Determining How Much Life Insurance You Need

When determining how much life insurance you should get in Richardson, TX, there are a number of financial considerations. You could also just choose to multiply your income by 10 if don’t want to look at other factors. An agent at Allegiance Insurance Agency can help you determine your needs.

Outstanding Debt: If you die with any debt, then your survivors are on the hook for it. This could happen if you have a co-signer on a loan, so you want to leave enough money to allow beneficiaries to continue paying off the obligation. This is especially true if loans are secured with collateral your dependents need to use, such as the home or car.

College: If you have children, consider the cost of college education. Education can help provide a comfortable life for your children, but it’s also one of the biggest expenses.

Dependents: If you have relatives or children who rely on you, then you should increase your life insurance policy to provide for long-term care.

Financial Cushion: Take stock of what you provide for your family. This means any necessities, such as medical expenses and food, as well as discretionary costs. Add up any fixed expenses and monthly bills to make sure that your life insurance policy can help take care of your share of these costs.

End of Life Expenses: Funeral expenses can be costly and many policyholders want to work these final expenses into coverage so families don’t have the financial burden when dealing with the loss of a loved one.

Your Age and Health: The older you get, the less coverage you need, since you will have fewer dependents and debts. Age shouldn’t be a reason you put off getting a policy though. The older you are, the more likely you are to die, and if you are more likely to die, your premiums will be higher.

Contact Allegiance Insurance Agency, serving Richardson, TX, to get a quote on life insurance.

 

What Is The Difference Between Commercial General Liability Insurance And A Business Owner’s Policy

The agents of Allegiance Insurance in Agency Richardson, TX will help you make an informed decision of your coverage options for liability insurance that fits your business plan. The type of liability insurance depends on the risk characteristics of your business or profession.  It is essential that there is a basic knowledge of the types of liability insurance coverage with the purpose of adding new coverage as the business changes and expands.  

General liability insurance covers any expenses related to non-employee injuries incurred on the business’s property, libel and slander caused to a third-party, third-party bodily and property damages, medical expenses, product liability, damage you cause to someone else’s property and the costs of defending against a lawsuit and paying for settlements or judgments.  General liability does not cover professional errors, employee injuries, damage to your business property and employment discrimination lawsuits. The risks not covered by general liability is covered by specific general liability policies such as professional liability (errors and omissions), business interruption insurance, business theft, and worker’s compensation.  These policies must be added to the general liability policy.

However, a Business Owners Policy (BOP) is a bundle of policies that more effectively protect the small business at a lower cost can.   A BOP is a combination of general liability insurance and business property insurance, and business interruption. A  BOP  provides a named-peril coverage, while an open peril or "all risk" coverage can be purchased. Thus a BOP, unlike general commercial liability insurance, the business owner can recover from business property damages caused by others. Crime insurance can be added to a BOP.  However, worker’s compensation and professional liability are typically separate policies.

The agents of Allegiance Insurance Agency in Richardson, TX are prepared to provide you with information on business liability insurance.  Please call!