The Two Main Types of Life Insurance

For most people, having a life insurance policy can help them leave behind something needed for their family after they are gone. When people depend on you, your income may be indispensable to your loved ones. To make sure there is money left behind, you need a life insurance policy, But which type of policy do you choose? You need to know about the two main types to decide which type is right for your needs and budget. When you want life insurance in Denver, CO, you can call us today at AFI Insurance.

Whole Life Insurance

This type of policy comes with several great benefits. These policies aren’t for everyone, as they can be expensive, but they have significant advantages. A whole life insurance policy is named this because it stays good for the rest of your life. This policy never expires and remains in effect no matter your age. This type of policy also has the advantage of building up a cash value as the years go by. This becomes an amount that the policyholder can borrow if they have a strong financial need. 

Term Life Insurance

Term life works very differently with a set amount of time for which the policy is good. During this term, the policy is good but no longer valid when it ends. Term life does not build up a cash value. However, it is an inexpensive type of insurance that can better fit into many people’s budgets, making it possible for them to have life insurance. 

Get Your Life Insurance Policy

You need a life insurance policy to ensure that your loved ones are taken care of. In Denver, CO, call us at AFI Insurance.

Required Commercial Insurance in Colorado

Colorado is a great place to own a business, and it’s essential to know the types of commercial insurance you need. If you have a Colorado business, there are two types of commercial insurance your company might require. You need to learn what they are and whether each is required for your specific business. In addition to these policies, you should also look into other helpful coverage types. Make sure you know what is available and how it can help you protect your business and finances. Call us at AFI Insurance in Denver, CO to find out more.

Commercial Auto Insurance

Does your Colorado business own a vehicle? If so, you are required to have a commercial auto policy on it. This is true for each vehicle that you own. This policy protects you and your business by paying for the property damage and injuries that can be caused in an accident. The state has different types of coverage required to be in these policies, including bodily injury liability amounts and an amount for property damage liability. You can add to the state’s minimums if you want better protection. You can also add collision insurance which pays for the damages to your company’s vehicle.

Workers’ Compensation Insurance 

Your Colorado business must also have workers’ compensation insurance if it has any number of employees. The state assumes that anyone working for your company is an employee, and they must have a policy in place. This coverage protects you from having to pay the high medical bills due when someone is injured at work. 

Get Commercial Protection

When you have a business to protect, we can help. Just call us at AFI Insurance in Denver, CO.

Three decisions you need to make when you purchase home insurance

As a homeowner, you need to carry home insurance coverage to protect the financial investments that you make in your home. There are numerous decisions that you’ll have to make when you select a home insurance policy. 

At AFI Insurance, we can come to your assistance when you’re on the market for a home insurance policy in Denver, CO. The following are three decisions we can assist you with when choosing a home insurance policy. 

The company you’ll buy home insurance from

You need to evaluate the insurance coverage offerings of your area’s different home insurance providers. You can get quotes from numerous insurance providers to choose a home insurance policy that offers good value and customer service. Be sure to research a home insurance provider that you’ll be happy with over the long term. 

The deductible on your home insurance policy

The deductible amount is one of the most essential details of your policy. A higher deductible amount typically means lower premiums. However, a higher deductible amount may also be more difficult to afford if you have to file a claim.

You need to choose a deductible amount that is low enough to be affordable but won’t result in excessively high monthly premium costs. 

The amount of coverage you’ll carry

Another critical detail of your policy is the coverage maximums. You should carry enough coverage to protect both your assets when it comes to liability coverage and your property value when it comes to property damage coverage. 

Do you have questions about meeting your home insurance needs in Denver, CO? Get in touch with us at AFI Insurance to explore your options and find the right coverage for your unique situation.  

Four common misconceptions to be aware of regarding auto insurance

The auto insurance policy and coverage amount you carry as a motorist can significantly impact your finances. That’s why it’s so important to be informed appropriately.

At AFI Insurance, we know how important it is for motorists to be aware of common misconceptions about auto insurance. The following are four common misconceptions to be mindful of regarding auto insurance. 

Auto insurance premiums always go up after you file a claim.

When you have auto insurance, it’s essential to use it when necessary. Don’t be afraid to file a claim because you think your premiums will go up. Your premiums shouldn’t go significantly up just because you file one claim or get one ticket on your driving record.  

You can use your general auto insurance policy to cover the commercial use of your vehicle.

You may need to invest in commercial auto coverage if you use your vehicle for commercial purposes. General auto insurance does not typically cover vehicles used for commercial purposes.  

