Mistakes to Avoid When Getting Life Insurance

Most people understand how important life insurance is, especially for their beneficiaries. However, when shopping for insurance, there are certain mistakes you can make that may end up jeopardizing the financial security of your loved ones. As AFI Insurance of Denver, CO explains, here are some of those mistakes you should avoid.

Taking Too Long to Buy Insurance

When you are buying life insurance, you will have to factor in the coverage you need and the cost. The cost of premiums is calculated based on factors like your overall health and age. Therefore, buying a life insurance policy earlier works in your favor if you want to pay little for your policy. The longer you postpone buying, the more it will cost you eventually.

Buying The Wrong Coverage

You can either buy term or permanent life insurance. However, before you buy, take a look at your situation and the goal you want to achieve. Term life insurance has a timeframe after which the policy expires. It is also cheaper. On the other hand, permanent life insurance lasts you a lifetime, but premiums are a bit expensive. Analyze both and see which will benefit you and your family the most.

Failing to Disclose All The Information

When buying life insurance, you have to give a stranger all your personal information, including your driving record, drug prescription history, and health condition. Hiding any of this information can make the insurance company refuse to give your family a death benefit, claiming you were in breach of the contract.

Naming The Wrong Beneficiary

When naming the beneficiary, it is natural for you to name your children. However, note that minors cannot receive the death benefit directly. Therefore, name the guardian of your choice and save your kids from unnecessary court proceedings.

Here at AFI insurance serving the people of Denver, CO, we can walk you through the process of buying life insurance to prevent you from making these mistakes. Contact us today for assistance as we will help safeguard your and your family’s financial future.

Do You Have Enough Commercial Insurance?

Commercial insurance comes in handy in protecting your business against liabilities, accidents, natural disasters, and other risks. While business insurance is crucial for your business, do you ever ask whether the coverage you have is adequate? 

Unfortunately, many business owners in Denver, CO, and other parts of the country only have the state-required commercial insurance coverages. Whereas this might seem like a well-thought-out savings strategy, it could become catastrophic when certain risks strike. 

Not sure if you have adequate business insurance? AFI Insurance is here to guide you.

General liability insurance

While this coverage isn’t mandatory in Colorado, it’s crucial in protecting your business against liabilities from third parties. But how much of this insurance do you need? The first step is to understand your business. How risky are your products? How safe is your working environment? These questions will guide on the amount of liability coverage needed.

If you find your business at high risk of liability claims, it will help to consider umbrella insurance. This coverage provides extra liability protection when your typical commercial insurance coverage runs out.

Commercial property insurance

How are your business’ assets financed? If they are financed by a lender, find out the minimum insurance requirements as per the loan agreement. 

Additionally, know the value of assets. And here, you could consider the actual cost of the asset or the value it would cost to replace your assets today. If the asset is pivotal for your business, you are better off with the replacement cost. However, premiums based on this value are usually higher than the historical cost.

Commercial auto insurance

Since this coverage is mandatory in Colorado, the first step is to satisfy the state requirements. Colorado requires all commercial vehicles to have commercial auto liability coverage of $25,000 bodily injury per one individual and twice the amount per accident. Besides, you are required to carry property damage liability with a minimum of $15,000.

While these are the required coverages, you must consider higher limits for well-rounded protection.

Get commercial insurance coverage today

Still not sure about how much business insurance you need? Please talk to AFI Insurance of Denver, CO. Better yet, we will help you get affordable coverage.

How to create and store a home inventory

Owning a home is a dream and it can also be a nightmare if you don’t have the right home insurance. You need an independent insurance agent who will take the time to get to know you and your insurance needs. They should also discuss what types of home insurance will protect you best and also what amount. It’s too late to find out when you need to make a claim that you have no inventory or have stored yours in an unsafe place. At AFI Insurance in Denver, CO, we have 25 years of experience helping homeowners get the right coverage. 

When you file a claim with your home insurance company, if you are claiming lost content, you will have to have proof of the content you had before the damage happened. One way to do this is with an inventory. When you do an inventory of your home, you account for all of your personal property. 

One way to do this is to go to each room and write down all the items in the room. That includes furniture, decor, and all the things that are tucked into drawers and closets. You also need to take some pictures of the room to keep with the inventory. If you have sales slips or receipts, these are also important proof of what you had. Write as much detail as you can and include brand names, model numbers, and serial numbers if it makes sense. Do this for every room in your home, including the basement, attic, and garage.

Once your inventory is complete, you need to store it in a safe place. It is better not to store it in the home but make sure it is in a waterproof fire-resistant box or bag. 

Contact AFI Insurance in Denver, CO, when you are ready to review your home insurance and want an experienced independent insurance agent. 

Auto Insurance Add-ons to consider

Auto insurance is vital, but regrettably, you will find motorists in Denver, CO operating their vehicles without car insurance. Most car owners in Denver, CO view car insurance as a recurring annual expense. Nevertheless, when unexpected strikes like an accident, it is time they realize how auto insurance is a fundamental tool and add-ons are. At AFI Insurance, we offer outstanding auto insurance blended with add-ons to ensure that Denver, CO drivers are perfectly safeguarded against imminent perils like theft and fire. Below are add-ons you can consider to enhance your auto insurance policy.

