How much life insurance do I need to have?

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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?

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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. 

Do You Need Comprehensive Auto Insurance in Illinois

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Comprehensive auto insurance in Illinois is a type of coverage that will pay for almost all things that can happen to your vehicle that aren’t collision related. If you have weather damage, tree damage, theft or fire problems, your comprehensive coverage will protect you financially.

You aren’t required to have comprehensive insurance in Illinois, unless your lender is asking for it. At Taake Insurance Agency, we want Columbia, IL residents to feel secure when they are on the roads.

What is Comprehensive Insurance?

Comprehensive insurance is the kind of insurance that covers things that collision and liability insurance do not cover in auto insurance. If your car is damaged, or you experience damages or losses as a result of something happening to your car, the comprehensive insurance will be the insurance that will cover you. It is always worth it, and the costs to your policy aren’t that severe. 

The most common claims covered by comprehensive insurance are:

• Fire
• Hurricane or tornado damage
• Theft, vandalism, or other crime
• Animal damage
• Civil unrest, such as protests or riots that lead to property damage

What your comprehensive insurance will not cover is property damage caused during a collision, or to another vehicle during a collision. It also will not cover medical costs that result from a collision. This is what your minimum insurance coverages for Illinois will cost.

Get a Quote

When you are looking for auto insurance in Illinois, contact the Taake Insurance Agency. We have been serving Columbia, IL residents for years to ensure they are covered for all of their auto insurance needs. You will never regret getting comprehensive insurance. Call us for a quote today.

Reasons to Review Your Home Insurance

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Home maintenance is an essential process for every homeowner, without which your property would likely deteriorate. Like maintenance, reviewing your home insurance also comes with benefits, helping you get updated coverage to suit your changing needs. Below, Taake Insurance Agency explains reasons to consider reviewing your home coverage for your Columbia, IL property.

Changes in Your Property Value

Properties will often experience changes in value, with the majority appreciating them over the years. If disasters cause property damage to your home, your compensation will be inadequate to cover the increased worth, forcing you to pay the difference as an out-of-pocket cost. Reviewing your insurance allows you to reflect your home’s actual value, helping you get the proper coverage when faced with an emergency.

Increase in Personal Contents

The average homeowner adds various personal belongings to their home collection so often, meaning their contents are likely to increase as time goes by. Whether it is electronics, clothing, or furniture, you need coverage that caters to your new items. This is another reason to consider reviewing your home policy to ensure you account for additional items that may be excluded from your initial coverage.

Changes to Home Usage

Your home insurance will often be based on factors such as usage, with a change to this requiring you to get a policy review. If you currently rent out your house instead of using it as a primary home, your coverage will be different. Ensure that you have your insurance reviewed to cater to such changes to meet your new home usage needs.

To Check for Discounts

Home insurance policies will often come with discounts, with the common reasons for this being making improvements to your property or changes in your provider’s terms. If, for instance, you get updated security features, you may get discounts due to reduced risks. Upgrades to plumbing or conditioning systems could also help you qualify for discounts due to improved home value. To take advantage of this, make it a point to review your policy frequently.

If you need home insurance for your Columbia, IL property, call Taake Insurance Agency today for coverage suited to your needs.

Health insurance terms you need to understand

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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

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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?

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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. 

Auto Insurance Tips For New Drivers in Columbia, IL

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Auto Insurance Tips For New Drivers in Columbia, IL

Getting your license and driving your first car can be an exciting adventure as shopping for it. You may already develop a few plans where your new ride is taking you, but have you thought about insurance? With road safety comes traffic rules and mandatory auto insurance. At Taake Insurance Agency, we help all drivers find policies that fit their budget, style, and preference. We also help make things less complicated and help you make an informed decision. With that said, here are a few insurance tips for new drivers in Columbia, IL.

Shop around

With so many insurance companies in Columbia IL, you are likely to get spoiled for choice. However, it is essential to know what you want and find reasonable prices for the same. Insurance companies have different ways of calculating premiums, therefore don’t just settle on the nearest insurance company around you. Don’t forget that cheap can also be expensive. Most inexpensive policies may have limited coverages, which may not be useful during an accident.

Know your insurance needs

If you don’t know what you want, you are likely to buy a policy that may not provide the protection you need.  For instance, if you have young teenagers driving your car, you may need more liability coverage. It is also a good idea to pack your policy with comprehensive and Collison coverages if you will be using the car often.

Look for discounts

You may already have discovered that buying insurance for the first time is not cheap. Insurance companies check factors like your driving experience, where you live, the model and year of the car, how you intend to use the vehicle, and many other things to calculate and come up with your rate.  Find ways to reduce your rates by looking for discounts and increasing your deductibles.

Looking for an auto insurance policy in Columbia, IL? Taake Insurance Agency is here to help you through the complex insurance journey. Contact us today!

Why should I get home insurance in Illinois?

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Owning a property in the Columbia, IL area continues to be a great long-term investment. As you are shopping for a new property in Illinois, you should also make sure that you get the right insurance for it. There are several different reasons that you should get a new home insurance policy when you are in this area of the state. 

Insurance Protects Assets

A reason that you should get home insurance here is that it can protect your assets. Anyone that is going to buy a property needs to make sure that their valuable asset is properly covered with insurance protection. An insurance policy can give you the protection that you need to repair your home if it is damaged. You can also get additional coverage for your personal assets, which will allow you to replace them if they are stolen or damaged. 

Insurance is Required

You will also need to get home insurance because it will be required for you to have. Most people in Illinois will take out a mortgage to purchase their home. When this occurs, you will need to have proper insurance that complies with your mortgage requirements. Most lenders will have insurance policy requirements that will be discussed in your loan agreement. They may require that you escrow for payments each month as well. 

Columbia, IL residents are often much better off buying a home rather than renting. If you decide that buying is right for you and your situation, you should speak with Taake Insurance Agency to discuss your insurance needs. Picking the right home insurance plan for your situation is very important. When you call Taake Insurance Agency, you can get all of the guidance that is needed to fully understand your options and ensure that your home is properly covered. 

What comes with an auto insurance policy in Illinois?

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In Columbia, IL, owning a car is a necessity to ensure that you are able to get around town. If you are in the market for a new vehicle here, you should also make sure that you are insuring it as well as possible. Auto insurance is often required by an auto loan provider and is a state requirement. When you do get a new auto insurance policy, it will include several different forms of insurance coverage that can make it a great investment for you.

Collision and Comprehensive Coverage

One type of coverage that you will receive will include collision and comprehensive coverage. When you get this type of insurance, it will give protection if your vehicle is stolen or damaged. This ultimately will help to ensure that you can repair or replace your car. Additionally, this type of coverage is normally required if you have an auto loan.

Liability Coverage

You will also receive an appropriate liability insurance policy. A full liability insurance policy will give coverage in the event you are at fault in an accident. If this does occur, your insurance policy can pay for damages that you cause including car repairs and medical bills. To drive your car legally, you will need to have this protection. 

As you are shopping for an auto insurance policy in Columbia, IL, it would be a good idea to get the guidance and support from a professional that you need to choose the right policy. A great resource to help you pick the right policy to meet your needs is the team at Taake Insurance Agency. If you do work with Taake Insurance Agency, you will get to learn more about the benefits of this valuable form of insurance.