The Benefits of Whole Life

If you are a “baby boomer” nearing the age of retirement and you bought whole life insurance when you were in your twenties, you are really happy with the decision you made when you were younger. If you are a millennial just starting out, your chance to buy whole life is right now.

The key to understanding long-term value is to realize that you invest in something before you really have a need for it so that as you get older it is ready to help you.

Do I have to die for life insurance to be worth something?

Facing the possibility of one’s death is not pleasant for anyone. Life insurance gets a bad rap because of this. However, the death benefits for life insurance are supposed to help the ones you love who are left behind and that gives you some comfort. Nevertheless, there are many more self-interested reasons to get life insurance.

Beat the Odds – While You Build Cash Value

Imagine you get whole life insurance and you pay the same amount monthly for decades. It is not such a big amount if you start when you are young. The younger you are when you start, the lower the monthly premiums can be.

What happens with whole life insurance is that it builds up value over time. This is called “cash value.” Also, each year life insurance pays a dividend that can be re-invested in the life insurance, thereby increasing the cash value or the dividends can be taken out when paid.

As the cash value increases, you can borrow against it. Usually, these loans are at very low-interest rates, which is really helpful while you are still alive.

After many decades, a person may reach the age when their whole life insurance is “paid up,” which means there are no further premium payments necessary to pay to receive the death benefit.

This is what we mean by beating the odds. That lucky person can either leave the death benefit in place for any heirs to inherit or in some cases can cash out the policy and receive a lump sum payment.

What happens when you beat the odds, depends on the type of life insurance you have, so talk this over with your agent at Allegiance Insurance Agency, serving Richardson, TX and the nearby area.

Call to speak with your agent at Allegiance Insurance Agency in Richardson, TX to get a quote for life insurance or use the super-easy online form to request a quote.

Should I Have Business Interruption Insurance on My Commercial Policy?

Business interruption insurance is available to business owners who have to close their businesses. It’s not typically included in general commercial policy but is instead available as a rider (or add-on to the policy). This form of insurance can be extremely helpful to people in Richardson, TX, but not everyone will need it. Allegiance Insurance Agency wants you to know the specifics before making the decision. 

Covered Events and Shutdowns 

The idea behind business interruption insurance is that if you can’t make money due to a covered event, you’ll still have some degree of income coming in. For example, let’s say you run a retail clothing store in Richardson, TX. You make a certain amount of revenue during the weekdays, but the vast majority of your profits are earned on the weekends.

If your store sustains water damage and needs to be closed for two weeks due to repairs, you’ll miss out on a whole half month’s worth of sales. You’ll also be handling the specifics of the repair process, and likely too busy to think about much else. Business interruption insurance will take into account your weekly numbers before providing you with funds to cover your loss of income. 

A Policy for You 

If you own a company where you can work from a different location if your regular one undergoes damage, you likely won’t need to purchase business interruption insurance. However, you may still need to consider the time and effort needed to restore your location. If you want to learn more about who can benefit from this form of insurance, call Allegiance Insurance Agency today. We can help you consider what it will really mean to handle your responsibilities and maintain a business at the same time. 

Parking Matters: Where Do You Park Your Classic Car?

Beep Beep Don’t Park Your Classic Car At The Curb!

Where will you find a kind, knowledgeable and considerate insurance agency staff? In Richardson, TX of course, at Allegiance Insurance Agency. The freedom you enjoy with your newly purchased or lifetime owned classic car should not be thwarted by where you have to park your vehicle. We will help you understand exactly why it is important where you park and the rules and laws that govern where you are allowed to park your classic car in the great state of Texas. 

 Just like your classic car is a unique piece of vintage history the insurance for that car is unique as well. The variances in this particular type of insurance are countless. That is why it is so important to speak with an insurance agent who is well-acquainted with the rules that govern the state of Texas.  In fact, when it comes to your classic car it is not referred to as parking.  Your insurance agent will inform you that the term is "storage".  There are limitations based on the state. For instance; you cannot store your classic car within 5 miles of the coast in the state of Texas. Learn about the other storage exclusions today.  

If you’re taking a leisurely drive in your classic car, make it a point to stop in at Allegiance Insurance Agency in Richardson, TX. Located at 2929 N. Central Expressway, #275, Richardson, TX 75080. We will sit down with you and take the time to explain how to best insure your classic car. Our telephone number is 972-424-0700. We don’t only take care of your classic car insurance needs we also cover regular auto insurance as well. In addition, the staff at Allegiance Insurance Agency can help you with homeowners, commercial, life and health insurance.

 

How RV Insurance From Allegiance Insurance Agency Protects Your Vacation

For many Texas families, the summer months are used for enjoying great weather and traveling together on a family vacation. Whether you are traveling within the state of Texas or to neighboring states with National Parks, many of these families around the Richardson, TX area will be hauling their families way in an RV for vacation. Before you leave, make sure that your vacation is secure with RV Insurance. 

Coverage While Lodging

While many RV owners believe their auto insurance policy will suffice on vacation, they fail to realize that once they park the RV and move it to its lodging state, it is not covered by that insurance. With an RV insurance policy, the RV and the property within the camper are covered while the RV is used for lodging. Unfortunate accidents such as fire, theft, and vandalism are situations where your RV needs that insurance policy to cover damages while your RV was parked at the campground or another location for lodging. 

Vacation Liability

An RV policy is also designed to cover any liability damages that you may cause while your RV is lodged. Should there be an accident that is your fault to property or bodily damages, vacation liability covers will protect your family vacation and assist with any financial obligations that may result due to your liability. This protection is a safety net that you have while on vacation and need assistance.

