The Role Insurance Plays in Your Financial Plan

As we all know, there are many different types of insurances for just about every aspect of our lives. The reason being is that if you become ill, lose your job, have accidents with your property or vehicle, insurance kicks in to save money in what could otherwise be a financially draining situation. This is why when making a financial plan, the role of having insurance should be at the top of the list. The main types of insurance are homeowners, auto, life and health/disability insurance. Things to factor into your financial plan when it comes to insurance are how many people need coverage, ages of those covered, what level of coverage is needed and your financial situation you are currently in. Here are some highlights of the different types of insurance.  Also, you can talk to professionals at AFI Insurance, serving the Denver, CO.

Homeowners Insurance

The purpose of having homeowners insurance is it helps protect what is likely your biggest asset, your home. When a disaster like a fire or a flood hits your home the cost of repairs can be astronomical without insurance. Having a minimum of 75 to 80 percent coverage of the value of your home should be the standard to aim for when purchasing this type of insurance.

Auto Insurance

Being a good driver simply is not enough assurance that an accident will not occur and insurance is a legal requirement in most states. The different types of auto insurance range from simple minimal liability to full coverage. When considering what type you need things such as economic situation and driving habits are factors.

Disability Insurance

Even though disability insurance is not the first type of insurance people may think about when making financial plans, it is no less important than the more common types like homeowners and auto. Unpredictable accidents that may put you out of work can be stressful and very impactful to people’s lives. Having sufficient insurance that covers a large amount of your income can be a wise move in the unfortunate event of an accident.

Having an emergency fund is a component of any good financial plan and insurance is as important, if not more important. If you live in the Denver area, AFI Insurance of Denver, CO can help you with your various insurance needs. Give us a call or stop in to make an appointment with an associate to discuss the different types of insurance plans available.

 

Is it possible to forfeit your commercial insurance plan?

You have taken the responsible step of buying an insurance policy for your business in Denver, CO. Do you know everything that is needed to keep your plan in good standing? An agent at AFI Insurance can help you understand your rights and responsibilities as a commercial insurance policyholder. Read on to learn more about commercial insurance.

What is business insurance, really?

Commercial insurance is essentially a contract between the consumer and the provider. You agree to pay a monthly premium and, in exchange for your business, the provider agrees to pay for damages related to your company.

An indemnity firm does not guarantee coverage of everything that happens to your business, which means that you may find yourself out of luck if your brick and mortar floods while you lack flood assurance. You may also find yourself at risk of losing coverage if you intentionally damage your business property for the sake of filing an indemnity claim. Arson by way of the company’s owner is the most common example of an individual harming the business in hopes of getting a big payout.

Others ways to forfeit coverage

Intentional damage and having limited coverage are not the only two ways to not get the most out of your commercial insurance plan. You lose all manner of protection when you fail to pay the premium in a timely manner.

The possibility of losing coverage and having to pay for everything out of your personal funds is why you should only purchase the commercial insurance policy that you know you can afford. An AFI Insurance agent can help you understand the details of commercial insurance so that you find the policy that works best for your business in Denver, CO. Call them today to get started with a quote!

The Basics of Life Insurance

Buying life insurance in Denver, CO can be very confusing if you do not know where to begin. In fact, this is the case with most people because life insurance can be complex as it is. If you have never purchased it before, or even if you have, you may not know what you need. Understanding the basics, with help from AFI Insurance, will help you tremendously. 

  • There are different types. There are term policies that are only active for a set number of years and there are whole life policies that will last an entire life. Of course, a term policy is much cheaper to purchase than a whole life policy but they both have their pros and cons to consider before purchasing. A term policy is cheaper but you can purchase more as you need it. A whole life policy is a lot more expensive and you would likely need to buy another policy if you needed more coverage. 
  • You can get a policy through your work but it may not be the best option. A lot of employers have started offering life insurance policy options through the workplace. While you should absolutely sign up for it if it does not cost you anything extra, if you have to pay for it, you should take a good look at the policy to see if it is what you need. you should also look to see if it is a portable policy, which means you can take it with you if you leave the company. 

Now that you have a basic understanding of life insurance, you may want to evaluate if it is the right option for you and your family. If you are considering life insurance, be sure to reach out to us here at AFI Insurance, serving Denver, CO, to learn more about your options and to get a free quote. 

3 Benefits of Having a Retirement Plan

Residents living in the Denver, CO area can go to the agents of AFI Insurance for all of their financial planning and insurance needs. Having a retirement plan in place provides you with a variety of benefits. When you are young, it’s sometimes hard to wrap your head around what you may need after you retire. Professionals who specialize in financial planning can help.

