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.

Should I get an Illinois auto insurance policy?

For people that are in the Columbia, IL area, having a car is usually a necessity. A vehicle makes it much easier for you to get around town and to and from work. If you are thinking of purchasing a car in Illinois, you do need to consider your auto insurance needs. There are several reasons why you should acquire an auto insurance policy on your vehicle.

Allows for Compliance

The first reason why you should get auto insurance is that it will allow you to comply with all agreements and regulations. The state of Illinois will require that all people have a liability auto insurance policy if they want to drive their car on the state roads. Those that do not have this level of auto insurance could face penalization and loss of their driver’s license. 

Protects Your Assets

While you will want to have auto insurance to comply with the state law in Illinois, it can also be beneficial because it will help to protect your assets. A car is a very big purchase and losing it due to theft, vandalism, or an accident could be very devastating. Fortunately, when you get a full auto insurance policy with comprehensive and collision coverage, you will receive coverage for virtually any situation that would cause a loss. 

There are many reasons why you should research auto insurance for your Columbia, IL vehicle. When you are shopping for a new insurance policy, you should call the team at the Taake Insurance Agency as soon as you can. When you reach out to the team at the Taake Insurance Agency, it can ensure that you have all of the auto insurance you need with reliable service and protection.

My Home is Paid For, Do I Still Need Insurance?

One of the most significant purchases most of us will ever make is the purchase of a home. Paying off a mortgage is an even more significant accomplishment because it says that we’ve paid off the biggest purchase of our lives. However, once we’ve paid off a home mortgage, is it still advantageous to keep homeowners’ insurance? Before you’ve paid off your home, its a requirement for most, if not all, mortgage companies. What are the advantages of maintaining homeowner’s insurance once you own your home?

Your Home Appreciates Over Time, So You Need to Protect It

Unlike a car, your home grows in value over time. This is why homeowner’s insurance is a great idea. If something happened to your home, this insurance would help you to restore it. Without it, most of us wouldn’t have the money out of pocket to rebuild a home or pay for several expensive repairs. This insurance protects your investment by providing funding to restore it if something should happen to it. Taake Insurance Agency of Columbia, IL understands the importance of protecting the investment you’ve made in your home by providing financial protection in the event of some unforeseen incident that affects your home.

Homeowners Insurance Has a Broad Reach

Homeowners insurance not only protects the structure of your home, but it also extends to protect items beyond the structure of your home. It can protect your belongings and other structures on your property. This form of insurance has long arms and is a safeguard for your home, the things within your home, and the surrounding structures on your property. 

Homeowners Insurance Provides Protection for You Too

Homeowners insurance can also cover medical bills, lawsuits, and even the cost to relocate in the event of some incident that makes your home unlivable or where you would be considered liable. This insurance steps in and can protect all these areas as well. 

Once you’ve paid off this considerable investment, homeowners insurance goes on protecting you, your investment, and your property and surrounding structures. This is one of the many reasons why it’s still a smart move to maintain your homeowner’s insurance even after you’ve paid off your mortgage. Taake Insurance Agency of Columbia, IL takes pride in helping families to continue to protect their largest investment. Give us a call.

 

 

 

 

 

 

Should Teen Drivers Have Their Own Insurance Policy?

Since teens have begun to drive, guardians have wondered whether to add them to the existing coverage or give them a policy of their own. There are many points to consider when weighing the options. One of the most critical aspects to consider is the cost of the coverage.

Adding A Teen Driver

Insurance covering a teen driver is a tricky subject. While most policies will allow the addition of a teen driver, some won’t cover them and require them to have an individual policy. When adding a driver, consider how it will affect the policy of the adult carrying the coverage. Learning how it can change the policy options is the first step to determining the answer to that question. The best way to approach the topic is to consult a licensed insurance agent to get all of the details.

Find Out The Details

Because there is so much to consider when adding a teen driver, always consult with a trusted insurance company and ask an agent how it will affect the coverage and the policy. Once all the details are sorted, a well thought out decision can be made about auto insurance coverage. Those who have teen drivers in the Columbia, IL area should speak with an agent from Taake Insurance Agency to get more information to help guide them.

Having coverage for a teen driver is essential because they are a higher risk for claims. Therefore, it is going to affect coverage already in place and may lead the policyholder to create a separate policy for them. Residents in Illinois should call or stop by Taake Insurance Agency in Columbia, IL for more details. 

3 Times to Review Your Homeowner’s Insurance

Life changes can affect your insurance coverage, as well. When your lifestyle fluctuates, it may be time to talk to your insurance agent. Here are life circumstances that should prompt a call to the Taake Insurance Agency in Columbia, IL for a review of your insurance safety net.

