Can You Withdraw Cash From Your Life Insurance?

A life insurance policy provides financial aid and security to your family after an untimely passing. However, you may wonder: Can I withdraw cash from my life insurance in a dire situation? At AFI Insurance in Denver, CO, we believe clarity on such matters is paramount before purchasing a life insurance policy.

Withdrawing Cash From Your Life Insurance: A Closer Look

Contrary to popular belief, not all life insurance policies offer the possibility of cash withdrawal. The feasibility of extracting cash largely depends on the type of life insurance you have and the specific terms of your contract. While stories of policyholders successfully withdrawing cash might be abundant, a closer examination of these situations usually reveals they have a particular type of coverage — permanent life insurance.

Term life insurance, typically cheaper and more straightforward than other types, gets you covered for a predetermined period or ‘term.’ It’s indeed an excellent solution to ensure protection, but it doesn’t come with added advantages like cash value from which you can borrow or withdraw. They function more like a conventional insurance plan — pay the premiums, and if you pass away during the policy term, the death benefit goes to your beneficiaries.

On the other hand, permanent life insurance policies such as Whole, Universal, and Variable life insurance come with a cash value component. They may allow cash withdrawals or loans against the policy, providing much-needed financial relief in emergencies. But remember, while this feature adds a layer of flexibility, it also adds complexity to the policy and usually comes at a higher cost.

Choosing the Right Life Insurance with AFI Insurance

At AFI Insurance, we are dedicated to ensuring those in the Denver, CO, area find the type of life insurance that best suits their individual needs and circumstances. Whether you’re looking for an affordable, easy-to-understand term life insurance to protect your loved ones or a more complex, permanent policy with flexible features, we ensure you make informed decisions. Don’t hesitate to reach out to us if you need further assistance navigating your life insurance options or getting quote comparisons.

The main questions to ask when shopping for auto insurance

Auto insurance shopping is often a frustrating and challenging experience. It is even more complicated if you have never bought auto insurance before. If you are shopping for car insurance, make sure to ask an insurance agent the following questions: 

What coverage is necessary for me?

Are you choosing an insurance plan? Be aware of different types of insurance. They are collision coverage, comprehensive coverage, uninsured/underinsured motorist, liability, and more. Deciding on which one you need is not easy. Therefore, ask an insurance agent to tell you more about them. 

What is my deductible?

A deductible is one of the key elements of any insurance plan. You should know the deductible that affects your premium. For example, a low deductible means you will pay more for your insurance.

What is not covered by my insurance plan?

Every single insurance plan has limitations. You should be aware of them before getting a plan you like. Usually, this information is included in your contract. However, it would be best if you also asked an insurance agent to explain everything. 

Who should be listed on my insurance policy?

If other people drive your car regularly, make sure to list them as drivers. Your insurance policy might also cover those who drive your vehicle occasionally, including your extended family, friends, and boyfriend/girlfriend. 

When shopping for car insurance, it is normal to ask questions. And when you ask them, make sure to get the detailed answers. If you plan to buy auto insurance in Denver, CO, or any other nearby area in Colorado, AFI Insurance is who you need to contact. We are here to answer all your questions and help you pick the right insurance plan. 

Home Security Trends That May Affect Your Insurance Policy

Choosing to have security devices installed on your property will prevent theft and vandalism. Consider the following security trends. Then, contact an AFI Insurance agent from Denver, CO.

Smart Devices

Smart devices use technology to operate. These devices require little effort to operate. A property owner can program a smart device from the comfort of their home.

Once the devices are installed, a property owner can monitor the operational status of each device. Smart devices can track movement or record footage of what occurs on the property. Security devices like these will protect a home while it is occupied or unoccupied.

Surveillance Equipment

Surveillance equipment will detect movement on the property. Surveillance equipment can also be used to detect what occurs indoors. This type of equipment alerts an end user when movement has been detected. The alert could prevent a crime from occurring.

Automatic Gates

Automatic gates prevent intruders from trespassing. Automatic gates protect valuables from being stolen. They also increase the safety of children and pets. Automatic gates can be installed along level and unlevel parts of outdoor property.

Upgraded Lighting

Solar lighting or LED lighting can increase visibility in areas that are currently hard to see. The increased visibility may ward off intruders. The new lights will also prevent accidents from occurring. Lights should be installed along driveways, walkways, and other areas that will be driven or walked upon.

Reach out to AFI Insurance

Contact an AFI Insurance agent about the security upgrades that you do. An agent serving Denver, CO, will adjust your insurance policy. The adjustments will reflect the upgrades that have been made.

When is it helpful to have a full financial planning insurance plan?

