When you start making your plans to retire in Denver, CO, you probably think of the most obvious sources of retirement income, such as savings and retirement accounts. Most people don’t realize how important insurance is to any financial planning.

At AFI Insurance, we can help you understand the ways insurance will help you with your own financial plans. While insurance serves a short-term purpose when helping you recover after a fire or other disaster, insurance can also help protect you in the long run to achieve the goals you have set yourself for your retirement.

Life Insurance

This is the kind of insurance most associated with financial planning, in that a sound life insurance policy can help you or your family even if one of you dies. You don’t want to leave your family in need, so it is important to get a policy payable on death. If your family is still young, you might need a sizeable enough policy to pay off a mortgage, put children through college, and pay off any debts you accumulated in your lifetime.

You will also need to consider if you have a special needs child who will need longer care or parents who still have needs. You don’t want to wait until it’s too late to try to provide help for them.

Other Kinds of Insurance

Even though they are not directly involved in financial planning, other kinds of insurance help keep you on track to maintaining your goals. If you crash your car in Denver, CO, you don’t want to have to pay for the damages out of your own pocket. If your home is burglarized, you want to know you’re protected.

If you would like to talk about your future and how insurance can help with your retirement, please call AFI Insurance.

If you are like most people you are probably asking yourself what is specialty insurance?  It sounds exotic or different and in a way it is. In the broadest terms, specialty insurance is coverage for things or events that would not be typically covered by insurance that you already have. At AFI Insurance in Denver, CO we would love to sit down with you to discuss what needs you may have for specialty insurance.

Specialty for insurance purposes is defined as meeting special needs. These special needs can be personal or business. The range of specialty insurance that is available is wide and the price will depend upon the amount of risk that is involved for the insurer. Many companies offer specialty policies but not all of them are created equal and that is where a knowledgeable insurance agent can make all the difference.

Flood -Flood damage to your home and possessions is not covered under your home insurance. You need to have a special policy to cover this particular eventuality.

Cancellation– whether it is the trip you have been dreaming of for years or the most important day of your life when you want to feel protected, specialty insurance can make sure that while you may still be disappointed you won’t be out a ton of money as well.

Power vehicles– if you enjoy the thrill of riding an ATV, powerboat, motorcycle or snowmobile, you need insurance beyond what your auto vehicle offers. This also goes for a jetski, classic car or motorhome.

Now that you have at least a small idea about what specialty insurance is and why you might need it, why not take the time to give us a call at AFI Insurance in Denver, CO or stop by and let us help you to make sure that you have the coverage you need.

Certain life insurance policies are designed to pay death benefits to the beneficiaries and to be an investment vehicle for the policyholder. Work with your agent at AFI Insurance, serving Denver, CO and the surrounding area, to get more of the details because there are many options in these products that can be customized for your life goals and financial planning. 

To get an overview, let’s consider a basic explanation of two types of life insurance, which are Universal Life (UL) and Indexed Universal Life (IUL) to understand how these life insurance policies work.

Universal Life

Universal life insurance is available in many types that include fixed-rate models and variable-rate versions. For a UL policy, you make selections of equity accounts for the associated investments. Cash values are allocated to build up a fixed account.

Indexed Universal Life

If a UL policy is tied to the performance of a stock market index, then it is an IUL policy. The stock market index used may be the S&P 500, the NASDAQ 100, or others. No money is directly invested in any equity positions, only the overall index performance is used to calculate the financial performance of the IUL policy. This makes an IUL policy have more risk than a UL policy.

A Comparison of UL and IUL Policies

Both UL and IUL policies have a death benefit. Both have investment characteristics. An IUL policy can offer a cash accumulation that is tax-deferred for use in retirement. These IUL policies are used to insure a business owner as key-person insurance. They are also used for estate planning and have some upside potential if the equity index performs well over time.

Summary

UL and IUL products are very complex financial instruments and have specific uses that are not always good for everyone but can be effective for others. Work carefully with your tax advisor, investment advisor, and your agent at AFI Insurance in Denver, CO to get the information you need for considering these products as part of your long-term financial planning.

