FAQ’S about life insurance

Life insurance is one of those things people just don’t talk about. This leads to a lack of information being shared. This leaves potential customers with a lot of questions. If you live in or near Memphis, TN, Tackett Insurance Inc. is a local independent insurance agency that has been helping locals with all their insurance needs for more than a hundred years. 

Who should have life insurance?

A simple answer would be everyone but that isn’t completely right. No matter what your age, if you have no dependents, no debt, and have enough money for your final expenses, you don’t need life insurance. 

What is whole life insurance?

Whole life insurance is life insurance that lasts for your whole life. You purchase it and agree to a monthly premium that never changes. You earn dividends on the money in your policy which raises the value of your policy. You can borrow against the value if you should ever need to. 

What is term life insurance?

Term life insurance is a type of life insurance that lasts for a specified term. When the term is over, the policy ends. You can renew, but the premium will increase. What you are paying for is the death benefit, no value accrues. This makes it less expensive which if you need a large amount of life insurance is the most cost-effective. 

How much life insurance do I need?

You need enough life insurance to allow your dependents to maintain their lifestyle in the event you die. How much and for how long is what you need to determine. No two people will need the same amount. Your yearly income multiplied by the number of years they will need your help is the best place to start. 

In Memphis, TN, contact Tackett Insurance Inc. for your life insurance needs. 

What are my insurance options as a Tennesse driver

What are my insurance options as a Tennessee driver?

The government of Tennessee requires drivers to carry minimum coverage of property damage liability and bodily injury liability.  However, that doesn’t mean you stop there as there are other critical additional coverages that you can buy or increase your limits. If you are a driver looking to purchase auto insurance in Memphis, TN, Tackett Insurance Inc can provide you with several options to help you have a good starting point.

You will need collision and comprehensive coverages

Whether you are a skilled driver or an amateur, you will need a comprehensive and collision package to protect you against financial loss in the event of an accident.  Remember, your liability coverage does not cover you nor your vehicle but other motorists who may get injured in accidents that you cause. Collision coverage replaces or repairs your damaged vehicle after a collision with another car, tree, or pole on the roads. Comprehensive coverage compensates you in case your vehicle is stolen, vandalized, or burned.

Bundle your policies for discounts

Most insurance companies offer discounts if you bundle up your insurance policies. If you buy home, auto, and boat insurance from the same insurance provider, you are likely to get a huge bonus that will lower your rates. Ask about discounts before settling on a specific insurance company.

Consider buying uninsured/ underinsured coverage

Just because you are insured doesn’t mean everyone else is. It would be a good idea if you could purchase uninsured and underinsured motorist coverages to protect yourself and your property in case you encounter an accident with such drivers.

Insurance today is no longer complicated like it used to be years back. However, you need to study and understand your policy to avoid confusion and misunderstandings when filing a claim in Memphis, TN.  Don’t forget to seek help from Tackett insurance Inc. when you get stuck. We are always waiting to assist you.

Three problems you can avoid by purchasing commercial insurance now

As a business owner, you need to invest in commercial insurance to protect the financial interests of your company. We sell commercial insurance to business owners in Memphis, TN at Tackett Insurance Inc.

The following are three problems you can avoid when you purchase commercial insurance in Memphis, TN. 

Going out of business because of a costly lawsuit

A lawsuit can devastate a business financially. Fortunately, commercial insurance coverage generally covers the costs of lawsuits. Not only can commercial insurance cover the costs of legal representation, but also the costs of any settlement or penalty you have to pay as the result of a lawsuit. 

Commercial insurance coverage financially saves many companies in some situations. That’s one of the most important reasons why you should invest in a commercial insurance policy as a business owner. 

Being fined for not meeting your legal requirements

There are certain legal requirements you’ll be expected to meet when it comes to insurance coverage for your business. You may be legally required to carry commercial auto coverage and workers compensation insurance, for example.

If you don’t meet these requirements, you could find yourself facing significant penalties. Commercial insurance coverage can protect you from these penalties. 

Failing to qualify for business financing

Commercial insurance coverage can help you qualify for certain types of business financing. Lenders often want to see that you have commercial coverage before offering you a business loan.

This means that commercial insurance can help you acquire capital and grow as a company in many situations. 

Get in touch with us to find the right commercial insurance policy in Memphis, TN today. Visit our website to learn more about us and inquire about our insurance policy options at Tacket Insurance Inc. 

Who needs renters insurance in Memphis?

Anyone that moves to the Memphis, TN area will find that there are a lot of great job options and local amenities. As you are looking to move to this area, it would be a good idea to consider renting your next home. When you are a renter instead of a buyer, you will have more flexibility and can enjoy other benefits as well. Along with signing your lease, you also need to choose a new renters insurance policy. There are several situations when having renters coverage is a good idea. 

