Multiple Life Insurance Policies: Pros and Cons

It is possible to have more than one active life insurance policy. But is it worth it? Here are the pros and cons of having multiple life insurance policies.

Advantages

  • People with higher incomes may need more than one policy to ensure their families are fully covered.
  • Accounts can be designated to go to different beneficiaries, so you can know everyone has what they need. Policies can be used to fund your child’s education, pay off mortgages and loans, or to care for a surviving spouse.
  • Entrepreneurs and other business owners benefit from having a policy to protect their business investments and a separate policy for their dependents.
  • There are different types of life insurance policies, each with its unique advantages. If you live in the Minneapolis, MN area, the insurance pros at Calhoun Risk Management can help you secure your family’s financial future with a carefully planned insurance strategy.
  • Younger people just starting out may not be able to afford all the insurance they need. Multiple policies make it possible to build walls of protection as income increases.

Disadvantages

  • Multiple insurance policies mean multiple premium payments, which can strain monthly finances. If you experience financial troubles, you may not be able to pay all of your premiums.
  • If beneficiaries for each account are not clearly spelled out, having multiple policies can cause competition amongst survivors.
  • Many policy companies have minimum and maximum coverage amounts. You may not be able to buy all the insurance you want from one company.

The right combination of life insurance policies can keep your family, business, and property safe after you’re gone. Contact the insurance pros at Calhoun Risk Management, who proudly serve the insurance needs of residents in the Minneapolis, MN area. They will help you develop an insurance strategy that fits your lifestyle, needs, and budget.

Popular Misconceptions About Commercial Insurance

In the business world, there is no such thing as being "too small" to get sued by any other entity or individual. Small business owners face lawsuits from former employees, contractors, subcontractors and the list goes on. Small business owners also need worker’s compensation insurance that many commercial policies offer.

Small Companies Don’t Need Commercial Policies to Cover Their Assets

A common misconception among some business owners is their assets aren’t worth much, so they don’t need a commercial policy. Although the value of each asset might be low, the value of those assets combined could be enormous. If each asset needs replacing due to a catastrophic event all at once, the financial consequences could be devastating to any business owner without a commercial insurance policy. By having the right commercial property insurance in place, both small and large business owners receive the help they need with the high-cost of replacing lost, stolen or damaged assets.

Commercial Policies Cost Too Much

The right commercial policy pays for itself in the long run, whether it is a small or large business. Commercial insurance isn’t free, and in most cases, it isn’t cheap. However, insuring equipment, property and most importantly employees is a worthy investment. The value of insuring any company in the event of a catastrophe could be the difference between staying in business or facing a permanent shutdown of operations. Additionally, business owners can bundle commercial insurance policies together as a cost-effective approach to maximize savings on premiums.

For the most comprehensive commercial insurance coverage for your business in Minneapolis, MN, Calhoun Risk Management is the one to contact. Let us help you debunk the most common misconceptions regarding commercial insurance policies and how one of our policies will help you protect your most treasured asset, your business.

 

Why Auto Insurance Varies From State to State

If you have just moved to or from Minneapolis, MN, you may notice that insurance is more or less than you were expecting in a different state. This can be confusing, as many people expect to pay around the same amount since their car is still worth the same amount of money. However, auto insurance varies from city to city and state to state. Here are a few of the reasons why.

Minimum Coverage Varies From State to State

One of the biggest reasons why car insurance varies from state to state is because different states have different basic policy limits. If you only buy the minimum amount of insurance needed, you may find that insurance increases or decreases if the states require more or less insurance.

Some States Have Higher Car Theft Rates

Another reason why car insurance rates are higher or lower in certain states is that car theft rates vary from state to state. If one state has a higher incident of car thefts, auto insurance will be higher in this state as the car insurance company has to pay out on these claims more.

Some States Have Higher Accident Rates

The last reason auto insurance rates vary from state to state is that you are more likely to get in a car accident in some states. If you live in an area with a higher accident rate, your insurance will likely be higher to compensate for the higher likelihood of you being in an accident and insurance having to pay out because of it.

If you are looking to purchase auto insurance in the greater Minneapolis, MN area, contact (insert company name) today. They would love to help you figure out how to get an affordable policy that best meets your needs. Give them a call today to get a free quote.

Home Insurance Specialty Policies that You Might Need

Your basic home insurance policy does cover a wide range of things, but for some, this coverage is simply not enough. This is where specialty policies come into play. There are a wide range of specialty policies that you might be in need of that you never even realized. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you discover all the wonderful supplemental policies that there are.