Collision coverage pays off your car loan in case of a total loss.

If you have a loan out on your vehicle, you’ll be required to carry collision coverage by your lender. However, that doesn’t necessarily mean that your insurance will ultimately pay off your loan if your vehicle is destroyed in an accident.

Collision coverage will only compensate you for the current market value of your vehicle at the time of your accident. You may need to pay off your loan out of pocket if you owe more on your car than its current market value. 

You only need to meet state minimum requirements with your insurance coverage. 

It’s best to exceed state minimum requirements for coverage to enjoy enough liability coverage to protect you financially. While state minimum coverage is all you are legally required to have, it’s best to be cautious and invest in added coverage. 

Let us help you explore your auto insurance options in Denver, CO at AFI Insurance. We can provide you with helpful information and policy quotes to find the coverage you need. 

What Are The Different Types of Specialty Insurance?

As the name suggests, specialty insurance protects enterprises with unique coverage needs. This includes high-risk feature objects and holdings that aren’t typically covered under regular business insurance policies. Here are the various types of specialty insurance.

  • Flood coverage: Flood damage isn’t covered by most business commercial insurance. If your enterprise is in a flood-prone area, you will need to get flood insurance to protect your business property from flood damage. 
  • Cyber liability insurance: In the current digital business environment, one of the biggest challenges that small businesses face is cyber security. The number of small enterprises that fall victim to cyber security threats like data breaches resulting in millions of dollars in losses is rising. As a small company in Denver, CO, you should consider getting cyber liability insurance. This specialty insurance covers your business’s bank accounts from losses related to cyber-attacks and liability from customers who sue you after data breaches. 
  • Boat insurance: Does your business take advantage of a boat? Let’s say you run a mini-cruise line or boat touring enterprise. Traditional commercial insurance won’t provide you with the adequate coverage you need; you will have to go with boat insurance. 
  • Commercial renters insurance: Suppose you rent your business premises. In this case, we at AFI Insurance suggest you get commercial renters insurance to cover your business property on the premises you rent. 
  • Ocean marine insurance: This is a mandatory specialty insurance for enterprises that operate or own sea vessels dock/offload in American ports. This specialty coverage takes care of claims within the Longshoremen’s and Jones Act. 
  • Identity theft insurance: Business managers are regularly targeted by identity thieves who go on to steal money from their business bank accounts. Identity theft insurance cover’s a company from financial loss due to identity theft.

Do you need specialty insurance in Denver, CO? Contact AFI Insurance for expert insurance assistance.

What Are The Steps Involved In Financial Planning?

Financial planning is critical if you want to improve how you live today and in the future. As a Denver, CO resident seeking to improve their financial situation long-term, getting your financial planning right is critical. Here are the steps you should follow in your financial planning. 

1. Analyze Your Financial Situation

Firstly, you need to assess your current life and financial situation and how you can change them. Start by examining your household budgeting, living expenses, and family commitments, followed by your tax standings, investments, savings, and your other financial obligations. 

2. Figure Out Your Financial Goals

The financial professionals at AFI Insurance say that you are more likely to achieve your financial goals after you have figured out what they are. Take time to differentiate your needs and wants. Prioritize your most important wants. 

3. Identify Alternatives for Investments

Investing is vital to achieving financial success, no matter your current financial state. Assess which investments might favor your current financial situation based on your short-term and long-term goals. You might need a qualified financial advisor to guide you here. 

4. Evaluate Your Investment Alternatives

Making investments is a significant move; go over the investment alternatives you shortlisted with a financial planner’s help. Conduct in-depth research and risk assessment of each opportunity to determine what works for you best. 

5. Finalize Your Financial Plan and Implement It

Once you have reviewed your expenses, needs and wants, savings, and investment preferences, you will have a financial plan. Implement it as best as you can over time rather than going the cold turkey way. This will significantly improve the chances of you sticking to your financial plan. 

6. Review Your Financial Plan as Need

As you implement your financial plan, you will find out some things turn out the way you expected, and others don’t. Ensure you review your financial plan as needed.

Contact AFI Insurance for financial planning assistance in Denver, CO.

What is included with a Denver auto insurance plan?

The Denver, CO area continues to be a fast-growing part of the country. When you move to this area, you will want to own your own car. If you purchase a vehicle, you should ensure that you get the right insurance coverage. Various types of support can be included when you get a full auto insurance plan. 

Liability Coverage

One type of coverage that anyone in Colorado will have in their auto plan is liability coverage. When you have this type of support, it will give you coverage if you have caused an accident that results in damage. Due to this support’s importance, it is necessary to carry a plan with liability coverage if you want to drive your car anywhere in the state. If you do not, you can be penalized. 