When Insurance is a Lease Requirement

One situation when it makes sense to have a renters insurance policy is when it is a lease requirement. Most landlords in this area are going to require that their tenants have a full renters insurance policy as long as the lease is in place. Usually, you will have to show evidence of your renter’s insurance before the start of the lease term. If you do not have it, you could lose your right to get coverage. 

When Looking for Most Coverage Possible

You should also get a renters insurance policy when you want to receive proper protection. Anyone that is going to rent a home will want to have renters insurance at all times. When you get renters insurance it will help to protect your personal assets and will give liability protection. 

Having renters insurance is a good idea for anyone in the Memphis, TN area. As you are looking for a new policy, it would be a good idea for you to call Tackett Insurance Inc. When you do call Tackett Insurance Inc. you can get a lot of support and guidance. The team here will help you choose a great policy for your situation.

No Fault Accident: Do I Involve My Insurance Company?

You’re commuting to work when out of nowhere you’re rear-ended. You’re ok, and so is the other driver, but there’s extensive damage to your vehicle that needs to get repaired. After altering the police to the accident, it’s now time to exchange insurance information. At this point, do you involve your insurance agency? That depends.

According to Tackett Insurance Inc, there are three scenarios that you’ll face when in an accident that’s not your fault: the other driver is insured, underinsured, or uninsured.

If the driver is insured and can cover the amount of damage to your vehicle, there’s no reason to involve your insurance company as you won’t need to file a claim. However, it’s always a good idea to let them know when you’ve been in a no-fault accident because they’re on your side and you never know what issues could come up in the future. Also, your premium will not rise when the other insurance company is covering the costs in Memphis, TN.

If the driver is underinsured or uninsured, you may need to file a claim with your insurance company to pick up the rest of the amount it will take to get your vehicle repaired. This is where your policy kicks in to help you out. As long as you’ve been a good driver and haven’t had a string of accidents, your premium should not go up. Once your claim is exhausted, the rest of the amount, if any, will have to come out of pocket. That’s why it’s always a good idea to have maximum auto coverage, and beyond that, umbrella insurance to cover any future scenario that might happen.

To learn more about purchasing auto insurance or upgrading a current policy, contact the team at Tackett Insurance Inc, serving Memphis, TN. 

How Much Life Insurance Do You Need

Even though you usually wait until you’re older, life insurance is a security tool that everyone should be thinking about. The earlier you have it, the safer you and your family will feel. Independent agents, like the agents at Tackett Insurance Inc which serves the Memphis, TN area, can help you by offering you life insurance options.

How Much Life Insurance Do I Need?

You’ll need enough insurance to cover any debts after you’re gone. Things like mortgage payments, car notes, or personal loans need to be paid. You’ll first start by adding up everything that you own. Determine how much your spouse will be able to contribute to the household by themselves. Then, you’ll need to speak with a representative to make sure you can get enough insurance to cover those expenses. You can get enough life insurance that will either pay everything off or at least pay for your debts for a couple of months or years.

Calculating How Much You Need

When you need to calculate how much you’ll need, one option is to multiply your average yearly income by 10. To take care of your child’s college tuition, add $100,000 per child. Using this method, if you made $50,000 per year and you had 2 children, you would calculate your approximate life insurance need as follows:

Income is $50,000 X 10 = $500,000 + (2 children) $200,000 = $700,000.

Another way to decide how much you need is to calculate your income by the number of years you want to provide for your family.

Income is $50,000 X 3 years = $150,000 + college expenses for each child.

In both situations, don’t forget to add funeral costs and debts you have.

Speak with agents at Tackett Insurance Inc for help with your policy information when in the Memphis, TN area.

Auto Insurance Buying Tips for New Drivers

Auto Insurance Buying Tips for New Drivers

As a new driver, it’s only natural for you to have questions about purchasing auto insurance. Auto insurance is required in Tennessee, making it necessary for you to have coverage. If you’re not sure what kind of coverage to buy, these tips from Tackett Insurance Inc. can help you choose wisely.

Shop Around

The first thing you need to know about auto coverage in Memphis, TN is that it isn’t “one size fits all.” People differ in the protection they need depending on the vehicle they drive, their driving habits, personal lifestyle, and budget. By shopping around, you can learn more about coverage options and costs so you can get a good deal on your policy.

Choose the Right Insurer

Choosing the right insurer is as important as choosing a policy. For quality coverage, good customer service, and help with claims, it’s better to work with a reputable insurer, even if you pay a little more for your policy.

Don’t Compromise Coverage for Price

Coverage is more important than price, especially for new drivers, as you’re at greater risk of an accident due to lack of driving experience. Make sure the policy you choose offers ample coverage to protect you against auto theft, accidents, breakdowns, and other mishaps that can occur on Memphis highways.

