What is the Difference Between Term and Permanent Life Insurance?

Life insurance is not a requirement from the state of Texas, though it is a provision that many people seek out, because it can help absorb expenses related to funerals. In addition, when a person is responsible for meeting others’ financial needs, life insurance can help offset the loss of income that impacts a family when that person dies. 

Term and Permanent Life Insurance

Term life, essentially, is a policy that is written to last for a set period of time. It is based upon the likelihood that the insured will or won’t die within 10, 20, or 30 years and is priced accordingly. Term life is typically less expensive than permanent, and after the term has expired, the cost will generally increase significantly, making it unaffordable for most people at that point. It is important to remember that a policy is actually a contract between someone or something, such as a trust, and the insurance company. 

Permanent life insurance carries the same death benefit component but also provides a means of savings, referred to as a ‘cash value’, and it is divided into three categories. Whole life typically has investment instruments, such as bonds or CDs, and Variable life tends to delve into investments like mutual funds. For individuals with a high net worth and who need to plan for their business assets, Universal life entails estate planning with a view to saving on taxes as well. 

Ty Lawrence Insurance Agency Serves Austin, TX Residents

At Ty Lawrence Insurance Agency, we aim to provide our clients with superior service and attention to their insurance needs. We have faithfully served the Austin, TX area and look forward to working with you. Reach out to us, and we can discuss any questions you may have regarding homeowners, commercial, automobile, or life insurance today!

Use Commercial Insurance to Protect Your Austin, TX Assets

Commercial insurance protects you and your family against lawsuits filed against your business. Without it, you could be personally liable for property damage or injuries caused by yourself or an employee during the normal course of running your business.

Why Choose Commercial Business Insurance?

Owning a business includes a lot of risks, such as investing in renovations, hiring employees, building up an inventory of sellable merchandise and other details. It takes time, effort and money to keep an enterprise going. You really don’t want to worry about getting the right commercial insurance, but it’s an essential part of securing your operations and removing your family and personal assets from the crosshairs in the event of a court case.

You can’t know in advance if the stockroom will catch fire or if a storm will damage your infrastructure any more than you can predict that a customer or business associate will decide to sue you.

Protect Your Family and Business Against the Unknown

Protect your slice of the universe with commercial insurance that pays for lawsuits, accidents and more. If your business depends on your ability to perform physical labor, or your presence is essential to move daily transactions forward, you could lose everything if you fall ill or hurt yourself. 

Business insurance has you covered, provided you’ve planned out these contingencies in your policy. 

Ask Your Ty Lawrence Insurance Agency Rep These Questions

Brainstorm your needs to protect your family and your business with commercial insurance. When you meet with your Ty Lawrence Insurance Agency representative in Austin, TX, here are some of the questions you should mention:

  • What are all the specific coverages available? Can I pick and choose what I need?
  • How you can tailor the policy to the needs of my industry and family circumstances?
  • What coverage is most frequently purchased?

What Home Insurance May Not Cover

When it comes to buying home insurance, you feel a sense of calm in knowing your home and the possessions in your home are safe. Especially if you have a great amount of coverage, you just know your home and possessions are covered no matter what. However, there may be some natural disasters and other situations that may not be covered in your homeowner’s policy. Thus, it will behoove you to make sure you are covered at every angle. And if you live in Texas, you may be surprised that natural incidences, like windstorms and hail, may not be covered in your policy. 

Things that Home Insurance May Not Cover

Whether you live in Austin, TX or another area in Texas,  insurance regulations, which are subject to change sometimes, are governed by the state.  Having said this, it is crucial to contact very reliable, trustworthy, and experienced insurance professionals, and Ty Lawrence Insurance Agency is the one to turn to.  

Every homeowner policy is not rated the same. Some may have extra coverage; however, it still may not adequately cover all that is needed: The following includes some surprising things that are not covered by home insurance: 

  • Floods

Flood damage is not covered by standard homeowners insurance. For insurance purposes, a flood is defined as water that enters the home from outside at ground level

  • Wind Damage- in some cases, additional coverage may be required for wind damage especially in areas with high risk of tornadoes or hurricanes. 
  • Expensive Personal Property
  • Prescription medicine
  • Wear and Tear
  • Family Pets
  • Home Businesses
  • Injuries of Family Members
  • Preventative Maintenance- this is when/if the incident is deemed to be prevented by maintenance. 

Conclusion

Many homeowners don’t know that incidents, such as windstorms, hail, and floods, are not usually covered in their homeowners’ policies.  Contact Ty Lawrence Insurance Agency today. Located in Austin, TX, they have been serving central Texas for over 20 years now, so they know the ins and outs in regards to homeowners’ coverage and more.  

 

 

 

Things You Should Do Before Filing an Auto Insurance Claim

If you get into an auto accident in Austin, TX and need to file a claim, there are a few things you should know before filing.

First, locate your insurance policy and review it. Many times, you have gotten auto insurance and have forgotten about it, so you need to review it. Figure out how much your deductible is. You also need to figure out how long you have to file a claim.