Financial Security

A retirement plan will afford you financial security. No one wants to worry about how will they afford to maintain their lifestyle. Financial security comes from careful planning. An effective retirement plan provides you with the means to live a comfortable life, long after you retire. This allows you to do many of the things you wanted to do but could never afford to.

Tax-Free Retirement Income

Investing in an eligible retirement plan that includes an IRA or 401K allows you to save the money in secure amounts. While any monies withdrawn prior to retirement are taxable, monies that are taken out after retirement age are tax exempt. By leaving the money in your retirement accounts, they will continue to accrue interest giving you a substantial amount of money to live off after you retire.

Peace of Mind

The right retirement plan will provide you with peace of mind and a sense of security. Even if you start building your accounts in your 40’s, you can still save quite a bit of money.

At AFI Insurance, the agents specialize in many aspects of financial planning. If you live in the Denver, CO area, schedule an appointment so you can learn which retirement plan is best for you.

 

3 Ways to Save on Specialty Insurance in Denver, CO

Do you own a unique item, such as a collection of stamps or a classic car? Or do you need extra insurance, such a flood insurance or boaters insurance? If so, speciality insurance is the way to go. It complements an existing insurance policy, such as homeowners insurance and even umbrella insurance. Whether you have a boat you need to insure or just extra insurance for a high-income rental property, here are three ways you can save money on purchasing specialty insurance. today.

1. Bundle Your Policies

To start with, consider bundling all of your insurance policies under one insurance company. You can bundle everything together, including your home insurance, auto insurance, commercial insurance, renters insurance and more to save money on your premiums. Insurance companies love to reward loyal customers with this money-saving incentive. 

2. Compare Quotes

Not all insurance policies are equal. For this reason, it is important to compare at least two or more specialty insurance quotes when looking to purchase this type of policy. With the help of an insurance agency, like AFI Insurance, you will be able to analyze the fine detail of each quote and pick the best one for your needs at the price you want.

3. Work with a Reputable Insurance Agency

The agents at AFI Insurance are standing by to help you purchase specialty insurance for your unique items or for added protection for your assets. They serve the Denver, CO area and can answer all your questions and concerns when it comes to this type of insurance. They can be reached today at 866-433-2888.

 

 

 

 

 

Why Is Life Insurance A Good Idea For Retirees?

Most people don’t like to think about life insurance, but if you are planning on retiring soon or are planning for your eventual retirement, then you should consider purchasing life insurance. There are a variety of benefits that life insurance offers that make it common sense retirement planning. 

Life Insurance Protection

Not only does life insurance cover your expenses if you pass unexpectedly to protect your family or loved ones, but if you choose whole life insurance, you may also be able to borrow against your policy, which may prove to be a lifesaver in the event of an emergency after you retire. Consult your life insurance professional to find out how purchasing life insurance can provide extra layers of security for you and your loved ones in the future. 

Working With Expert Agents

If you are planning on purchasing life insurance, you want to make sure you work with an expert who will guide you through the process and outline options that will help you get the peace of mind you need after you retire. If you are planning to settle in the Denver, CO area, you can count on AFI Insurance to give you the guidance and information you need to make an informed decision. Their agents care about your security and will assist you with the purchase and any future claims you loved ones may need to file. 

Residents who live in and around the Denver, CO area can rely on AFI Insurance to give them the tools and information about insurance they need to plan a more secure future. Call or stop by the office today to find out more about your options. 

Commercial Insurance Choices for Rental Shops

Denver, CO rental companies require a large number of commercial insurance policies to protect their business model. Thankfully, at AFI Insurance, we can provide you with many options that help protect your rental business from serious issues.

Unique Challenges for Rental Companies

When you rent out goods, such as vehicles or appliances, you need to ensure a broad array of different things. For example, you need to ensure your personal property – the items that you rent – to make sure that damage caused by your customers can be repaired.

However, you also need to make sure that your policies cover any injuries that could occur to your customers. For example, a malfunctioning vehicle could injure somebody renting a car from you. Therefore, you need to make sure that you create a comprehensive commercial insurance plan.

Types of Policies to Consider

Individuals who run a rental business should consider, at a bare minimum, the following types of high-quality commercial insurance:

  • General Liability – This insurance helps to protect you from claims by your customers and ensures that lawsuits don’t end your business.
  • Workers’ Compensation – These policies pay for injuries caused to your rental team, such as problems triggered by vehicle mechanical failure.
  • Property Insurance – All of your property – including your rental items – need to be insured to avoid serious loss in the case of accidents or disasters.
  • Commercial Auto Insurance – For companies that rent vehicles, commercial auto insurance is a necessity. These policies protect you from total loss if a driver totals a vehicle.