Financial planners are very important for people all over the Denver, CO area. These professionals are tasked with helping individuals meet their personal financial goals through consultation and long-term planning. While financial planners are helpful for individuals, some risks come with being in this industry, some of which can be mitigated with insurance. There are various situations when you will find it helpful to have financial planning insurance.

When Making a Mistake or Oversight

A financial planner is tasked with helping people make sound financial decisions. However, there are situations when a financial planner could make a mistake or provide guidance that leads to a financial setback. In these situations, a financial planner could face some liability risk. However, when you have a full financial planning insurance plan, you can obtain professional liability and errors and omissions insurance. 

When a Victim of a Cyber Attack

When operating as a financial planner, you will hold significant sensitive and personal information for your clients. It is your responsibility to keep this information safe and secure. Unfortunately, there is a chance someone could break in and do a cyber attack. If this occurs, you could face liability claims. A cyber insurance provision in your financial planning insurance policy can mitigate this risk and offer liability support. 

If you are a financial planner and are in the Denver, CO area, it would always be helpful to have financial planning insurance. When you start looking for this coverage, calling our team with AFI Insurance is a great idea. If you call our professionals with AFI Insurance, we can help you assess your needs and support you in building a new plan.

Four Questions to Ask Your Agent About Specialty Insurance

If you need specialty insurance in the Denver, CO area, contacting AFI Insurance is the right choice. We’re here to help you get the best coverage for your needs. Because this type of insurance isn’t for everyone, it’s important to know when you need it and what kinds of questions you should be asking about a policy. Here are four of the most important questions to ask your agent when determining if a specialty policy is right for you.

1. What kinds of things does a specialty policy cover?

Specialty coverage is for items and events that are unique or different and that are typically outside the scope of standard insurance policies.

2. Is this for personal or business use?

Both commercial and residential or personal policies can be issued for this type of insurance, depending on the type of coverage you need.

3. When should I update my policy?

Anytime there’s a change in the things or events you’re protecting, you may need to update your policy through your insurance agent.

4. How do I know I’m getting the right coverage?

You get the right coverage when you work with a trusted agent to ensure that all the special events and items you need to protect are adequately covered.

Getting the best specialty insurance for your needs is easy and convenient when you work with the dedicated agents at AFI Insurance. Contact us today if you’re in the Denver, CO, area and looking for a specialty policy to provide you with additional protection. No matter what items or events you need to cover, we can help you find the right type of specialty coverage to protect what matters most to you.

Why Your Business Needs Worker’s Compensation Insurance

When you’re the pawner of a business, there are a lot of responsibilities that you have. One is to get a suitable type of insurance to protect yourself and your business. One of the essential types of commercial insurance is worker’s compensation insurance. This offers valuable coverage that no business owner should ever be without. To get started with a policy for your business, call us at AFI Insurance in Denver, CO.

Worker’s Compensation Laws

One reason that you need this type of insurance is that the state of Colorado mandates it. Every business with any number of employees, even just one, must have this insurance protection. In Colorado, anyone who does work for the company is considered to be a business employee. This coverage is highly necessary because of the cost of accidents and other incidents at work. If you have an employee who has an accident at work and gets injured or gets an illness related to their work, this insurance will pay for their medical bills and other assorted costs. 

Double Protection

When you have a worker’s compensation insurance policy, it protects both sides. It protects you and your business by taking care of what could be expensive medical bills. It also protects the employee by ensuring that the funds are available to them if they need them after an accident. This means the employee won’t have to sue you to recover the necessary funds for their medical bills. They will instead work with the insurance company to ensure that the bills are taken care of. 

Get Worker’s Compensation Insurance

When you’re in the market for a worker’s comp policy, call us to get started. We’re available at AFI Insurance in Denver, CO to help you get started.

What Are The most Common myths about life insurance?

Today, life insurance is not a luxury – it is a tool that provides peace of mind and security. However, there are still plenty of myths about this type of insurance. In this blog post, we will debunk some of them so you can make more informed decisions when choosing a life insurance plan for yourself and your loved ones. 

Surprising Myths About Life Insurance

Here are the common misconceptions about life insurance you may not know about:

  • Life insurance is only for older people. The truth is that insurance is beneficial for people of any age. However, if you get insurance at an older age, you may have to pay a higher premium. That is why it is more beneficial to purchase life insurance when you are still young. 
  • Life insurance is expensive. This type of insurance is affordable, especially if you choose the right policy type and proper coverage amount. 
  • Single individuals do not need to have life insurance. Even if you are single and do not have any family members who depend on you financially, you can still benefit from life insurance. For example, life insurance can be used to cover your funeral expenses and pay off any debt you have. It is also a wise investment for your future family. 
  • There is no need for stay-at-home parents to have life insurance. Stay-at-home parents provide expensive childcare, household management, cleaning, and cooking services.

