, can help the transition period for all family members, not just children.

Now is the perfect time to find out how a life insurance death benefit can help secure your family’s future, no matter what may happen. 

Call today and set up an appointment.

Taake Insurance Agency is here to help with all of your insurance needs. If it’s time for you to start thinking seriously about life insurance, give us a call today. We are proud to serve the Columbia, IL community!

Does My Business Need Cyber Liability Insurance?

With the recent increase in cyber attacks, no business is safe from threats. Contrary to popular opinion, small businesses present an easier target for cybercriminals than large multinational companies because their cyber defenses are often far less robust. Consequently, whether you own a business in Illinois with ten employees or a hundred, you need to protect yourself from the rise in data breaches, phishing attempts, and other cyber incidents with the appropriate insurance. 

There are two main types of cyber liability insurance: first-party coverage and third-party coverage. First-party coverage is for paying costs that directly impact your business. For example, if your network is hacked and sensitive customer information is stolen, first-party cyber liability insurance can be used to cover any of the following:

  • Extortion payments
  • Hiring an outside firm to investigate the data breach
  • Regulatory fines
  • Notification to impacted customers
  • Crisis management and public relations
  • Customer credit and fraud monitoring services

The second type of coverage, third-party cyber insurance, protects you if a client blames you for failing to prevent a data breach or cyberattack at their company. Third-party cyber insurance is predominantly used by IT consultants that may be hired to provide specific technological services to a company. This type of coverage can pay for legal defense costs, settlements with the third party if settled out of court, and judgments that you may be required to pay after a breach. 

At Taake Insurance Agency in Columbia, IL, our professional team of insurance masterminds will help determine if cyber liability insurance is needed for your business. Call us today to schedule a no-obligation consultation to learn more about our insurance offerings.

How do you buy health insurance outside of open enrollment?

You probably know that the US health insurance marketplace holds open enrollment annually. What happens if you miss it though? Perhaps your situation changed and now you need insurance, but your employer-provided it before. Taake Insurance Agency serving Columbia, IL can help you obtain the health insurance policy you need.

You do not need to wait for open enrollment if you qualify for an exception. If your employer fired you or closed their business, that’s an exception. Other exceptions include your spouse’s death or another life-changing occurrence that was out of your control, like a transfer that moves you across the country.

You fill out the form at the marketplace and document your exception. This lets you purchase insurance through the marketplace purchase from Taake Insurance Agency. You will need to provide proof of the exception, such as separation paperwork, documentation of your move to Illinois or Columbia specifically, and show that this negates your use of your current health insurance. Your new employer must provide insurance, but if you have to re-locate without having a job, you can obtain it through us.

You can also purchase a temporary policy if you do not qualify for an exception. To do this, you also visit the marketplace and choose Taake Insurance Agency. This displays the temporary plans we have to offer. You choose one and purchase it. These policies provide coverage while you wait for open enrollment. You must purchase full health insurance once open enrollment occurs.

You can avoid going through the marketplace by contacting Taake Insurance Agency serving Columbia, IL. We can help you obtain the health insurance you need directly.

How much life insurance do I need to have?

When it comes to protecting your family, one of the most important things you can do is to make sure that they will be provided for if you are no longer there to take care of them. Trying to get that right is what it is all about. An independent agent who knows you, your family, and your needs certainly can help. At Taake Insurance Agency in Columbia, IL, we have more than 40 years of experience providing our customers with the highest quality products and services.

How much life insurance you need is something that only you can determine. Not your employer, and not your insurance agent. Only you know the amount of insurance that will allow you to sleep at night knowing that your family and loved ones will be taken care of if something happens to you. 

Determining that amount requires careful consideration and answering some questions honestly. Who depends on your income? Elderly parents, spouse or partner, children or dependents? All of these are potential people who count on you for financial support. 

How long will you need to support this or these dependents? This is an important figure. Think about it in terms of years. How many years of your income will you need to provide? Does it need to be equal to your entire income or is it just supplemental support? Once you have these figures you need to do some math. How many years times how much money. Now you have a figure to consider for the amount of life insurance you need. 

You need to be able to afford life insurance for tomorrow while living today. It can be a fine balance that you must maintain.  

Contact Taake Insurance Agency in Columbia, IL with all your life insurance needs and questions.

What is Commercial Umbrella Insurance?

Businesses have many options to choose from when it comes to insuring their company. Everything from general liability to workers’ compensation helps protect the business owner from anything that may and can happen. However, the different insurance options have limits as to how much is paid out. When there is a large claim, and the policy has paid everything it is supposed to, the Columbia, IL business owner is left responsible for the remaining amount. Where other policies stop paying is where commercial umbrella insurance comes to the rescue. 

Reach out to the experts at Taake Insurance Agency for more details about how commercial umbrella insurance can provide you the added protection your business needs. 

What is Commercial Umbrella Insurance?

Commercial umbrella insurance provides business owners with extra coverage to help pay for costs they are liable for beyond their general liability insurance limits. Anything you would have had to pay out of pocket for liability claims are covered by a commercial umbrella insurance policy. Payouts from an umbrella insurance policy include legal costs, medical bills, damage to someone else’s property, judgments, and settlements. 

How Does Commercial Umbrella Insurance Work?

When general liability insurance limits are met, the commercial umbrella policy extends those limits, providing additional coverage. For example, an employee is in a car accident with a company vehicle, and your company is held liable for the employee’s injuries and the damage to the other car and the injuries for others in the accident. Chances are, the costs are more than the limits on your general insurance policy. Your umbrella insurance policy protects you and your business by paying the amount after the other policies stop paying. 

Columbia, IL business owners should consider purchasing umbrella insurance. Call Taake Insurance Agency today for additional information about commercial umbrella insurance coverage. 

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. 

Network 

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. 

Formulary

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. 

Copay

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

Deductible

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.