  • Marriage or divorce – Combining households means sharing risks. In these situations, a professional review of your homeowner’s policy could mean lower premiums. Your new spouse may also have some concerns that aren’t adequately addressed in your existing plan that an agent can help resolve. Divorcing partners need to update beneficiary information and discuss credit changes related to marital dissolution that might affect their coverages.
  • Significant renovations – Adding rooms, tearing down large structures, underground work, and other home renovations affect more than your property values. They could also affect your insurance-related risks. Take your floor plans to your insurance agent to discuss how changes may affect your insurance. Some types of renovations may violate your agreement or require contractual changes. Schedule your insurance review before the work starts to prevent costly problems.
  • Birth, death, and adoption – Adding new family members via birth or adoption mean updating your beneficiary list. It may also require an adjustment in your homeowner’s insurance coverage. More people means more stuff, so talk to your agent about increasing your coverage amounts or adding an umbrella policy as a back-up. Losing a family member triggers similar changes. If the subscriber passes away, your insurance agent can help you decide how to use payouts to your family’s best advantage.

The experts at Taake Insurance Agency are always happy to help you review your existing coverage. Contact our Columbia, IL area offices for help with your personal and commercial insurance issues.

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. 

Unmarried? Don’t Neglect Life Insurance

As an unmarried person, you may feel life insurance is a luxury you can’t afford. After all, you don’t have a husband/wife or children to provide for, so why invest in life insurance coverage? Contrary to what you may think, life insurance has much to offer individuals. Here’s how you can benefit from a life policy from Taake Insurance Agency in Columbia, IL.

Leaves Your Loved Ones Debt Free 

If you were to suddenly pass away, would your loved ones be liable for debts you leave behind? Consider that student loan your parents co-signed for or business loans you took out with a business partner. Life benefits can help pay off these debts so your loved ones don’t have to assume this financial burden. 

Helps Support Aging Parents

Many young people today are helping to support their aging parents during their retirement. Life benefits can continue to provide this support after you’re gone. You can have peace of mind knowing your parents will be well cared for in the event of your early demise.

Supports a Significant Other

Perhaps you’re in a serious relationship that hasn’t yet led to marriage. You and your significant other may be living together and sharing the cost of running a household. Your unexpected demise could leave your significant other in financial straits due to being unable to pay all the bills alone. Life insurance benefits can provide the financial support your significant other needs to carry on.

Pays Your Funeral Costs

Most singles don’t plan ahead for their funeral, much less budget for funeral costs. If you have a life insurance policy, you can designate that funds be used to cover funeral expenses so your family isn’t burdened with these costs.  

For quality life insurance coverage at affordable costs, contact Taake Insurance agency in Columbia, IL.

Protecting Your Business with Commercial Insurance

Commercial insurance is financial protection for growing and established companies.  Whether it is a new company that is finding its footing or an established, commercial insurance keeps buildings, inventory and staff covered every day.  This allows leadership to focus on the realities of day-to-day business.  Commercial insurance is composed of several policies that cover different aspects of a business.  Policies are a combination of property, liability and workers compensation packages.  In the Columbia, IL area, the agents at Taake Insurance Agency will work with you to develop the insurance package that is best for your company.  

While each policy addresses a different part of the business, they all work in tandem.  Physical structures that the company owns are covered by property insurance.  This also protects equipment and inventory.  Liability coverage addresses several situations.  First, if the company has a storefront, it protects should a customer have an accident.  They will have the right to sue for negligence.  It will also come into use for any cases involving slander, libel or copyright infringement.  Workers compensation covers employees that are injured on the job.  Additional coverage may be added to cover special situations such as auto insurance for a corporate fleet.  

Commercial insurance is not a ‘one size fits all’ solution.  That’s why it’s important to invest a little time with your agent so that they understand your business needs.  Also, as the business grows, the policies will need to be reviewed to ensure that the company is still adequately covered.

The team at Taake Insurance Agency works with businesses throughout the Columbia, IL area.  They will answer any questions you have and get your business the coverage it deserves.  Visit the website for general information then come in to discuss your needs.  Get peace of mind that the business is protected so that you can focus on the bottom line.

Why Auto Insurance Policies Are Based on More Than Your Driving Record

It may seem maddening to have to deal with a never-ending list of questions when you first sign up for your auto insurance. However, rest assured that all your information is not going to waste. Learn more about why your policy is based on more than your driving record, and what you can do if you want to more control over your driving destiny. Keep these tips from Taake Insurance Agency in mind before you start calling around for quotes. 

Responsibility Matters 

Your credit score, your grades in school, your history with the armed forces: none of these things have anything to do with how well you drive. But some insurance companies see these things as a sign of your overall commitment to your responsibility. A person who pays their bills on time may very well be a dangerous driver, but chances are they take the right precautions to save themselves trouble on the road. 

Location Matters 

Where you live is a major factor when it comes to determining a person’s auto insurance rates. If you live in Columbia, IL, you already know that certain streets simply pose more danger than others. Whether it’s crime, congestion, or poorly displayed signage, some areas simply file more insurance claims than others. If you happen to live or work in one of these areas, this could affect your overall rate. 

Taake Insurance Agency is happy to serve the people of Columbia, IL when they’re in need of a reasonable policy. Give us a call today if you’re looking to discuss your policy with someone you can trust. We’re happy to answer your questions, so you can be confident in the level of coverage you choose.