Which Type Of Life Insurance Is Right For Me?

When you live in Austin, TX, you want to make sure that you have life insurance. This can be a great way to provide financial protection to your family in the event of your passing. Understanding the different options is important so that you can afford the monthly premiums and have the level of protection that makes sense.

Term vs. Whole Life

The first component to understand is the difference between term and whole life insurance. Term is for a very specific term, ranging from 5 to 30 years. This means that after the term is over, your insurance policy is terminated and you will no longer have coverage. Whole life however, is for your entire life and therefore you don’t have to worry about it expiring.

Individual Situations

Everyone has a different situation and therefore it can be advantageous to talk with an insurance agent to learn about the specifics available to you. Often, you want to make sure that you have life insurance up until you reach an age where you may have a pension, 401(k), and other money coming in. This can protect your family in the event you pass before this money arrives.

Another option may be to explore universal or whole life where you can have a cash value later in life, can be used to fund your retirement years.

Ultimately, you want to make sure that you have the financial protection in place while being able to afford the monthly premiums. What is right for one person may not be right for you, and therefore it is important to identify exactly what kind of protection you want to obtain with a life insurance policy.

Call and talk to one of our independent insurance agents at Ty Lawrence Insurance Agency today. We will be happy to help you find the right life insurance for you.



Commercial Insurance: Making Sure You Are Covered

The best way to ensure that you are a responsible business owner in Austin, TX is to explore commercial insurance in its entirety. You want to make sure you are covered in all areas, and never want to leave anything to chance.

Look at All Forms of Coverage

You will quickly learn that there are all sorts of different types of coverage. You want to make sure you are covered in all capacities. This includes such things as:

–           Commercial vehicles
–           Business property
–           Business inventory
–           Temporary business closure
–           Data loss

The list goes on and on in terms of what kind of coverage you can obtain. Understanding the options will allow you to cover your business entirely so that you can always turn to the insurance company when something goes wrong.

Explore Coverage Amounts

In addition to having coverage across the different areas of commercial insurance, you want to also look at the amounts in which you are covered. For example, if you have liability insurance for $10,000 and someone sues and the overall cost is $15,000, the insurance is only going to cover for the amount within your policy. This means that the remaining $5000 would be your responsibility. Increasing the levels of coverage can be advantageous, especially if you don’t want to incur any kind of loss out of your business.

Make Comparisons

It is always a good idea to make some comparisons between the different insurance companies in terms of what they offer. Working with an independent insurance agent can give you the help that you need. This way, you have someone who will answer your questions and obtain quotes from the different insurance companies on your behalf.

Contact us at Ty Lawrence Insurance Agency today to find out if you have sufficient coverage for your business.