 AFI Insurance In Denver, CO – Reliable And Trustworthy Insurance Company

Life insurance is not obligatory, but it is worth having as it offers plenty of benefits. Many people skip life insurance because of myths and a lack of knowledge. If you live in Denver, CO, or any other town in Colorado, contact AFI Insurance, a reliable and trustworthy insurance company. At AFI Insurance, we will provide you with all the necessary information about life insurance and help you choose the right insurance plan. 

Four things consumers need to know about their auto insurance policy

When a good auto insurance policy covers you, hitting the road in your vehicle is most enjoyable. At AFI Insurance, we can offer quality coverage to motorists in Denver, CO.

Consumers need to be accurately informed about the coverage they’re carrying on the roads. The following are four things that consumers should know about their auto insurance policy. 

The coverage types

An auto insurance policy can include many different types of coverage. Every auto insurance policy contains basic liability coverage. Additionally, auto insurance policies can include collision, uninsured motorist, comprehensive, and rental vehicle coverage.

Motorists should know about the different auto insurance coverage types out there to be sure their policy includes the types of coverage they want and need. 

The coverage maximums

Auto insurance policies specify coverage maximums. A policy maximum is the maximum amount the policy will pay out in the event of liability damages. Investing in an adequate amount of liability coverage is essential to avoid financial problems and debt due to an auto accident. 

The policy deductible

The deductible is the amount you’ll have to put toward damage costs after an accident. Motorists should ensure they always have at least the deductible amount available in an emergency fund to pay out of pocket if they get into an accident. 

The process for filing a claim

Knowing about the claims process in advance helps to reduce the stress of being involved in an accident. Most insurance companies offer policyholders the option of filing a claim over the phone or online if they get into an accident.  

At AFI Insurance, we can offer auto insurance coverage that provides peace of mind to motorists in Denver, CO. If you’re looking for an auto insurance policy, call us today for a quote.

Stay Protected With Home Insurance

If you own a home, you likely already know that home insurance is highly recommended for you. No matter which type of house you have and where in Colorado it’s located, it needs to be covered by an insurance policy. Without this insurance for even a day, there is a risk that could leave you with severe financial damage. Many things can happen to a home and what’s inside it, and you need to be covered just in case. Call us at AFI Insurance in Denver, CO to get your home insurance policy.

Home Protection

One of the main functions of home insurance is to protect the actual house. These policies cover homes against a broad range of specific risks that can occur and damage a home. If certain accidents, disasters, etc., should happen to a covered house, the policy can pay for the needed repairs. The policy can even pay for rebuilding a home if it gets destroyed in a covered incident. Don’t be without this coverage. 

Possession Protection

The policy also covers the items inside the covered home. When something damages the house, it may also damage your possessions. This can be highly expensive to take care of. When you have a home insurance policy, it can pay for the damages and get things replaced. Replacing everything would be prohibitively expensive for many homeowners. 

Liability Protection

You’re liable for any accidents that happen on your property. If someone gets injured on your property, your home insurance policy will cover the costs of the accident. This is another important type of coverage that you shouldn’t be without. 

Get Home Insurance 

If you need a home insurance policy, we can help. Call us now at AFI Insurance in Denver, CO.

Do I need specialty insurance for my collection and other valuables?

Whether you own your home or rent, you may need specialty insurance without even realizing it. For most people, specialty insurance covers belongings such as jewelry, artwork, and collectibles that exceed your home or renter’s standard policy limits, which can be quite low. If you live in the Denver, CO area and want to know whether you might benefit from specialty insurance, let our team at AFI Insurance walk you through your options.

Specialty Insurance Options

The typical home or renter’s insurance has limits on the total value of your household belongings and by category, with many limiting the coverage for the theft of jewelry, watches, and furs to $1,500. Many households have engagement rings or other items worth well more than $1,500, so the need for additional coverage is widespread.

Among your options for these valuables are:

  • Higher Policy Limits- This approach increases the standard policy limits. While they are simple to execute, the increased limits often remain below the level needed.
  • Riders or Endorsements- Policyholders can add riders or endorsements to their home policies that insure specific items outside the normal limits. These work well for those with a few valuable items.
  • Specialty Insurance- These distinct policies cover specific items or collections against theft, damage, or loss and require professional appraisals of each item. An added benefit is that a claim on a specialty insurance policy does not affect your home policy, making them the appropriate solution for many with moderately priced valuables.

Working with AFI Insurance

Each client has unique insurance needs. AFI Insurance proudly serves the Denver, CO area, and can help you obtain a specialty insurance policy to protect your valuables. So, call or stop by today to discuss your specialty insurance options.