Then estimate the amount of damage and decide if filing a claim is worth it. Your damage estimate should be free and you may be required to get multiple estimates by your insurance company. By having an estimate, you can determine if filing a claim is in your best interest. If the repair costs are going to be within your deductible, then you shouldn’t have to file a claim.

If someone was injured in the auto accident in Austin, TX, you need to file a claim no matter how much the damage is and if you can afford it without insurance. No matter how minor the injury may be, the injured can still come back and sue you later within the time limits. If you didn’t report the claim, then the insurance company can refuse to defend you and deny any payment. It can be expensive to defend yourself in court, so you don’t want to make this mistake.

When you are ready to file the claim, you need to call your insurance agent at Ty Lawrence Insurance Agency and have the details of the accident. Make sure you write the date damage occurred and have your policy number available. These two items will be needed at the time of filing a claim, so keep it handy.

Contact Ty Lawrence Insurance Agency to get a quote on auto insurance.

 

Do You Always Have to File for a Permit Before You Can Get Your Motorcycle Endorsement?

Avid motorcyclists who live in Austin, TX can call on Ty Lawrence Insurance Agency if they have any questions concerning what their insurance covers and what they need to do to get their actual motorcycle endorsement. Just like a young driver who is trying to get their driver’s license, many will need a permit before they can test for the motorcycle endorsement that goes on their license.

Getting Your Permit

The purpose of a permit is to allow you time to get used to your motorcycle and learn to operate it safely on the road. Applying for a permit is much like applying for your driver’s license. You must show a valid ID as well as proof of insurance. Once you’re issued a permit, you must carry it for at least six months. In order to apply for your motorcycle endorsement, your permit must still be valid.

Taking the Driving Test

If you are under the age of 18, you must have had your permit for at least six months prior to applying for your motorcycle endorsement. This doesn’t mean that everyone who is over the age of 18 must apply for a permit. If you have held a motorcycle endorsement in the past or if you’ve moved from another state, you don’t have to apply for a permit a second time.

The agents at Ty Lawrence Insurance Agency offer their services to residents who live in the Austin, TX area. Call and schedule an appointment today if you have questions about your motorcycle insurance or when you can apply for your endorsement. They have the answers you need!

 

 

Benefits of Umbrella Insurance for Personal Protection

Umbrella insurance provides an additional layer of protection, in addition to your liability coverage found in your personal homeowner’s, auto or boat insurance policy. Often, personal umbrella policies start with a minimum coverage limit of one-million dollars. These policies are designed to protect you in case you’re found legally responsible for injuries to property or persons, including non-physical injuries, such as slander or libel. Ty Lawrence Insurance Agency, which deals with people near the Austin, TX area, is able to analyze your situation and give you the advice needed to ensure you get the best possible protection at a great rate.

Protect Your Assets Against Legal Action

If you possess a lot of assets, you may be a target for lawsuits. Losing a judgment may result in special compensatory judgments for pain, loss of consortium, and suffering and punitive damages. Losing a high-value lawsuit could greatly affect your lifestyle, which is where your umbrella policy comes into play. The coverage limits, which may appear quite high, cover personal liability and pay for damage to others, helping you keep your hard-earned money in your possession.

High-Profile Image or a Change in Lifestyle

Sometimes, a lifestyle change or being a person of high-status may warrant buying an umbrella policy. Some people are often held to higher standards than others, for example, coaches, clergy, youth instructors, and counselors, and when people feel these individuals haven’t met their preconceived standards, they file a lawsuit.

Perhaps, you decide to brighten your kids’ life by installing a nice pool in the backyard. You’ve now greatly increased the risk of a lawsuit from your kids’ family members if someone gets injured in the pool. A trampoline that your kids and their friends enjoy may be a ticking time bomb in terms of a lawsuit for spinal damages if someone slips and falls.

Contact someone from Ty Lawrence Insurance Agency, which assists people in the area of Austin, TX, and finds out how an umbrella policy offers personal protection against financial ruin.

 

Tips for Buying Life Insurance in Texas

Life insurance ensures that your beneficiaries can lead a comfortable life financially even after your demise. Here are some tips for buying life insurance in Texas;

Understand the type of insurance you need
While life insurance is imperative and necessary, do not rush into taking one before you research and analyze your insurance needs.  There are different types of life insurance policies, and understanding how each will help your beneficiaries will help you decide which one you should choose

Consult a financial professional
Understanding your current financial standing and the financial needs of your family in the event of your death will guide you in selecting the suitable policy. 

Determine the extent of your coverage
What amount do you need your heirs to receive as your death benefit? This figure will influence the amount of on your premiums and the level of coverage.

Get the right policy
After establishing the extent of your coverage, get a policy that will meet your requirements. For instance, you could choose a policy with an annuity payout instead of a lump sum payout policy. With an annuity payout, your beneficiaries will receive the death benefits over the next few years.

Choose a reputable insurer
A life insurance policy ought to take care of your loved ones once you are no more. Consequently, you should choose an insurer whose track record is undisputed. Do your research by reading through reviews and asking for recommendations from satisfied clients.

