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How Term Life and Whole Life Insurance Policies are Different

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When you need to help protect your loved ones financially after you’re gone, you need a life insurance policy. Two main types of these policies are whole life and term life. Each works very differently and has its own advantages and disadvantages. The one you choose may depend on many factors, such as your needs, age, and budget. When you need to get a policy, call us at Tackett Insurance Inc. in Memphis, TN.

Term Life Policies

A term life policy is one that is set for a certain number of years. The policy has a firm ending date, and it expires after that date. These policies work like any other life insurance policy if the policyholder passes away during the term when it’s in effect. It will pay out a death benefit to the beneficiaries when that happens. However, if the policyholder outlives the policy, they will have to get a new one. A benefit of this type of policy is that it costs less than a whole-life policy. It can be very affordable for many people, allowing them access to life insurance.

Whole Life Policies

Unlike term life, whole life policies never expire. These policies stay good for the rest of your life. Many people appreciate this aspect of whole-life policies and choose this type because of it. These policies also build a cash value that policyholders can someday borrow against. This has contributed to the popularity of this type of policy. However, these policies do cost more than a term life policy.

Get Life Insurance in Tennessee

It’s always a good idea to have this insurance in place just in case. Contact us at Tackett Insurance Inc. in Memphis, TN to get started with your life policy.

Does auto insurance cover a rental car?

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If you ever need a rental car, you might wonder whether your auto insurance will cover the cost. At Tackett Insurance Inc. in Memphis, TN, we are an independent insurance agency committed to serving our customers. We will ensure you have the coverage that best suits your needs.

Whether your auto insurance can cover a rental vehicle depends on the coverage type you have on your personal vehicle. If you possess basic auto insurance, it will only extend liability coverage. Consequently, you’ll need to get insurance through your credit card or the rental company. However, you won’t need to purchase the excess liability insurance on offer.

If you have collision and comprehensive coverage on your personal vehicle, then you will have the same coverage on the rental vehicle. This meets the rental company’s insurance requirement, and purchasing their insurance would provide duplicate coverage.

If your credit card offers rental coverage as a perk, it’s up to you to choose between utilizing it or your personal insurance. Both will offer protection, and your choice depends on whether you find one easier to deal with than the other.

You may be presented with the option to purchase protection for items you’ll be transporting in the rental vehicle, like your luggage or golf clubs. If you have home, condo, or renters insurance, you’re already covered for this, thus eliminating the need for additional insurance.

Allow us to assist you with your auto insurance needs. Our dedicated team at Tackett Insurance Inc. in Memphis, TN will ensure you receive the auto coverage you need. Call us today to discuss your auto insurance requirements.

Commercial Insurance Protects Businesses in Every Industry

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Most people who are not business owners are likely unaware of the daily concerns and potential risks that companies face. However, if you are a business owner, those concerns may even keep you up at night. The bad news is that it doesn’t matter what kind of industry you work in; every type of business faces certain risks. The good news is that commercial insurance is often the solution, regardless of what kind of business you own. That is also why business owners from in and around the greater Memphis, TN, area turn to the friendly and professional team at Tackett Insurance Inc. for all their commercial insurance needs.

Service, Construction, Manufacturing, and More, 

Do you own a business in the service industry, like accounting or therapeutic massage services? How concerned are you about liability and claim issues? Does your company build, remodel, or use heavy equipment in the construction industry? Do you think about potential employee injury or property damage claims? How about asset protection or any of the other potential concerns that come with operating a business?

Fortunately, regardless of what type of business you own or what industry you work in, commercial insurance can help protect your business. The key to getting your company’s protection begins with an experienced and proven agent who can help with your commercial insurance needs.

Commercial Insurance for Memphis, TN Business Owners

If you own a business in or around the Memphis area and have questions or need commercial insurance, we can help. Contact our professional and friendly team of agents at Tackett Insurance Inc. to learn more and for the protection your business needs and deserves today.

When Should I Update My Homeowner’s Policy?

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It’s tempting to think you can forget about your homeowner’s policy once you’ve secured it. However, it’s important to update it in certain circumstances. We offer homeowner’s insurance at Tackett Insurance Inc. in Memphis, TN.

Changes in Home Values

If home values have changed since you procured your policy, it may be necessary to update your coverage. Should home values increase, your dwelling coverage should be adjusted to reflect this.

Changes to Your Home

Should you make improvements or renovations to your home, it is a must to update your policy. This ensures that you have sufficient coverage and allows the insurer to recalculate the value of your home.

This includes adding a new room, updating your kitchen, or replacing your roof.

Additionally, update your policy if you’ve added items that augment your liability risk, such as a pool or a trampoline. You may need to increase your liability coverage in such instances.

