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 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.

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.

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.

How Financial Planning Insurance Can Help You in Denver, CO

If you live in the city of Denver, CO and are interested in financial planning insurance, you should consider what AFI Insurance has to offer.

Financial planning can be very important. Basically, it is the process of managing your finances properly, so that you can meet your life goals. Life insurance can be very important in a strong financial plan that you can make for yourself. Life insurance becomes more important as you grow older since you will want to be able to take care of your family in the event of your passing.

There are few common areas in which life insurance can be very important in financial planning. Paying off a mortgage is one of them. For the majority of people, this is one of their biggest expenses. You want to make sure that your family is able to afford this once you are gone. Another part of your financial planning is a lump sum of cash that should be used for final expenses. Your family should be able to pay for your funeral, rather than having to dip into emergency savings that may not even be there. Funding for college is also very important if you want to be able to provide for your child’s education whether you are around or not. If you are caring for aging parents or special needs children, this is another major reason why financial planning is important in relation to life insurance. These are just a few of the things that you need to consider during the financial planning process.

If you are interested in learning more about financial planning insurance in Denver, CO, you should feel free to contact the professionals at AFI Insurance. These individuals will be able to answer questions that you may have about this type of insurance and give you advice in terms of the policy that you should be choosing for yourself.

Specialty Insurance Can Protect Unique Situations

If you have a unique situation or item in your life, but you need to make sure you have adequate protection for it, specialty insurance may be just what you’re looking for. This insurance is designed to cover things that most standard policies don’t include, and it can make a big difference in your peace of mind. If you’re in the Denver, CO area and think you might need this type of insurance coverage, AFI Insurance can help. We have a lot of options for you to consider, and our agents are ready to help you find the kind of policy you need to cover your specialty situation or unique item properly.

Some examples of the situations this type of insurance can cover are educational liabilities, public entities, power sports vehicles, race cars, and more. By thinking outside the box, you can discover whether you have anything in your life that might need this type of coverage. While it’s not for everyone, you might be surprised at how many people can use this kind of coverage for something in their life. Even a house with an older roof, that won’t allow for a standard homeowner’s policy, could be eligible for specialty coverage under certain circumstances.

If you’re in the Denver, CO area and think specialty insurance might be right for you, or if you have questions about this type of coverage, reach out to us at AFI Insurance today. We can help you get the information you’re looking for and get all your questions answered. We can also work with you on specific policies so you can find the one that fits your situation. That way you’ll have coverage and peace of mind for all the things that matter most in your life, even if they’re unique or different.