What You Should Know About Financial Planning Insurance

Financial planning often brings on thoughts of the future and a bit of anxiety if we are being honest. Financial planning does not need to be an anxious topic, though. At AFI Insurance, serving Denver, CO we love taking the opportunity to better educate our clients on these important topics. Keep reading to learn about financial planning insurance and how it can help you plan for the future. 

What is Financial Planning Insurance 

Insurance of all types is an important part of your financial plan. However, when people speak about financial planning insurance, they are often talking about whole life insurance policies. A whole life insurance policy is a type of life insurance that can build cash value over time. After the third year, the policy begins to build cash value. At any time, you can take out a loan on the cash value of the policy. Many people like to think of this as a supplement to their other forms of retirement savings. 

The best way to make this method work for you is to establish this policy early in life. This gives the cash value more time to build. Cashing out the money also has certain tax exemptions making it an appealing form of retirement supplement. 

The Role of Insurance in Financial Planning

In addition to using whole life insurance as a supplement to retirement, it is also important to remember that all of your insurance coverages are a vital part of any long term financial plan. Your financial security and the financial security of your family can be greatly affected by an accident or a death. Having sufficient insurance in place will safeguard your financial security so that these events do not leave you financially vulnerable. 

If you would like to learn more about insurance and financial planning, please contact our staff at AFI Insurance serving Denver, CO. 

When Should Someone Get Specialty Insurance?

Most people are aware that they need to have home, auto, and other forms of insurance coverage to provide valuable insurance protection. While having these base policies is very important, there are often other forms of insurance coverage that could be needed to ensure they are appropriately protected. One form of insurance that someone may need is specialty insurance, which broadly covers a variety of forms of insurance that are more unique. Specialty insurance could include coverage for a classic car or recreational vehicle or home insurance that protects against specific risks not covered by the base policies. There are several forms of insurance that someone would need this coverage. 

Protects Assets

One of the main benefits of a specialty insurance policy is that it can protect your valuable asset. Your insurance policy can provide you with coverage to repair or replace your specialty assets. It could also give you coverage to repair your home if it is covered by a specialty policy. 

Liability Protection

Another benefit of getting a specialty insurance policy in Denver, CO is that it can provide you with liability protection. Anyone that takes out an insurance policy will receive liability coverage if they cause an accident while using the asset covered under the specialty insurance policy. This could help to keep you solvent if you cause a serious accident. 

If you would like to get a specialty insurance policy, you should speak with the team at AFI Insurance. Specialty insurance is a very unique form of insurance coverage and having someone to work with that understands it is very important. The team at AFI Insurance will help those all over the Denver, CO area to better understand the benefits that come with this form of insurance. This will ensure that you receive appropriate coverage.

Mistakes To Avoid When Researching Commercial Insurance Policies

AFI Insurance serves the Denver, CO community by offering multiple insurance policies. We have established partnerships with multiple carriers to ensure that our clients find the coverage that they are looking for.

Commercial Insurance

Commercial Insurance allows business owners to protect their investment. You can add different types of coverage to your policy to protect your business’s property, as well as your businesses’ vehicles. You can also add liability coverage so that you are protected regardless of any risks that arise. While researching different commercial insurance policies, be sure to avoid some of these common mistakes.

Failing To Read Over The Entire Policy

Read over the entire policy before you move forward. That way you can ask any questions that you may have and voice your concerns before you agree and sign. Try to avoid scenarios where you are not familiar with the language in the policy and it comes back to haunt you.

Not Thinking About Your Customers And Vendors

Before you agree to a policy, think about the services that you provide to your customers, as well as the vendors who rely on you. Look for a policy that allows you to meet the needs of everyone involved with your business.

Failing To Emphasize Workers’ Compensation

Having a Workers’ Compensation policy is extremely important to the overall health of your business. It ensures that you are committed to the best interests of your employees.

Not Thinking About Potential Losses

At any time, disaster could arise and your business suffers damages. While your business is recovering, you may be at risk of suffering huge losses. That’s why it is important that you add some type of income coverage to your policy.

AFI Insurance Can Help

To receive assistance while researching commercial insurance, stop by our office in Denver, CO. We will help you find the right plan for your business.

What is Life Insurance?

Life insurance is one of those forms of insurance you’ve likely heard of but may not know much about. Even if you have heard of life insurance and know the basics it is a good idea to develop a basic foundation of knowledge regarding what it is and whether it is right for you or not. If you live around greater Denver, CO and have questions regarding life insurance, our staff here at AFI Insurance is here to assist you. 

