Pros and Cons of Life Insurance

The decision to purchase life insurance is a significant one and should not be taken lightly. Those considering purchasing a life insurance policy to protect their family or save for retirement must compare their options. We understand the importance of life insurance for Richardson, TX families, and our agents, Allegiance Insurance Agency, are ready to help you with your decision.

Here are some of the pros and cons of purchasing life insurance: 

Benefits of Life Insurance

Life insurance policies provide a foundation for a financial plan. Though life insurance policies differ, they all offer similar benefits to those who purchase them. Some of those benefits include: 

  • Budget-Friendly: With many life insurance policies and plans to choose from, it is possible to find one to fit within your budget. 
  • Family Protection: The death benefit is the most popular benefit of life insurance. If someone dies, the life insurance policy pays the death benefit to the insured’s beneficiary. 
  • Financial Planning: Life insurance can be used to save for future events, such as medical bills, debt, or funeral expenses. 
  • Peace-of-Mind: Life insurance provides peace of mind that your family can financially survive should you unexpectedly die.
  • Tax Benefits: Life insurance from an employer-sponsored plan is typically tax-free, allowing you to reinvest the cash value with no tax implications. 

Disadvantages of Life Insurance

Though purchasing life insurance has many benefits, you should be aware of the disadvantages before buying your policy. Below are some of those disadvantages: 

  • Costs: Depending upon your age and overall health, insurance policies can get expensive. Whole life insurance is the most costly policy to purchase. 
  • Sales Commission: Some insurance agents look for larger commissions and sell you policies you do not need. 
  • Weak Investment Returns: Though life insurance policies are a safe investment, other investment opportunities are available with a higher return. 

With information about both advantages and disadvantages, you are ready to weigh out your options before purchasing a life insurance policy. Those in Richardson, TX, who still have questions about life insurance policies need to reach out to Allegiance Insurance Agency today to discuss options and benefits. 

Commercial Insurance Add-ons to Consider

From the day you commenced operating your business venture in Richardson, TX you are vulnerable to inherent risks. Ranging from lawsuits, accidents to natural calamities, your business operates in a volatile environment. For this concern, you need outstanding commercial insurance to shield your business when unexpected strikes. Luckily, businesses have a lot of commercial insurance coverages to select from. Here are commercial insurance add-ons to consider for your business, according to Allegiance Insurance Agency.

Workers’ comp insurance

The state of Texas doesn’t advocate for commercial insurance as a legal requirement to operate a business. Nevertheless, its imperative for business owners to consider this form of it’s policy if they have part-time or full-time employees to safeguard them from work-related injuries and general ailments. Workers’ comp insurance cushions your most precious assets(employees) by settling their medical bills, partial loss of income, and funeral expenses, following the occurrence of work-related-injuries or sicknesses.

Liability insurance

The environment that we undertake our business activities is litigious. For this reason, investing in liability insurance is pivotal, since one liability claim, like a lawsuit, can harness devastating financial constraints. Liability coverage safeguards your business venture against bodily injury, advertising injury, and property damage from third parties. When this is done, it suppresses the possibility of using business resources to settle liability claims.

Cyber liability coverage

Internet usage in any business venture accords many benefits, but it’s also susceptible to the increased upsurge in cyber attacks. Cyber insurance safeguards your business, mainly if it’s online-based.This policy assists in mitigating the financial burden related to cyber-related crimes.

Business interruption insurance

If unexpected catastrophic events strike, your business operations are likely to be disrupted. During this specific period, your business will suffer lost income due to the shutdown or scaling down operations. Business interruption insurance compensates a business entity for its lost income during these situations.

Are you a business owner in Richardson, TX searching for outstanding commercial insurance to protect yourself, your employees, and your business? Contact Allegiance Insurance Agency today to buy affordable commercial insurance matching your needs and budget.