Road assistance coverage

Have you ever been stranded on the road with a punctured tire or failed engine in Denver, CO? It can be stressful. Having road assistance coverage eliminates all worries of feeling helpless. This form of coverage offers services such as battery jumpstart, gas delivery, puncture repairs, and minor roadside repairs whenever your car is unfunctional away from home.

Zero depreciation cover

This kind of add-on ensures car owners in Denver, CO gets the entire claim of the repair or replacement cost without factoring in depreciation. Devoid this crucial protection, you might have to cover the difference between the actual cost of repair and the insured value.

Consumable cover

Most consumables such as oil, nuts, and bolts are not catered to by insurance during claim times. Acquiring this form of add-on can save on all those consumables that will get covered no matter how small they seem to be. It extends cover to expenses emanating from consumables that are unfit for future utilization, resulting from damage after an accident.

Engine protection cover

Your car engine is one of the most vital components. This importance warrants a solidified car insurance for your engine. This coverage is very instrumental if you reside in areas that experience heavy downpours. Engine damage is likely to crop up when you start your car with a wet engine. Standard auto insurance coverage doesn’t protect against engine damage; therefore, engine protection cover salvages you from damage costs for your engine.

Do you need auto insurance in Denver, CO? Don’t look beyond AFI Insurance. Please call or visit our offices in Denver, CO. Our agents will help you customize auto insurance enhanced with add-ons that match your needs and budget.

How Financial Planning Insurance Impacts People With Critical Illnesses

AFI Insurance provides coverage to the Denver, CO community. We work closely with our clients to help them find a policy so that they can protect their assets. We offer flexible policies that evolve with you as life changes. We work with multiple carriers across Colorado. We look forward to helping you cover your most important assets.

How Financial Planning Insurance Impacts People With Critical Illnesses

As you start preparing for retirement, you may start inquiring about financial planning insurance. The policy can help supplement your retirement plan and ensure that you live comfortably as you transition out of the workforce.

One specific type of financial planning insurance is critical illness coverage. The average life expectancy in Denver, CO continues to rise. While people are living longer, they are also at risk of developing a critical illness such as a stroke, heart attack, or being diagnosed with terminal cancer.

If you have been diagnosed with an ailment, critical illness coverage can protect you. The policy covers your extended hospital stay, treatment, and rehabilitation. The policy wants to help alleviate some of the stress that you’re going through so that you can focus on getting better. You can amend your policy to receive transportation to and from your appointments. You are also covered if you need assistance with your children while you receive treatment. You can also use the policy to take a vacation with your loved ones and relax.  If your condition isn’t quite as severe, you can look into other types of financial planning insurance such as disability insurance, which covers you if you are unable to work due to your medical condition.

AFI Insurance Will Help You Protect What Matters Most

Visit our website to learn more information about financial planning insurance.

Types of Specialty Insurance

Specialty insurance is insurance for special circumstances, businesses, or property. Researching specialty insurance in the state of Colorado is not easy. AFI Insurance serves the city of Denver, CO and is here to help you understand the types of specialty insurance available to you.

Specialty Business Insurance – some business operations are unusual or may have extraordinary products, such as cannabis. Additional specially curated insurance for your business will leave you with peace of mind.

Specialty Auto insurance – when considering vehicles in the modern world, there is so much more to offer than the automobile parked in your garage. Sometimes your standard auto insurance isn’t enough. That is where specialty insurance comes in to help to cover the extras.

Special event insurance – events come and go but sometimes you have spent a lot of time and effort, and yes, money on the event, it would be worthwhile getting some extra insurance. That is particularly true in terms of liability.

Specialty medical insurance – medical insurance is complicated. If you or your loved ones suffer from a unique illness, it is worth contacting an insurer like AFI to see if there is a special kind of insurance that will provide cover.

Specialty Disaster Insurance – make sure that in the event of a disaster you have complete coverage. Consult your insurance to make sure you are covered for every eventuality.

Whether it is time to review your policies, or if you are only starting out with getting yourself insurance, speak to AFI insurance serving the city of Denver, CO. Make sure that you are not left out in the rain when faced with special circumstances.

Benefits of Reviewing Home Insurance At Least Once A Year

Times are constantly changing, and homeowners get exposed to different kinds of risks they did not expect. This necessitates the need for one to adjust their policy to accommodate the different needs. While some homeowners may not see the need to review their home insurance after each year, it is a recommended practice. Below, AFI Insurance of Denver, CO takes you through the importance of reviewing your home insurance.

Take Advantage of Discounts

Often, you will find insurance companies offering a discount on home insurance policies for several reasons. Maybe you have upgraded your home security features, or you have decided on bundling your policies. There are many reasons you could be eligible for a discount. With a review, you will be updated on what discounts are available on your current policy, saving you money,

Adjust to Life Changes

Sudden life changes can affect your policy, requiring you to review it. For instance, a change in income, home renovations, or a change in family size may require you to review your policy to suit your current needs. In addition, these changes will require you to update your information and help in filing a proper claim when the need arises.