Safeguard Your Vacation Today

If you are planning a vacation this summer with your RV, contact the Allegiance Insurance Agency for information regarding your RV insurance policy. Our agency serves Texas residents in the Richardson, TX area and surrounding communities. 

What does motorcycle insurance cover?

Your motorcycle is more than just a means to get from Point A to Point B. Your bike tells a story of your personality and, thus, should be protected at nearly any cost. You do not have to save thousands in hopes of keeping your bike intact. A good insurance policy can protect the vehicle that you cherish the most in Richardson, TX.

The agents at Allegiance Insurance Agency can help you find the motorcycle insurance plan that best satisfies your needs. Read on to learn more about what motorcycle assurance covers.

What does motorcycle insurance cover?

Motorcycle assurance works like auto insurance in providing payment for bodily injury as well as property damage in an accident. You also have the option of obtaining a motorcycle indemnity plan that replaces your bike along with the gear that was damaged in an accident. Of course, you will need to purchase full coverage to get the full benefits from a motorcycle insurance plan in Richardson, TX.

What about seasonal driving?

There are instances where you only use your motorcycle for a season. Many bikers only take on the road during the summer months. It may appear pointless to purchase insurance for six months when you only need it for three, which is why season assurance is an option for motorcycle owners.

With seasonal insurance, you are only covered for the set of months that you plan to use your vehicle. You will need to find a standard motorcycle assurance policy to cover the rest of the year.

Seasonal motorcycle insurance comes with many benefits in Richardson, which is why you should contact an agent at Allegiance Insurance Agency for details. You should also call about a quote for full coverage assurance that pays for bodily injury, theft, and property damage. Call today!

Does Boat Insurance Cover Electronics On Board Your Boat?

Boat insurance is a requirement in some states and is a good idea in any situation where the boat will be used on the water. Boat insurance is designed to protect from liability and may even provide additional protection depending on the policy and any riders that are attached. So, does that mean that electronics are covered by a boat insurance policy?

Boat Insurance Coverage

Generally, boat insurance is designed to protect the boat’s motor and perhaps its hull depending on the policy and coverage options. The electronics on board won’t be covered unless it is specified in the policy through additional coverage. If there is a substantial amount of valuable electronics on boar, there may be some options that an insurance agent can offer clients. This will help prevent financial losses from things like theft and accidents. 

Finding The Right Boat Insurance Policy

Selecting the right boat insurance coverage can prevent the potential for losses that can happen at any time on the water. Work with an established insurance agency with expert agents who know the right products to offer individuals who want to protect their boat and personal belongings while they are on the water. Anyone who lives around the Richardson, TX area who needs boat insurance should contact Allegiance Insurance Agency for more information about coverage options and riders. 

Don’t leave your boat and electronics to risk while out on the water. Get the right amount of coverage from Allegiance Insurance Agency, serving the residents of Richardson, TX. Call or stop by the office today for personalized service and answers to any questions related to the boat or other insurance products. 

Ways to avoid medical debt with health insurance in Richardson Texas

Medical debt has become a large problem for many people in the United States. As healthcare costs continue to increase, many uninsured Americans are left paying large medical bills because they have no other choice. This is true in Richardson, TX as well as every other city. Even those who are covered by basic health insurance but are lacking a comprehensive plan may still find themselves struggling if their coverage is inadequate or has very high deductibles for certain treatments. As people age and they deal with more health conditions and the need for regular care increases, this can trap them in a cycle of debt and unpaid medical bills. Elderly people on fixed incomes are especially vulnerable to this problem, as they often have little extra money beyond necessary expenses, which makes paying off large debts impossible. 

One of the best ways to prevent this debt cycle is to obtain and keep adequate health coverage as soon as possible. Knowledge of the healthcare situation in this country is the first step, but it is important to act in a preventive manner by securing a comprehensive plan before any health problems occur. One option is to contact Allegiance Insurance Agency with your concerns. Insurance professionals can use their expertise to help you after receiving some information about your age, history, and a few other details. Prevention through insurance is the only real choice when it comes to avoiding medical debt.  

Allegiance Insurance Agency serves Richardson, TX and is available to discuss coverage options with you. An agent can consider your specific needs and offer a plan that will help you avoid debt or other financial problems that are caused by excessive healthcare costs.  

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!

Ways to Save on Motorcycle Insurance

Motorcycle insurance in Richardson, TX is a necessity, but finding ways to save can make all the difference.

Drop Full Coverage: You are required to have liability insurance, but if your bike isn’t worth much or is old then you don’t need collision or comprehensive overage. If you do get into an accident and you are not at fault, then the other person’s liability insurance will pay for damages.

Choose a Cheaper Bike: Certain bikes are going to cost more to insure. Sports motorcycles may have a higher premium than traditional road bikes. If you are looking to replace your motorcycle, then you may want to call your insurance company first to see how much more you could be spending with a different bike.

Raise Your Deductible: The more you are willing to pay if you need to file a claim, then the cheaper your premium will be. If you can raise your deductible from $250 to $1000, then you could save up to 20%. Ask your agent what you are paying for your deductible now and how much you could save if you raised it.

Ask about Discounts: Ask an agent at Allegiance Insurance Agency about available discounts. You could get discounts for having anti-theft devices or keeping your bike in a locked garage. You could be surprised to learn you qualify for discounts you never would have thought of.

Infrequent Rider: If you are only a part-time rider, there could be policies for you that will only provide coverage part-time. This is especially great if you aren’t riding in winter due to the weather. However, this may only work if you don’t have a loan on your bike, since your lender may require full coverage at all times.

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