Comprehensive and Collision Coverage

While it is not necessarily required by law in Colorado, many car owners in the state will also want to get a collision and comprehensive plan. With this type of insurance, you will have coverage to replace or repair your car if it is damaged or stolen. This can help to protect your vehicle and investment. Those with an auto loan will typically be required to carry a full insurance plan. 

If you want to invest in a car in the Denver, CO area, it will be vital that you get a proper insurance plan for it. A great way that you can ensure that you do select an ideal plan is by calling the team with AFI Insurance. There are a lot of factors to consider with any insurance plan selection, and AFI Insurance will help you select the right plan for your situation. 

What is the value in having a home insurance plan in Denver?

The Denver, CO area real estate market has been robust over the past decade. As you are looking to protect your home in this part of the state, you will want to know that you have the right insurance. There are various reasons why a home insurance plan will come with a lot of value and help cover your property. 

Ensure Residence is Covered

One of the reasons that you will want to have a home insurance plan is to know that your residence is protected. Ensuring that your home is in good condition and a safe place to live is always essential. Getting a home insurance plan will give you the support you need to make repairs or replacements if a fire or bad weather damages your home. Further, it can protect against vandalism and theft. 

Stay in Compliance with Requirements

You should also get a home insurance plan to ensure you can comply with any requirements. Anyone that owns a home and takes out a mortgage will have insurance requirements set by their lender. In many cases, you will also have to escrow your monthly payments as it ensures you remain covered. Also, if you reside in a home association, you will be required to carry coverage to stay in good standing. 

As you are looking to insure your home in the Denver, CO area, you will want to call the team with AFI Insurance. There are a lot of choices to make when looking for insurance, and AFI Insurance will help. This can provide you with the support necessary to build a plan that covers your home and keeps you in good standing with requirements. 

How commercial insurance can save a small business

Owning any size business comes with many risks, but the failure rate for small businesses is very high. Anything that you can do to lower the risk level is good. One thing that every small business should do is have commercial insurance. In Denver, CO, that means talking to AFI Insurance. As independent insurance agents, we work for our customers, not the insurance companies, and we can offer more options and the best rates. 

Commercial property insurance

While no insurance can protect your small business from every danger it faces, commercial property insurance can mean the difference between being able to operate and having to close up shop. You can’t operate if you don’t have a place to operate or the things you need to operate. Commercial property insurance can help you replace or repair the things you need to do business, such as machinery, tools, inventory, raw materials, electronics, and office equipment. 

Commercial liability insurance

Getting sued is one of the biggest dangers that every business faces. By their very nature, small companies are more vulnerable than big businesses. A judgment against your business can force you to close forever. Most small businesses have a small profit margin, and the chance of having the money on hand to pay is pretty small. If you need to sell your company to pay the judgment, that will leave you without a business. 

Business interruption insurance

Most small businesses run on a pretty tight margin. You can pay your bills and salaries, but especially in the early years, having a lot of spare cash isn’t going to happen. If your business is closed because of a covered hazard, you need a way to keep the bills paid while you are waiting for repairs to be made. Business interruption insurance can do that. 

If you live in or near Denver, CO, contact  AFI Insurance for all your commercial insurance needs. 

When should you review your life insurance coverage?

Life insurance does not have the same level of need throughout all the years of your life. When you are young, and when you are old, your needs may be less. AFI Insurance in Denver, CO is your local independent insurance agent, and we offer personalized services to our customers. We will discuss all the things to consider when choosing the type and amount that will keep you safe. 

Life insurance is most affordable when you are young, making it an excellent time to purchase the first policy. You may not feel you need it, but it will be needed later on, and if you buy smartly, you will benefit. 

When you buy a house

A house is the largest purchase you will probably ever make, and if you have a mortgage, you need life insurance to cover your mortgage if something happens to you. 

When you get married 

Protecting your spouse is one of the most unselfish things you can do. It is bad enough losing the one you love, but having financial worries, in addition, is just too much. 

When you have children

Children change your life insurance needs the most. It can be pretty overwhelming when you think about them having to survive without you. Determining how much insurance will be adequate is one of the most challenging tasks. You need to think about how much of their upkeeping you will need to provide and for how many years. 

When you retire

Your financial situation will change when you retire, and your life insurance needs may also diminish. This may be a time to consider what exactly your life insurance needs are at this time in your life. 

Contact AFI Insurance in Denver, CO when it’s time to review your life insurance coverage.