Ty Lawrence Insurance Agency has been providing life insurance policies to the Austin, TX residents since 1984. We attribute our success to our customized services, reliability, and straightforwardness. Contact us today and speak to one of our agents about the available life insurance coverage options. Also, browse our website for our other insurance solutions in Texas.

Does Your Commercial Policy Cover Your Employees and Customers?

Business owners must carry adequate insurance coverage in order to protect themselves and their livelihood from damages that can disrupt their revenue stream and ability to conduct business as usual. Many owners can become caught up in the day-to-day obligations that come with running a successful business and let their insurance needs fall by the wayside.

A surprising number of business owners do not revisit their policies as their businesses grow. New businesses are required to carry policies by their bank or financial partners or their landlord, and once they have these policies in-place as they start out they simply let them auto-renew each year. We recommend that all of our commercial clients review their coverage each year and ensure that liability protection for incidents involving employees and customers is at a sufficient level.

There are many different facets of your business that benefit from commercial insurance coverage:

  • Property insurance
  • Vehicle and driver insurance
  • General liability
  • Inventory and equipment
  • Key Person coverage
  • Business interruption

All of these different aspects of your business can be adequately covered by the appropriate policies that you select with assistance from the team at Ty Lawrence Insurance Agency. If you are a business owner in the greater Austin, TX area, it is essential that your liability protection grows with your business. Claims involving damages that must be paid to employees and customers can cripple your firm if your coverage is below an adequate level.

If you are in need of a general liability policy, or you would like to review your current insurance portfolio, we can help. Ty Lawrence Insurance Agency is proud to serve the many hard-working business owners in the greater Austin, TX area, and we would welcome the opportunity to work with you!

What does an ATV insurance cover?

All-terrain vehicles (ATVs) can be unsafe for the riders as well as those around them, and it’s very expensive to replace it if it’s damaged. Due to this, owners need to buy ATV insurance to protect them and their machines from unforeseen losses. Many insurers in Austin, TX like Ty Lawrence Insurance Agency may cover ATVs under a motorcycle insurance policy although rates are often lower for the off-road vehicles.  

What does ATV insurance cover?

There are many coverage options in an ATV insurance policy. Some of them are mandatory while others are optional. This piece will outline all the coverage options in ATV insurance.

Body injury liability

This policy pays for all damages related to other parties who are injured in an accident that’s associated with your off-road vehicle. It also covers legal fees that may result from litigation against you.

Property damage liability

This cover is designed to pay for the damages you cause to another individual’s property. It will include properties like personal belongings, yard, or home.

Underinsured/Uninsured motorist

This is an optional plan that provides protection in case you are involved in an accident with someone who isn’t insured or doesn’t have enough of it. If the other party is at fault, your insurer will cover all the cost the person is responsible for.

Medical payments

Medical payments coverage will pay for medical expenses that will be incurred by those who ride your ATV and get injured. This optional plan will cover things such as X-rays, surgeries, transportation via ambulance, and hospital stay.

Comprehensive

It pays for damages that are not caused by collision, for example, flooding, earthquake, vandalism, theft, fires, and other causes.

Collision

The coverage pays for all necessary repairs to your damaged off-road vehicle after an accident.

You can get all these coverage plans from Ty Lawrence Insurance Agency, a company that serves the entire Austin, TX area. Contact us for more information.

 

When is Umbrella Insurance Necessary for Vehicles in Texas?

If you’re unfamiliar with the term, "umbrella insurance", think of it as an extra form of protection on top of regular insurance policies. Though it is traditionally used in business or homeowners insurance policies, growing numbers of auto umbrella insurance policies are being seen across the Austin, TX area and the West in general. Even so, it can be difficult to know just when and for whom umbrella insurance is necessary for vehicles in Texas. Fortunately, Ty Lawrence Insurance Agency is here to help.

But before we go into the necessity of umbrella insurance, it is first important to understand what this kind of insurance is. Also known as "excess liability" coverage, an umbrella policy kicks in when coverage under a regular auto policy isn’t enough. For example, a serious accident that results in critical bodily injury or a lawsuit for major damages usually means you’ll have to pay out of your own pocket for any amounts that exceed your auto insurance coverage limit. An umbrella policy, therefore, works to cover these extra costs and legal fees.  

So why is umbrella insurance becoming more common in Texas? Well, as western cities continue to grow, more and more vehicles are being introduced to the roads, and road networks themselves are expanding. People are paying closer attention to auto insurance policies than ever, and it is becoming obvious that standard policies don’t come with many benefits when it comes to different kinds of liability. While umbrella insurance is not a legal requirement for anyone, many people who have a high net worth (at least, a net worth higher than their regular liability coverage limit) may view it as a necessity. The point is, if you’re in the Austin, TX area and you deem yourself to be at high risk of either a lawsuit or expensive costs in a car accident, an umbrella policy could be the right choice. To learn more about umbrella insurance and whether or not it is right for you, please contact Ty Lawrence Insurance Agency at your nearest convenience.