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 During this term, the policy is good but no longer valid when it ends.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.

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.

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. 

Financial Planning Services To Meet Your Long-term and Short-term Goals

You may wonder about the secret to success that some people have. It may be as simple as turning to the right experts at the right time. AFI Insurance provides financial planning services for people in and around Denver, CO looking to improve their portfolio and achieve their long and short-term goals.

How Can Financial Planning Services Help Achieve Your Goals?

You are likely busy in your life attaining your assets and enjoying your family or hobbies. You likely already know to call in an expert if your computer crashes or your phone screen is destroyed. So why would you try to manage something as important as your future financial stability and your investments without the help of a qualified professional? 

Financial planning services consider your personal short-term and long-term goals and integrate that into any investments and advice given as we help you build an impressive portfolio. 

Making sound decisions today will directly affect your chances of achieving those lofty goals tomorrow. But your life does not have to be all about the far future. We can help you achieve those short-term financial goals while working your way to the farther horizon of wealth and goal achievement. Let us get to know you so that we can provide personal financial advising services. 

If you are success-minded and in the Denver, CO area, contact us at AFI Insurance. We will be happy to answer any questions you have to start your path to financial success one step at a time. We look forward to getting to know you and helping you achieve your goals, no matter how lofty they may be. 

Frequently Asked Questions About Specialty Insurance

AFI Insurance serves the community of Denver, CO, and the surrounding areas. If you have any questions about insurance coverage, our agents will be glad to answer them. Many people ask about specialty insurance when purchasing their auto, home, or business insurance. Here are some of the most common questions. 

FAQs About Specialty Insurance

  • What is specialty insurance, exactly? Specialty insurance is an add-on that covers special items or circumstances that may not be covered by your regular auto, business, home, or other insurance policy. 
  • In what circumstances would a business need specialty insurance? Depending on the size of your business, you may need small business specialty insurance. It is not uncommon for a business to insure a specific element in their profession that is not typically written in most policies with a specialty add-on.
  • Why should I consider a specialty insurance add-on? If you have products or assets not covered by your insurance policy, specialty insurance may cover them. This may be an asset valued more to you than the appraisal value, an asset that, if lost, will bring down the whole business and many other circumstances. 
  • What are the types of specialty insurance? Marine insurance, flood insurance, identity theft insurance, ocean marine insurance, travel insurance, ATV insurance, and more are types of specialty insurance. 

If you live in or around Denver, CO, contact us at AFI Insurance to learn more about specialty insurance and your coverage to protect specific assets in your unique lifestyle. We are happy to answer any further questions about this type of insurance coverage or other insurance policy information you may seek. 

Required Commercial Insurance in Colorado

When you do business in Colorado, there are certain commercial insurance types that you are required to have. Without these, you can put your business in financial danger both of accidents occurring and of being assessed fines and other penalties by the state. If you need commercial insurance for your business, give us a call at AFI Insurance in Denver, CO.

Workers’ Compensation Insurance Coverage

In Colorado, all businesses must have workers’ compensation insurance. This is necessary to have because it pays for the medical bills and lost wages that employees get when they have an injury at work. This protects your employees by making sure that funds will be available for that purpose if an accident should happen. It also protects your business by protecting it financially in case of an accident. 

Commercial Auto Insurance

In Colorado, it is required for you to carry commercial auto insurance for either a company vehicle or a personal one that is used for work activities. This insurance must have coverage for bodily injury liability as well as property damage liability. There is a required amount for one person who is injured in an accident and another amount required for two or more people injured. This protects your business in case an accident is caused by one of your vehicles. It can also be helpful to get other types of coverage along with the required ones.

Professional Liability Insurance

This type of insurance covers you against errors and omissions that can cause damages. This type of insurance is only required among those in the health profession, but it’s also highly recommended for other professional services businesses such as architects and attorneys. 

Get Your Commercial Insurance Coverage

If you have a business in Colorado, you will need commercial insurance in most cases. To find out more, give us a call now at AFI Insurance in Denver, CO.

How Does Whole Life Insurance Work?

When you are planning for your future, life insurance should be a part of those plans. Getting term life insurance comes with a lot of advantages, making it an extremely popular way to ensure the financial future of your family. If you want term life insurance, or you have questions about it, give us a call now at AFI Insurance in Denver, CO.

Whole Life Insurance

One of the most popular features of whole life insurance is that it’s good for the rest of your life as long as you keep paying the premiums. If you keep paying them as agreed, even the insurance company can’t cancel the policy no matter how old you get. Unlike term life, it doesn’t expire at a specific date. This delivers great peace of mind to those who don’t want to have to find a new insurance policy when they get older. 

Cash Value

A whole life policy also builds up a cash value over time. Some of the amounts of the premiums paid are put into investments, and those investments yield money. Part of those returns is then made available to you as a policyholder in the form of a cash value. That cash value is there for you to borrow against when the need arises. This is another aspect of whole life that can bring you peace of mind. If you were in a financial problem, you can simply borrow against your policy. The amount borrowed is then paid back just like any loan. If the policyholder dies before it is all paid back, the outstanding amount is deducted from the death benefit. 

Get Your Own Whole Life Policy

If you want the peace of mind that this type of policy brings, give us a call at AFI Insurance in Denver, CO to find out more.