What Is Life Insurance?

Life insurance is designed to provide for your family or significant others after you are gone. With life insurance, you will select a set amount you want the insurance policy to be. This might be a quarter of a million, a million, somewhere higher or lower. You will then pay a monthly amount into your life insurance policy. This amount will gain interest as it is held by the insurance provider. When you pass on the beneficiary will then collect the life insurance after filing a claim with the insurance provider. 

There are a handful of life insurance policy options. These will vary depending on when someone dies, the overall value, and also if the policy can be cashed in prior to the death of the policyholder. Make sure to ask us all questions you might have. 

Finding The Right Life Insurance Options

If you still have questions or want to know more about life insurance, our staff at AFI Insurance will be happy to help you out. When living in greater Denver, CO we will proudly serve you, address your concerns, and give you all the information you need to decide whether life insurance is right for you and if it is something you should pursue. So, give us a call at your earliest convenience. 

Who Should Consider Financial Planning Insurance?

Planning for the future can be complex and carries risks in some cases. Financial planners and others who work in similar fields are often at risk of having liability claims as a result of their planning actions and advice. Having financial planning insurance is the best way to create a layer of protection.

Financial Planning Insurance

Anyone who advises clients, or has an interest in their investments, should have financial planning insurance in place. This coverage is designed to protect the policyholder from liability claims that are related to client losses that may have happened either directly or indirectly as a result of the financial planner’s advice or actions. Unfortunately, investment is never completely predictable and a volatile market can create heave losses that couldn’t be foreseen by those in the business. This insurance will help prevent personal losses as a result of professional actions. 

Top Quality Coverage Options

Those who are currently interested in purchasing financial planning insurance should work with a reputable, knowledgeable insurance company with agents who have experiences and can offer insight. People who are working in Denver, CO can count on AFI Insurance to provide all of their current professional insurance needs. The agents can work closely with you to assess your risk and then offer ideal coverage options. Additionally, if there is a claim in the future, they can also help submit information and documents to help the process along. 

Those who work in the financial planning industry need reliable insurance that can offer adequate protection from liability. Call or stop by AFI Insurance, serving Denver, CO, to find out more details or for answers to questions regarding insurance coverage. 

Who Is Specialty Insurance for in Denver?

When you already have a variety of insurance policies, such as home, auto, and health, it’s easy to wonder why you would need additional insurance on top of what you already have. If you live in Denver, CO though, it may help to at least understand more about what specialty insurance is and who it’s meant for. AFI Insurance is here to give you the basics so you can decide for yourself. 

A Broad State of Coverage 

Specialty insurance is for a specific event, but that event can be nearly anything you can think of. For example, you may use it to cover your home’s roof because you already know it’s aging and you don’t want to pay your full deductible. Or you may choose to get a specific item covered, such as a diamond ring or a snowmobile. Different carriers will offer different kinds of specialty insurance, you may need to check with your policy writer to find out more about what’s available to you. 

Think About It 

The best thing that you can do to decide whether or not you want specialty insurance is to think about the events that you would specifically like to avoid. Whether it’s a liability lawsuit, the theft of a certain object, or the destruction of your property, this can help you figure out if specialty insurance is worth it for you. 

Taking Action 

Part of protecting yourself in Denver, CO is not necessarily buying all the insurance in the world, but simply knowing when coverage is useful and when it isn’t. If you have any questions about how to keep yourself out of trouble, contact AFI insurance today to see how we can help. 

How commercial insurance can save your business

According to Forbes, Denver, CO is the #4 best place in the country for businesses and careers.  That is great news but anyone who owns a business knows that it comes with a lot of uncertainty and worry. At AFI Insurance we would like to be able to help mitigate some of that uncertainty. We can help you navigate the complicated world of commercial insurance and help create a policy that offers you the protection you need and none that you don’t.  Commercial insurance has different components and you can pick and choose what components fit your business model. 

Business Liability

If people are visiting the location where you are doing business it is always possible that one of them could be injured. Someone could also be injured by some information you gave them or by one of your products. Business liability insurance gives you protection against legal actions that may be taken against you. 

Business Interruption Insurance

If something happens to disrupt your business, you will still have obligations. Just because your business has to close your bills don’t go away. You need to get a salary and pay your normal operating expenses. This type of insurance does have exclusions so be sure to know what they are, but it can be the difference between staying in business and closing your doors. 

Business Property Insurance

If you own the building where your business is located or even if you rent property insurance can save your business. Beyond the building, you have office equipment. supplies, inventory, and machinery. All of these could be damaged by a variety of hazards. 