The Denver, CO area is a fast-growing city and metro area that offers a lot of opportunity to anyone that would like to invest in their own business. Those that are looking to start their own company still need to consider all of the risks that could impact their operations. One way that you can mitigate many of these risks is by getting a new commercial insurance policy, which can benefit a business owner in many ways.

Gives Protection for Liability

One risk that all business owners need to continue to be aware of is the risk of being sued for liability. No matter how careful you are and how diligent you are with your practices, there is still a risk that you could be found at fault for a customer’s injury or illness. If this occurs and there are damages, it could jeopardize the financial strength of your company. Fortunately, a good commercial insurance policy can mitigate these risks through liability insurance.

Protects Your Company Assets

No matter what type of company you start, there will become a sort of upfront investment to buy equipment and inventory. If you happen to be a victim of a fire, water damage, or even theft or vandalism, this entire investment could be wiped out. Because of this risk, you should make sure that you always have a good commercial insurance policy in place as the property protection could keep you solvent if an accident occurs.

Ultimately, having commercial insurance can protect your company in a lot of ways. Those that are in the Denver, CO area should contact the team at AFI Insurance to discuss their insurance needs and options. AFI Insurance could provide you with a lot of insight into your insurance needs and options for your company. 

Are you traveling to Mexico on vacation sometime soon? Unfortunately, your existing car insurance doesn’t cover you once you cross the border. Thankfully, you have a secondary option–a special kind of insurance designed specifically for international travel. Here are three tips from our AFI Insurance in Denver, CO team for purchasing Mexican specialty insurance.

Tip #1: Read Your Coverage Options Carefully

The insurance process in a foreign country like Mexico is much different than the one you are probably used to. That’s why it is so important to read your coverage options carefully. Make sure you select a high enough limit to cover you in the event of a serious incident and know whether your policy covers theft and vandalism, as not all do. Also, recognize that Mexican insurance deductibles are often listed as a percentage of the vehicle’s value instead of a set amount.

Tip #2: Consider Purchasing Legal Aid and Travel Assistance Coverage

Similar to purchasing car insurance in the United States, there are multiple different add-ons to consider buying. The two most important are legal aid and travel assistance coverage. Legal aid helps pay for any defense costs if you are arrested or detained while in Mexico. Travel assistance helps you continue the trip or return home if your vehicle is unrepairable or stolen.

Tip #3: Remember to Report Accidents Before Leaving Mexico

If you’ve encountered a situation that warrants using your policy, make sure you file a claim before leaving Mexico. An adjuster must see the damage before you return to the United States or it might void the policy.

Ready to learn more about Mexican specialty insurance or other types of coverage? Contact our AFI Insurance team today to schedule your appointment. We proudly serve the Denver, CO area.

Financial planners are very important professionals that help to ensure their customers are able to reach their financial goals. While financial planners do provide amazing service, the profession also comes with some risks. For those that are in the Denver, CO area, getting financial planner insurance is extremely helpful as it will protect you a number of different ways.

Liability Insurance 

When you get financial planner insurance it will provide you with extensive liability insurance. First, you will receive standard liability insurance that will provide you with protection for any accidents that occur on your premises. Additionally, you can receive professional liability insurance that could provide you with protection against any legal claims. This will prove to be very beneficial in the event you are found liable for any type of mistake or accident.

Property Protection 

A financial planner may also on a significant amount of business assets. Some common assets that can be owned by a financial planner can include computers and other electronics, office furniture, a company car, and a variety of other assets. Additionally, you will need to protect your place of business whether you own the property or lease it. A full financial planner insurance policy will provide you with coverage for all these business assets.

There are clearly many different benefits that come when you get a financial planner and insurance for your business. When you are looking for this type of insurance in the Denver, CO area, AFI Insurance is a great resource and organization to contact. When you reach out to AFI Insurance, the company will spend time with you to better explain the risks that come with being a financial planner. They will then get you into a policy that protects against these risks as much as possible.