The first and most common specialty policy that you might need is flood insurance. Though water damage from a damaged roof is going to be covered in your basic policy, a flood is not. For those that live near rivers, lakes, the ocean and more that are in immediate vicinity of water that may flood, you should certainly take out flood insurance.

Another special policy you might need is hurricane insurance. This is not going to be beneficial for someone that lives on the planes of Iowa for instance, but someone is living in South Carolina or Florida for instance where hurricanes are common, you will likely need this type of policy. Still, another specialty policy you may need is an earthquake policy. Again, if you do not live near any fault lines or any place where earthquakes are common, you are likely not going to need this type of policy. For those that live in California however, an earthquake policy might be beneficial.

Take the time to talk with your agent about possible policies that are supplemental and not part of your typical home insurance policy. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you determine what policy is right for you and what extra policies you may need.

Home Insurance Specialty Policies that You Might Need

Your basic home insurance policy does cover a wide range of things but for some, this coverage is simply not enough. This is where specialty policies come into play. There are a wide range of specialty policies that you might actually be in need of that you never even realized. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you discover all the wonderful supplemental policies that there are.

The first and most common specialty policy that you might need is flood insurance. Though water damage from a damaged roof is going to be covered in your basic policy, flood is not. For those that live near rivers, lakes, the ocean and more that are in immediate vicinity of water that may flood, you should certainly take out flood insurance.

Another special policy you might need is hurricane insurance. This is not going to be beneficial for someone that lives on the planes of Iowa for instance, but someone living in South Carolina or Florida for instance where hurricanes are common, you will likely need this type of policy. Still, another specialty policy you may need is an earthquake policy. Again, if you do not live near any fault lines or any place where earthquakes are common, you are likely not going to need this type of policy. For those that live in California however, an earthquake policy might be beneficial.

Take the time to talk with your agent about possible policies that are supplemental and not part of your typical home insurance policy. For those that live in the Minneapolis, MN area, the agents with Calhoun Risk Management can help you determine what policy is right for you and what extra policies you may need.

Keeping Minneapolis Safe: How Home Insurance Can Help

When the people of Minneapolis, MN take pride in their neighborhoods, it benefits everyone. Streets that are well kept will command better prices on the market and sends a clear message to would-be criminals that this is not an area where people won’t notice what goes on. So how exactly does home insurance help here exactly? Calhoun Risk Management is a company that understands the dynamics at play here, and wants you to have a sense of how doing your part can mean more for everyone.

Fix It and Forget It 

When you have the best home insurance, you have a means to fix everything that may happen to your property. This means if a thief breaks your window, you’re able to replace it quickly rather than putting some makeshift covering over it. The more people take care of their homes, the more likely it is that they’ll keep them safe for years to come. After all, if you’re unable to repair your foundation, you may risk the house caving in. If you’re unable to remove a dying tree on your property, you may risk it falling into the house. There are some ways that home insurance contributes to your safety, and the more you (and the rest of the people on the street do), the more likely it is you won’t have any major incidents.

Call Calhoun Risk Management Today 

We can help you find the policies that will benefit you. Our agents are friendly, and they can remind you of events and details that you may not have necessarily thought of. We won’t use fear to sell, but rather safety and security. If you live in Minneapolis, MN, give us a call for more information.

Is Home Insurance Legally Required?

The Legality of Homeowner’s Insurance in Minnesota

The law and various categories of insurance often have a complicated relationship. With state and federal laws and regulations to follow, it can seem difficult to assess the condition of insurance laws. Another obstacle to overcome when looking into this is that there is simply so much information to dig through that finding an answer to a specific question can prove challenging.

Homeowner’s insurance is no exception to this rule. In the state of Minnesota, there are certain rules and regulations about life insurance are important to know when you are investigating your homeowner’s insurance policy. One critical point needs to be stated first and foremost, however.

It is not legally necessary to obtain homeowner’s insurance in Minnesota. Neither the state nor the federal government mandates that citizens must obtain home insurance. It is certainly encouraged, but not mandatory. However, homeowner’s insurance is likely a good idea so that your residence and belongings are protected in case of theft, a natural disaster, or a fire. An important fact to know in this vein is that state law forbids insurance companies from insuring a home for more than its replacement value.

For example, if your home’s replacement value is $200,000, then the insurance company cannot insure it for $300,000. This is illegal in Minneapolis, MN. Additionally, there are many more rules and regulations that insurance companies in the aforementioned state have to follow.

