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. 

Liability Coverage Protects Your Financial Future

One type of insurance could protect you from facing lawsuits in the future. Liability coverage helps you avoid losing your assets due to an injury, major incident, or accident. Of course, liability coverage comes in many different forms. No two insurance policies are exactly the same.

AFI Insurance serves Denver, CO, offering liability coverage in many forms. Here’s how getting insurance is ideal for financial planning purposes.

Liability Coverage Can Protect Your Assets

When you have a lot of assets, you do not want to risk losing them because somebody else was injured or experienced damages. For example, liability insurance could help you avoid being sued if your business helps somebody make financial decisions that ultimately cause them to lose money.

Liability Coverage Is Available for Many Types of Incidents

Often, accidents hurt when they are not at all expected. Liability insurance provides you with the opportunity to cover injuries from a variety of incidents–even those that are not physical. For example, you may have added protection if you give somebody advice that does not pan out for them.

Your Liability Coverage Options Are Flexible

You have so many different liability coverage options. Each option can provide great protection, even if you are dealing with serious allegations or accusations. Of course, liability coverage can also cover physical injuries, protecting assets like cars and houses.

Check Out Your Liability Coverage Options

AFI Insurance helps those living in Denver, CO so they can make the best decisions regarding their financial future. If you want some help with financial planning, a professional can help. Contact an insurance agent to learn more about your options.

What Extra Coverage Options to Consider for RV Specialty Insurance?

Regardless of whether you have purchased an RV for occasional road trips or a full-time residence, insurance is something you need. Because an RV is more than your standard automobile, specialty insurance is often needed. Here at AFI Insurance, we want Denver, CO residents to be familiar with the coverage options available beyond the typical comprehensive, collision, and liability coverage. Specialty insurance offers options that a standard auto insurance policy simply cannot.

Full Replacement Cost Coverage

In the event that your RV is totaled in an accident or stolen, comprehensive coverage through your auto insurance policy will generally pay to replace the RV at a depreciated value. This means that you can only expect to receive the amount that your RV was worth at that exact time. However, if you have RV insurance, you can opt for full replacement cost, which will provide you with compensation for the entire cost of the RV.

Personal Property and Accessories Coverage

RVs are often loaded with a ton of accessories that a typical auto insurance policy will not cover, including camping supplies, cooking appliances, awnings, furniture, satellite dishes, and the like. In the event your property is damaged or stolen, specialty RV insurance will be needed in order to repair or replace it.

Vacation Liability Coverage

When you have your RV parked at a campsite or in an RV park, it is considered a temporary residence. It is a good idea that you have some kind of liability insurance to ensure that any damages are covered in the event of an injury or accident, such as if the kids are outside throwing a baseball back and forth and it goes through a neighbor’s RV’s window.

Full-time RV Coverage

If you plan on utilizing your RV as a permanent and/or primary residence, this is a form of coverage that you will need. It will offer a higher limit of personal liability coverage that is similar to that of a homeowner’s policy. It will also offer medical payments if someone is injured, along with personal property coverage.

Whether you have an RV for temporary or primary use, specialty insurance is necessary. Reach out to us at AFI Insurance to find out more about insuring your Denver, CO recreational vehicle.

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.