Changes to Your Household

An adjustment in your household, such as a new occupant or a recent pet, calls for a policy update. Significant lifetime changes like getting married or divorced also necessitate a policy review.

Increased Security

Many insurers offer discounts for installing security devices. These could be a security system, a locking gate, or a water shut-off mechanism. Besides increasing your home’s security, these devices can reduce the likelihood of an insurance claim, resulting in savings for you and the insurance company in the long run.

Homeowner’s Insurance at Tackett Insurance Inc.

Are you searching for homeowner’s insurance in Memphis, TN? Contact us at Tackett Insurance Inc. Our affable agents will understand your needs and help you select the most appropriate policy.

Know the Pros and Cons of Renters Insurance

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Whether you are planning to rent a home, apartment, or condominium, there are pros and cons to purchasing renter’s insurance. If you’re planning to rent in Memphis, TN, our agents at Tackett Insurance Inc. can answer any questions and guide you through the insurance process, whether you want or need a policy.

Renter’s Insurance Pros

  • While renters are not required to have renter’s insurance in Memphis, coverage protects the renter in several ways.
  • A policy protects renters against theft, fire, vandalism, water, and wind damage. Without insurance, renters will have to pay out of pocket for repairs and replacement of personal items.
  • If someone is injured while visiting your rental property, an insurance policy protects you from situations that can lead to financial harm.
  • Rental insurance prices are competitive and affordable, which allows renters to protect their personal property and provide liability protection.

Renter’s Insurance Cons

  • Even though renter’s insurance is not required, it is up to the person or company that is renting the property to individuals to decide whether to rent to individuals without coverage.
  • Be aware of what your potential landlord requires from their tenants before signing a lease. Once the lease is signed, you are obligated to adhere to these terms and conditions. If you move in without the required insurance, you are considered to be in breach of contract.
  • The landlord has the right to require that you have renter’s insurance before allowing you to move into their rental property. 
  • The same applies if you are moving into an apartment complex vs a rental home. The rental company may require proof of insurance before moving in. 
  • For some renters, the requirement to have insurance may impose a financial burden that does not fit in with their living expenses budget.

Contact Our Agency

If you have questions about renter’s insurance in Memphis, TN, and want answers from the professionals, contact Tackett Insurance Inc. Our supportive team will guide you every step of the way to ensure you have a policy that meets the requirements for renting residential property. 

How Umbrella Insurance Can Protect Your Business

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Catastrophe sometimes quickly hits your Memphis, TN, company in the form of an unexpected lawsuit. Umbrella insurance provides your business with an extra layer of protection from many types of unexpected risks, including lawsuits, liability claims, employee vehicle accidents, and much more. Tackett Insurance Inc. can advise business owners on how much umbrella insurance coverage is appropriate for their company.

A Policy Can Give You Peace of Mind

If you work in a litigation-prone industry, you could easily go bankrupt. A single jury award can wipe you out financially if the amount goes past your limits from other policies like general liability.  New businesses are especially at risk if unsatisfied customers claim inexperience or an accident on your property harmed them. Umbrella policies can also protect you from multiple smaller claims, which can slowly max out your liability limits.

Who Can Benefit the Most?

All companies can benefit from umbrella insurance, especially small ones. However, some industries have inherent risks that make them more vulnerable. Consider getting an umbrella policy for these reasons:

  • Your company manufactures dangerous materials
  • Employees are frequently in dangerous situations
  • Employees frequently drive for business
  • You rent heavy equipment
  • You work on others’ property

Anyone who has commercial property open to the public is also at risk. If someone sustains an injury on your property or an employee acts inappropriately, lawsuits can quickly follow. Some contracts may also require you to carry umbrella insurance. Government contracts usually require you to carry umbrella insurance, but almost any contract can.

Umbrella insurance is also less expensive than most people realize, making it a worthwhile investment. Let Tackett Insurance Inc., serving Memphis, TN, help you find an appropriate umbrella policy to offer your business extra protection. We will gladly customize one that fits your needs.

Your Condo Renovations May Require More Insurance Coverage

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Renovations that are made in your condo may influence your decision to upgrade your insurance policy. Review the renovations below. Then, contact one of our agents at Tackett Insurance Inc. for additional assistance.

Cosmetic Upgrades

Painting, polishing, and patching surfaces within your home are cosmetic upgrades that may improve its overall value and beauty.

If the upgrades will require a considerable investment, you may want to increase the coverage your condo insurance policy provides.

Structural Upgrades

The construction of a new wall or floor will alter the appearance and layout of your condo. Structural upgrades should always be considered when modifying your existing insurance policy.

The cost of materials and labor should be considered when deciding how much coverage to add to your current condo insurance policy.

