Term Life Insurance increasing in popularity

Term life insurance covers you for a specific amount of time, which is why it is called "term."  You pay your premiums, and if you die during that time, your beneficiaries will receive the payment.  That is as opposed to whole or universal life, which lasts as long as you live and builds up cash value. At some point, you may take out the cash, or borrow against that amount. The agents at Ty Lawrence Insurance Agency in Austin, TX can explain the intricacies of this type of insurance and answer all your questions.

Term insurance has become more popular in recent years for a few reasons. One of those reasons is people are more sophisticated about investing now, and there are individual retirement accounts you can create apart from your work. Another reason is that term insurance can be tied to an event, like paying off your mortgage. You could also have insurance for your business, to keep the business running if you should die.

Term insurance is also adjustable to your needs. if you need more or less insurance, you can easily adjust that amount at any time during the term.  The cost of term insurance is much lower, and you can buy a lot more of it for the money.  Young adults, and young families, in particular, may find that term insurance is their best option. 

The Ty Lawrence Insurance Agency in Austin, TX can help you make the best choice for your life insurance needs. Contact them to today, or stop by the office, to talk about your insurance needs. If you are an existing customer, stop by and let us make sure your policy is still meeting your needs, especially if you have had a major change in your life.

 

Who Requires Me to Carry Commercial Insurance?

Owning a business is a very important responsibility. For small business owners, one factor that needs to be carefully considered are its insurance needs.  There are several different groups that will require an Austin, TX area business owner to carry a commercial insurance policy. 

Bank Requirements

When you are looking to get a commercial insurance policy in place, one group that will require you to carry a full policy is your bank.  If you take out a bank loan to start your business, buy equipment, or fund working capital, the bank will be taking on a certain level of risk.  If you happen to be sued for liability, it could jeopardize your ability to pay back the loan.  Because of this, the bank will require that you have a full liability insurance policy and workers compensation coverage in place that will provide you with protection in the event your business is sued.

Landlord

Similar to a bank, a landlord will also require that you carry commercial insurance.  In many lease situations, thee landlord will require that you have a property insurance policy that is equal to at least the value of the building that you operate in.  This will provide the landlord with protection that in the event the building is damaged, they will be able to receive the coverage that they need to make a repair or even replace the entire building. 

Since having the right commercial insurance policy in place is very important, speaking with a professional could be very advantageous.  One company that could provide Austin, TX area business owners with valuable insight and services is the Ty Lawrence Insurance Agency.  The Ty Lawrence Insurance Agency will be able to help you better understand your insurance needs and help you to get into a great policy today.