Allows you to Take Advantage of any Policy Changes

Policy changes will affect your coverage. For instance, an improvement in legal requirements can cause insurers to offer a better policy. By reviewing your insurance every year, you get to know about such upgrades and enjoy them. It is also possible for errors to affect your coverage. That is why you need to review your policy to prevent financial loss.

Reviewing your policies annually does not necessarily mean you have to change them that often. However, it helps you stay aware of current changes. Residents of Denver, CO, looking to update their home insurance coverage can reach out to AFI Insurance today. Our agents will gladly help you choose the right policy to protect your home.

What Auto Insurance Do Denver CO Drivers Need?

When you get into a car accident while driving around Denver, CO, you need to have car insurance, otherwise you could be breaking the law.

In Denver, drivers are required to have liability insurance that will cover bodily injury to another person or property damage to another individual’s property or vehicle. You are required to carry a minimum amount of liability insurance:

For bodily injury or death to one person in an accident: $25,000
For bodily injury or death to all person in one accident: $50,000
For property damage in one accident: $15,000

But, just because liability insurance is the only insurance you are required by law to carry, that doesn’t mean it’s the only insurance you should consider. There are several other options that will further protect you, your passengers and your property. 

For example, it is always a good idea to purchase uninsured/underinsured motorist coverage. This option will ensure that if you are in an accident with a motorist who does not have insurance that you and your car will be covered for any damages.

The next option you will want to consider as a driver is comprehensive and collision coverage. This insurance protects you against other damages to your vehicle outside a crash or accident. This can include damage sustained by bad weather It also protects you should your car be involved in a rollover.

Selecting the right insurance is an important decision for any driver. If you have questions or are interested in learning more about your options, contact AFI Insurance in Denver, CO for more information. Our experienced team of agents can put together the best plan to meet your needs.  

What is specialty insurance?

Here at AFI Insurance, we know that you have hobbies. And we want to protect those passionate activities from risks. Serving the Denver, CO area, we want to help you to find the right specialty insurance policy for you. So you can get back to doing what you love knowing that you and your hobbies are covered.

Specialty insurance covers items or events that are… well, special anyway. These items are rarely covered by common insurance policies. Specialty coverage can vary, depending on what you and your situation require. It can cover accidents or some damages to your power sport vehicles. It can even cover houses with aged roofs.

Perhaps an unknown benefit of specialty insurance is that it can protect you from lawsuits. This is especially beneficial if you own a business or use your home as a business. Specialty insurance can help financially in the event that there is litigation against you or your business for a variety of accusations.

One of the biggest myths about specialty insurance is that it is overly expensive. And that is just plain not true. At AFI Insurance, we want to find the right policy for you and your needs according to your budget too. We know that some things are special to you, and we want to cover those specialties. By speaking with one of our agents, you can explore your options for specialty insurance coverage and find the right fit for you.

To find out more about specialty insurance or to find the right policy for you, please contact us at AFI Insurance, servicing the Denver, CO area. We are happy to answer any questions you may have about specialty insurance, the advantages it can have for you, and explore your coverage options.

Types of Financial Planning Insurance in Colorado

Financial planning insurance is a sound plan when you reach that point in life where you begin to wonder how you will cover the cost of living after you retire. The planning doesn’t necessarily need to cover your retirement plan, but it can function as part of it. You may begin planning financial planning insurance to supplement a future pension for example, or to serve as an income stream in lieu of one.

You may also just want some extra coverage in the event that you lose your job today. There is always private insurance available for every life event.

Life Insurance

There are two kinds of life insurance for financial planning. Term life insurance pays benefits to beneficiaries in the event that you pass away. Whole life or permanent life insurance serves as an asset and can pay dividends to you during your lifetime. 

It can also be borrowed against as an asset if you need funds down the road. There is also a lump sum payment available to beneficiaries after you die.

Critical Illness Coverage

This kind of insurance is exactly what it sounds like. This is an insurance policy that will cover you if you get ill and have to quit work or take some time off. 

There are certain illnesses that this insurance policy will cover you for. If you have a pre-existing condition, you may still be able to get insurance. You will just have to pay a little more for it.

For many critical illness coverages, you get a one-time payment that is tax-free.

Long-Term Care Insurance

Long-term care insurance is a kind of financial planning that will cover long-term care such as nursing homes or in-home care. Long-term care insurance provides coverage and benefits that can support you if you need to move or need care in the home. 

You do not need to be a certain age to claim this. If you have an accident or need long-term care, you can make a claim on your long-term care insurance.

Get a Quote

There’s insurance for everything, but good financial planning begins with insuring yourself in the event of life’s crises. At AFI Insurance, we want Denver, CO residents to feel protected for every life event, today and tomorrow. Call us for a quote for insurance that can give you some financial planning peace of mind.