Functional Upgrades

Functional upgrades include any addition that will change the manner in which you utilize space within your condo. Each functional upgrade should be assessed separately.

If any of the upgrades are at risk of becoming damaged in the future, they should be added to your existing insurance policy.

Loose Possessions

Determine the value of any loose items you plan to add to your living space. Considerably valuable items should be included in your insurance policy. Prepare a list specifying all the loose items you want to add to your condo insurance.

Contact Tackett Insurance Inc.

One of our agents who represents the Memphis, TN, area will help you update your condo insurance policy. They will record information about each material or personal possession that you would like to cover. Reach out to our team about a quote.

End of Life Planning is Difficult – Life Insurance Can Make it Easier

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One of the core goals of insurance is to provide relief at times of dire need, with life insurance effectively demonstrating this aspect. At Tackett Insurance Inc., we understand how end-of-life circumstances can take an emotional, mental, and financial toll on your loved ones in the Memphis, TN area, thus emphasizing the importance of life insurance.

How Life Insurance Can Assist

The experience of losing a beloved one is inevitably painful and challenging. To many, the planning and arrangements that follow may compound the sorrow. The response to grief is highly individual, and whether you see end-of-life planning as a means to express love and respect or struggle to deal with it is wholly personal.

The good news, however, is that the right life insurance policy can significantly ease this journey, regardless of your preferred grieving approach. Life insurance alleviates the financial stress of end-of-life expenses and holistically plans the logistical aspects. This assurance brings peace in an otherwise strenuous phase.

Addressing Your Life Insurance Queries and Requirements

The team at Tackett Insurance Inc. is dedicated to providing comprehensive life insurance solutions in the Memphis, TN, area. Whether you are actively looking for a policy or seeking clarity on your existing plan, our experts are more than ready to help.

Reach out to Tackett Insurance Inc. for reliable life insurance options today.

Three Mistakes Drivers Make When Getting Auto Insurance

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Avoid Common Auto Insurance Setup Mistakes with Tackett Insurance Inc.

Setting up auto insurance is a process involving significant decisions and substantial knowledge. Avoiding common setup mistakes can be crucial to securing the proper coverage. In this blog, we’re going to discuss some common mistakes to look out for briefly.

Securing Adequate Coverage

A frequently seen mistake is not securing enough coverage for your vehicle. State-required coverages might not suffice for your specific needs. Explore additional options like comprehensive and collision coverage to protect your vehicle against potential damage. Determine if something like rental car reimbursement could be helpful in case your car requires extensive repairs and ascertain many more coverage options suitable for your situation.

Opting for the Correct Liability Limits

Another commonly observed mistake is settling for liability limits equal to the state’s minimum requirements. Accidents could easily surpass these limits, leaving you liable for hefty expenditures. An advisable approach would be opting for significantly higher liability limits, providing ample protection should you be held responsible for an accident.

Assessing Annual Mileage Accurately

Underestimating the distance you cover annually can lead to unanticipated issues. Since more mileage increases your chances of being involved in an accident, it affects your insurance premium accordingly. So, it would help if you weren’t underestimating your annual mileage to save a bit on premium costs, as it might lead to complications later. Agents at Tackett Insurance Inc. can provide an average mileage estimate for most drivers and help you make an informed guess.

Ensure these common mistakes do not plague your auto insurance setup. For professional help with the process, contact us at Tackett Insurance Inc. We cater to clients from Memphis, TN, and are ready to serve you.

Do You Need Commercial Insurance for a Home-Based Business?

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Memphis, TN, entrepreneurs who operate businesses from their homes should understand commercial insurance and how it might apply to their businesses. At Tackett Insurance Inc., our knowledgeable agents can provide expert advice on whether your home-based business should be covered by commercial insurance.

Liability Insurance

Liability insurance is a cornerstone of risk management for any business, including those based in a home. It protects against claims arising from your business activities, such as injuries or damages caused to third parties. 

Even though a home business may be small, it takes just one lawsuit to devastate a business financially. That’s why liability coverage is important for virtually every business, regardless of location.

Property Insurance

While homeowners’ insurance covers personal property, it often doesn’t extend to business equipment or inventory. Therefore, home-based business owners in Memphis, TN might need additional property insurance to protect their business assets. This can include computer coverage, specialized equipment, and inventory stored at home. Coverage is also needed when equipment or inventory is taken elsewhere, such as to a worksite or customer location.

Whether you should have commercial property insurance depends on what assets your business has. One of our agents at Tackett Insurance Inc. can help you evaluate whether this coverage should be included in your commercial insurance policy.

Balancing Coverage with Business Needs

The extent of commercial insurance needed by a home-based business can vary. Contact us today, and we’ll ensure you find liability and property coverage (if required) that works for your business.