At AFI Insurance we have been in the insurance business since 1996. We have the experience you are looking for in your insurance professional. We look forward to helping you create a commercial insurance policy that protects you and your business at a price that makes sense. Give us a call or stop by our office for a no-obligation quote. 

What role does insurance play in my retirement financial planning?

When you start making your plans to retire in Denver, CO, you probably think of the most obvious sources of retirement income, such as savings and retirement accounts. Most people don’t realize how important insurance is to any financial planning.

At AFI Insurance, we can help you understand the ways insurance will help you with your own financial plans. While insurance serves a short-term purpose when helping you recover after a fire or other disaster, insurance can also help protect you in the long run to achieve the goals you have set yourself for your retirement.

Life Insurance

This is the kind of insurance most associated with financial planning, in that a sound life insurance policy can help you or your family even if one of you dies. You don’t want to leave your family in need, so it is important to get a policy payable on death. If your family is still young, you might need a sizeable enough policy to pay off a mortgage, put children through college, and pay off any debts you accumulated in your lifetime.

You will also need to consider if you have a special needs child who will need longer care or parents who still have needs. You don’t want to wait until it’s too late to try to provide help for them.

Other Kinds of Insurance

Even though they are not directly involved in financial planning, other kinds of insurance help keep you on track to maintaining your goals. If you crash your car in Denver, CO, you don’t want to have to pay for the damages out of your own pocket. If your home is burglarized, you want to know you’re protected.

If you would like to talk about your future and how insurance can help with your retirement, please call AFI Insurance.

How do I know if I need specialty insurance?

If you are like most people you are probably asking yourself what is specialty insurance?  It sounds exotic or different and in a way it is. In the broadest terms, specialty insurance is coverage for things or events that would not be typically covered by insurance that you already have. At AFI Insurance in Denver, CO we would love to sit down with you to discuss what needs you may have for specialty insurance.

Specialty for insurance purposes is defined as meeting special needs. These special needs can be personal or business. The range of specialty insurance that is available is wide and the price will depend upon the amount of risk that is involved for the insurer. Many companies offer specialty policies but not all of them are created equal and that is where a knowledgeable insurance agent can make all the difference.

Flood -Flood damage to your home and possessions is not covered under your home insurance. You need to have a special policy to cover this particular eventuality.

Cancellation– whether it is the trip you have been dreaming of for years or the most important day of your life when you want to feel protected, specialty insurance can make sure that while you may still be disappointed you won’t be out a ton of money as well.

Power vehicles– if you enjoy the thrill of riding an ATV, powerboat, motorcycle or snowmobile, you need insurance beyond what your auto vehicle offers. This also goes for a jetski, classic car or motorhome.

Now that you have at least a small idea about what specialty insurance is and why you might need it, why not take the time to give us a call at AFI Insurance in Denver, CO or stop by and let us help you to make sure that you have the coverage you need.

Life Insurance and the Stock Market

Certain life insurance policies are designed to pay death benefits to the beneficiaries and to be an investment vehicle for the policyholder. Work with your agent at AFI Insurance, serving Denver, CO and the surrounding area, to get more of the details because there are many options in these products that can be customized for your life goals and financial planning. 

To get an overview, let’s consider a basic explanation of two types of life insurance, which are Universal Life (UL) and Indexed Universal Life (IUL) to understand how these life insurance policies work.

Universal Life

Universal life insurance is available in many types that include fixed-rate models and variable-rate versions. For a UL policy, you make selections of equity accounts for the associated investments. Cash values are allocated to build up a fixed account.

Indexed Universal Life

If a UL policy is tied to the performance of a stock market index, then it is an IUL policy. The stock market index used may be the S&P 500, the NASDAQ 100, or others. No money is directly invested in any equity positions, only the overall index performance is used to calculate the financial performance of the IUL policy. This makes an IUL policy have more risk than a UL policy.

A Comparison of UL and IUL Policies

Both UL and IUL policies have a death benefit. Both have investment characteristics. An IUL policy can offer a cash accumulation that is tax-deferred for use in retirement. These IUL policies are used to insure a business owner as key-person insurance. They are also used for estate planning and have some upside potential if the equity index performs well over time.

Summary

UL and IUL products are very complex financial instruments and have specific uses that are not always good for everyone but can be effective for others. Work carefully with your tax advisor, investment advisor, and your agent at AFI Insurance in Denver, CO to get the information you need for considering these products as part of your long-term financial planning.