Let Us Help You Find a Policy

High-quality commercial insurance for rental companies in Denver, CO doesn’t have to be a dream that you never achieve. Please contact us at AFI Insurance to learn more about the benefits of these policies and what you can do to ensure you get the best possible rates.

 

 

Benefits of Proper Tire Maintenance

The agents of AFI Insurance are always available to help their customers in Denver, CO stays safe while they are on the roads. In addition to selling auto insurance, they can also offer recommendations about vehicle maintenance. These tips will allow you to get the most out of your car and reduce your risk of an accident, especially during the harsh Colorado winter.

Reduces Your Risk of an Accident

Proper tire care can reduce your risk of being involved in an accident. Maintaining proper tire pressure helps to keep the exact amount of tread on the road. This increases traction and helps to prevent skidding and sliding, especially on wet surfaces or gravel roads. It’s also important to monitor your tires’ tread. If you can insert a penny with Lincoln’s head down into your tread line and there is a gap between his head and your tread, you may want to look into getting new tires. Worn tread reduces traction.

Increases Fuel Efficiency

Properly inflated tires will help your car to get the gas mileage it’s supposed to. Each type of tire requires a specific amount of air pressure. While there is a tire pressure range that is optimal for each tire, letting your pressure get too low will mean uneven wear and tear on your tires. Cooler temperatures will lower the air pressure in your tires, so in order to get an accurate measurement, drive your car for a few tires so they can warm up a little.

Proper care and maintenance of your vehicle are essential if you want it to last. This is especially true of your tires. If you live in the Denver, CO area and would like to have a review performed on your existing policy or if you are simply looking for a new auto policy, call the agents of AFI Insurance today. They will go over your options and find you a policy that gives you the peace of mind you deserve!

What Is a 403(b) Plan and Why Is it Important?

Have you been told you may be eligible for a 403(b) plan? If you had never heard of it before and want more information, you have come to the right place. 

Basics of the 403(b) Plan

The 403(b) plan, also known as the tax-sheltered annuity plan, is a retirement plan that can be put in place only by specific employees of tax-exempt organizations and public schools, as well as certain ministers. Just some of the many types of tax-exempt employees who are eligible include teachers, librarians, nurses, doctors, and administrators of schools.

It can be in the form of either mutual funds or annuities. Features within this plan are comparable to what you would find with a 401(k) plan.

Employees can set up a custodial account if they want to invest in mutual funds. They also can get an annuity contract that they buy from an insurance company. There also is the retirement income account that may be established for church workers.

Benefits to Having a 403(b) Retirement Plan

One of the greatest things about the 403(b) retirement plan is that funds can be vested over a shorter period than is the case with 401(k) plans. Some of them allow for you to vest funds immediately. 

Another benefit is that any returns and earnings on the amounts in your 403_b) are tax-deferred until you withdraw them. This means that it will not factor into what you owe in taxes. When it comes to a Roth 403(b), the returns and earnings only are tax-deferred if withdrawals are considered to be qualified distributions. Employees who are 50 years of age or older typically are able to make catch-up contributions to their plans.

Depending on the employer, employees may have eligibility to receive matching contributions. An example scenario is that an employer may match funds at 50 percent of the employee’s contribution up to a certain percentage of his or her salary. For an employee who makes $75,000 annually and makes a 6 percent contribution throughout that year, the employer’s contribution would be $2,250 over that year.

All in all, the 403(b) retirement plan is an excellent way to boost your retirement goals. If you want more information about the 403(b) plan and if it is right for you, reach out to AFI Insurance today. Serving the greater Denver, CO area, AFI has been instrumental in helping many individuals make sense of navigating the insurance world.

 

 

What Types of Specialty Insurnace Exist?

Insurance is a varied thing, there are coverages for just about anything you could ever imagine. That being said, knowing what types of specialty policy exist and what you might be able to get covered can help you to make sure you have the right policy. For those in the Denver, CO area, the agents with AFI Insurance can help you to find the perfect specialty policy.

Some of the most common specialty policies have to do with items that you own. You can take out policies for firearms, for jewelry, for collections, and more. These policies are going to cover the price of replacement of these items should they become lost, damaged, or stolen. These policies are often taken out against the value of the item and are going to be based on the appraised value of the item. If you have a collection or have items that are more expensive that what might be covered on a typical home policy, you may need to look into a specialty policy.

There are other types of specialty policies. Another type is umbrella insurance, this covers just about anything on top of policies that you already have in place. Still another policy you might not think about it event insurance. This is going to be insurance to help cover the cost if something goes wrong at the event, if something is damaged, or if the event is canceled for any particular reason. It is important that if you have any sort of specialty insurance you might be thinking of taking out, that you take the time to talk with an agent about what policies are available.

For those in the Denver, CO area, the agents with AFI Insurance can help you to find the right policy for your needs.