Considering all this, you may be wondering how you can make sure you are getting a policy with a reliable insurance company. Well, Calhoun Risk Management is an independent agency that has a lengthy track record of serving its customers well and providing them with policies they can afford. Whether it is homeowner’s or auto insurance, you can rest assured that Calhoun Risk Management will leave you totally satisfied. They have agents serving Minneapolis, MN.

Choosing the Right Commercial Coverages Could Save You Big

For business owners, deciding on the right insurance coverages can seem more like an art than a science. After all, no one ever knows exactly which hazards will result in a claim, how much such claims may be, or when or if they will happen. But despite the uncertainties, considering the fact that insurance coverage is both an expense and a business protection mechanism, choosing business insurance coverages wisely could save your company big.

Below we will take a look at some ways your company can save by choosing the right insurance coverages:

Insure valuables – Every company has valuable property which helps the company function. For example, delivery companies may own vehicles, and companies with offices may own valuable office equipment. By properly covering your company’s property you can save big should any of the property become damaged by a covered event. Depending on the kind of property involved, the savings could reach into the thousands or hundreds of thousands of dollars.

Protect against personal injury claims – Personal injury and wrongful death claims can be some of the most expensive situations a company can face, both to defend against and to settle. Payouts in personal injury and wrongful death cases can easily reach into the millions. By carrying adequate insurance your company can help protect against the potentially devastating consequences of personal injury claims.  

Unnecessary coverage – One of the best reasons to work with a qualified Minneapolis, MN insurance agent a Calhoun Risk Management is to review your current insurance coverage needs and compare these needs with your current coverages. It could be argued that there is no such thing as too much insurance, and in general this may be a reasonable maxim. But every business has its specific hazards and risks and your insurance coverages should correspond with these risks. If you are carrying too much insurance you could save by restructuring your insurance coverages to reflect your company’s true needs.

At Calhoun Risk Management we have extensive experience in helping our commercial insurance clients properly insure their businesses for every likely possibility. Contact us today for more information.

 

Is life insurance important: Why life insurance is not up for debate

When you are living a beautiful life with your family, spouse, friends, and loved ones, it can be difficult to consider preparing for the end of your life or an unforeseen incident that can take you away from them. The truth is, though, is that we can’t predict the future and it is critical that you prepare as much as possible for the success of your family in your absence. Much like car and home insurance that is there for you when a disaster hits and is truly not debatable, life insurance is the safety net your family will need.

Our agents at Calhoun Risk Management understand that life insurance can, at times, feel like an unaffordable luxury that you can’t squeeze into your budget. However, when thinking about life insurance, it is helpful to view it as an absolutely necessary part of life. Currently, your family has you and your earned income to help out with bills, expenses, and the success of their future. From your kids to your spouse to your aging parents that you may help out, your income is important. However, if you were tragically taken from your family and the income was no longer coming in, your family might be thrown into a tailspin that can truly have devastating effects. Life insurance can provide the funds your family needs to continue their lifestyle, planning for the future, and securing their financial well being. 

Here at Calhoun Risk Management, our mission is to help you find the life insurance that will ensure your family’s financial future in the event that you are no longer with them. They will have the peace of mind through their grieving that they will be able to thrive.

How Much Life Insurance Do You Need in Minneapolis, MN?

Trying to figure out exactly how much life insurance can be a tricky matter. Fortunately, there are ways that you can determine a great ballpark figure without stressing too much. It is a task of simply answering some questions about your life and what you will need if you were to pass. Answer these easy questions to get you on the right path.

  • Do you have any debt? If you currently have debt that will need to be paid after you pass, you do not want that debt to fall on another family member. Instead, you will want to make sure you can pay for the debt. One way of doing that is by making sure you have enough in your life insurance policy to cover the remaining balances. The last thing you want to do is leave a family member with a bill they have to pay for you so make sure you calculate all of your debt for your life insurance amount.
  • Have you set aside money for the funeral? Funerals can be very costly, and if you have not yet planned for the funeral to be paid another way, you may want to set aside some of your life insurance funds for it. This is another thing you do not want to financially leave to family members.
  • Are you financially responsible for anyone? If you have a child, spouse, or parent that you financially care for, you likely will want to make sure they are taken care of after you are gone. Make sure you get enough to cover their expenses for as long as they need it. 

If you are interested in getting a quote or still have some questions about life insurance, feel free to contact us at Calhoun Risk Management of Minneapolis, MN today.