Make Sure Your Auto Coverage Fulfills State Requirements  

Tennessee requires that all drivers carry minimum auto liability coverage. Liability insurance covers injuries and property damage to others in accidents you cause. When purchasing your auto insurance, make sure you fulfill state requirements to avoid paying a fee or having your license suspended if you’re caught.

Working with a trustworthy insurance agent can simplify your search for auto insurance. Drivers in Memphis, TN can trust Tackett Insurance Inc. with all their auto insurance needs.

What Does Commercial Insurance Cover?

Your business is not only a huge investment of time, money, and hard work, it is also your livelihood so you will want to ensure it is protected and the best way to do that is through obtaining a commercial insurance policy.

A commercial insurance policy is designed to protect you, your business, and your employees and has several coverage options.

Most Common Coverage of Commercial Insurance

Property Insurance

Commercial insurance will cover your business itself, including the building that you own that houses your business. If you rent the space, it will cover just your business and inventory. This is important in the event your business is damaged by a fire, vandalism, or natural disaster. It will also cover your business and products if your business is broken into and items are stolen or vandalized.

Liability

It is important to have liability insurance that will cover medical expenses if one of your customers or visitors to your business is injured while on your property. This part of your policy will also cover someone who is injured due to an accident or other incident that is caused by a product you sell or by an employee of your business. It will also cover damages caused by an incident, such as something falling while your employees are working and injuring a passerby.

Worker’s Compensation

This part of your policy covers your employees if one or more of them is injured on the job. For example, if you own a tree trimming business and an employee falls from a tree, this part of your policy will cover your employee’s medical bills.

To create the best policy for you and your business and learn more about coverage options, visit the experienced and trusted commercial insurance agents at Tackett Insurance Inc in Memphis, TN.

Tips for making a home insurance claim

Tips for making a home insurance claim

While it is always every homeowner’s wish never to make a home insurance claim, they still happen, and sadly, most of them are rejected. According to GoCompare, one in six household insurance claims are denied every year. That is a good confirmation that many homeowners in Memphis, TN, and other states, don’t know much about their home insurance policies.

So, how do you go about filing a home insurance claim? Tackett Insurance, Inc. will help you with several tips to help get the most in the event of a claim process.

Focus on what is covered and not the price.

If you have never gone through your insurance policy, this is the time to have a serious look at what is written down there. Read between the lines as you focus on what is included. This will help you know what is covered and what is not covered.

Take an inventory of your belongings.

It is imperative to have an inventory of your property, or else how will you prove to your insurance company that a specific item was stolen when you can’t prove that you owned it? Keep receipts, photos, or videos.

For major claims, hire an insurance adjuster.

While insurance companies have their insurance adjusters, it is crucial to hire one if you have a significant claim. Your insurance adjuster will take over the claiming process and ensure the claiming process goes smoothly until you are settled.

Act quickly

In case of an accident like fire, your speed matters a lot. Save what you can save, such as important documents and valuable items. If there are repairs to be done, call your contractor and make sure to notify your insurer. Sometimes your insurance company in Memphis, TN may require to assess the damage themselves; in this case, don’t touch anything.

Remember to be honest and offer complete details when filing your home insurance claim. If you still have more questions, feel free to write to us at Tackett Insurance, Inc., and our experts will get back to you.

Do You Really Need Renter’s Insurance in Tennessee?

You may wonder if you need to have renter’s insurance for your apartment in Tennessee. This is a complicated matter that would best be answered by a professional at an agency such as Tackett Insurance, Inc. in Memphis, TN.

Should I Get Renter’s Insurance?

The simple answer is that you aren’t required by the state to have renter’s insurance. However, it is a commonplace for landlords to ask that you get a policy. This stipulation will be included in the lease agreement if that’s the case.

If the homeowner’s policy your landlord has in place doesn’t cover your belongings, it’s vital to seek out coverage yourself. This way, you won’t have to deal with the added frustration of paying to replace or repair your possessions if they are damaged or stolen. The appropriate amount of coverage will depend on the value of your items, which you should assess with the help of an expert before you go in to sign up for your renter’s insurance.

Know What You’re Getting Into with Your Insurance Policy

It’s a big deal to have insurance, and you want to know that it’s aligned with your specific needs and situation. Though such a policy isn’t required by law in Tennessee, it’s in your best interest at least to look into if it’s right for you. Keep in mind that there will be some tricky terms, so it will be helpful to read up on the most common aspects (like cost value and replacement costs) of a renters insurance policy beforehand.

Ask a qualified expert any questions and talk about your concerns. You can contact Tackett Insurance, Inc.in Memphis, TN to find out about our options for quality renter’s insurance.