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Colorado Insurance Blog

Life insurance FAQs

Life insurance is something everyone can benefit from, but most people know little about it. Asking a lot of questions is not unusual and hopefully, this blog will answer some questions you have. If not, at AFI Insurance in Denver, CO we are here to provide the information you may need to help you get the right coverage. 

What types of life insurance are there? 

Life insurance comes in two basic types whole life and term. Whole life insurance lasts your entire life and term life insurance ends at the end of the term you purchased. A few variations of these two basic types exist such as universal life and variable life 

Can I borrow from my life insurance?

With whole life insurance, you have the ability to borrow in some cases as much as 90% of the death benefit. It varies from insurance company to insurance company so you will need to check with your carrier.  With term life, you are strictly paying for the death benefit protection. 

How long does a life insurance policy last?

When you purchase whole life insurance, it stays with you throughout your lifetime. A term policy has a term that can be from 5-30 years and at the end, it terminates. 

Does life insurance have a mandatory waiting period?

Most life insurance policies do have a waiting period. Typically, this is 5-6 weeks while the insurance company does its underwriting to determine your premium. In the interim, you are not covered. 

Am I limited to only one beneficiary on my life insurance policy? 

No, you can have as many primary beneficiaries as you want, and you may be asked to have backup beneficiaries in the event that all the primary beneficiaries pass away before you do. 

Contact AFI Insurance in Denver, CO for all your insurance needs. 

How Much Commercial Insurance Do You Need?

Denver, CO businesses have to contend with numerous risks. Ranging from theft, fire to vandalism, companies are always faced with threats. However, with commercial insurance from AFI insurance, businesses get liability coverage, property protection, cyber protection, and legal suit protection.

Now that you know what business insurance can do for your business, do you know how much commercial insurance you should carry? If not sure, stick on as AFI insurance shares more insights.

How much commercial insurance should you have?

Having the right amount of insurance coverage is vital, but carrying too much insurance can harm your business’s liquidity. As such, you need to strike a balance to reap optimal benefits. Below is a guide to help you not to carry too much or too little business insurance.

What’s the nature of your business? 

If you are in professional consultancy, you may need to consider professional liability coverage to protect you against alleged or actual professional negligence. However, you may not need this coverage if you are in a non-professional industry. 

What’s the value of your business property and business equipment? 

If you are buying commercial property coverage, it should be adequate to cover damages or replacements of your business assets. Other considerations to determine the amount of commercial insurance to carry include:

  • The number of employees 
  • The size of your business
  • Location of your business. Is it in a flood-risk area? 
  • Type of customers
  • Legal requirements for business insurance 

Commercial insurance in Denver, CO

While it’s essential to evaluate the types of insurance plans you should have, it’s equally important to determine the amount of insurance you need to purchase. For Denver, CO business owners, you don’t have to crack your heads establishing the amount of insurance you need. When you partner with AFI insurance, we will take care of all your commercial insurance needs as you concentrate on pressing matters. Contact us today.

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