Having a life insurance policy is one of the best ways to ensure your loved ones’ financial stability should you pass away; however, deciding whether or not to purchase whole life insurance can be a challenge. As opposed to term life insurance, which is only valid for a set number of years, whole life insurance remains in effect the entirety of your life – assuming that the premiums continue to be paid. One of the biggest benefits of whole life insurance is that a portion of your policy premium goes into a tax-deferred investment account that grows in value as you age. With a whole life insurance policy, you are allowed to borrow or even withdraw the entirety of the cash value at any given time.
Given that the interest you’ve earned is not taxed, you can accumulate a significant amount of wealth within a whole life insurance policy. For high-income earners who have already exhausted their external retirement and savings mechanisms like a 401K, IRA, Roth IRA, 529 plan, and an HSA, a whole life insurance policy makes the most sense. Keep in mind that because whole life insurance is permanent and includes an investment component, it can be significantly more expensive than a term policy. If you decide to withdraw money from your whole life insurance policy, there are a few options available. First, you can take a loan where the cash value is held as collateral. Second, you can make a partial withdrawal; however, there may be fees and a limit imposed by the insurance companies. Other options include selling the policy or surrendering the policy.
To learn more about your life insurance options and for help in picking the best policy for your needs, give the team at Planners Insurance Group in Fort Worth, TX a call to learn more.
Like most states, Texas has minimum auto insurance requirements for drivers. Texas drivers are required to carry liability auto insurance that meets the state coverage minimums. This insurance is a requirement to drive in the state of Texas legally.
What Does Liability Insurance Cover?
The Planners Insurance Group of Fort Worth, TX is committed to educating Texas drivers about the required state minimums. They are also committed to helping Texas drivers understand what their liability insurance covers. When you’re declared at fault, liability insurance compensates people that have been affected by an accident involving your vehicle. This insurance will pay for injury to another driver or passengers and the lost wages that may come from someone not being able to work due to injury. Liability insurance is also designed to cover any damage to the other driver’s vehicle.
What are the Texas State Minimums for Auto Insurance?
As a Texas driver, you are required to carry at least $30,000 of coverage for injuries per person. Texas liability insurance requirements also include a minimum requirement of $60,000 per accident and $25,000 for property damage. Keep in mind that these are the minimum requirements for Texas liability insurance. This means that you can purchase higher amounts of coverage if you feel it’s necessary. However, you must at least maintain the state minimums. You can’t legally drive in the state of Texas without this minimum coverage. Texas liability coverage is required to protect at-fault drivers.
Other Important Details…
In Texas, certain types of car insurance are specifically tied to the insured car. These coverages include bodily injury liability, personal injury liability, collision, and comprehensive auto insurance. Conversely, personal injury protection (PIP) coverage is tied to the driver in Texas. This differs from liability coverage in Texas. PIP will pay for your medical bills as well as your passengers. PIP also covers lost wages and non-medical costs. All Texas auto policies include PIP coverage. The Planners Insurance Group of Fort Worth, TX is committed to educating Texas drivers on the required state minimums for drivers and other forms of auto insurance. Please give us a call. We’re here to answer your questions.
You have invested a lot of time and money into your company. Protecting those investments should be high on your list of priorities. So what is the best way to protect these things? How can you make sure that the many uncertainties of life do not leave your company financially vulnerable? At Planners Insurance Group, serving Fort Worth, TX, we take your insurance education very seriously. Please keep reading to find out how business owners can protect their companies.
Commercial insurance is a special type of insurance product designed, especially for businesses and business owners. This suite of insurance products will put important insurance coverage in place to make sure that your company is not left financially damaged in the face of a disaster or legal problem.
What Does Commercial Insurance Cover?
Commercial insurance can be customized to accommodate your company’s needs, but in general, most commercial insurance will cover the following areas:
- Property Damage: If the physical property on which your business is located becomes damaged because of fire, natural disaster, or burglary, the insurance policy will help pay for repairs or replacement of that property or equipment.
- Automobile Insurance: Many companies use vehicles to perform everyday business operations. These vehicles and the drivers operating them must be covered with auto insurance to safely and legally operate the vehicles.
- Liability: Liability is probably one of the most important insurance coverage types a business owner can have in place. If a customer or an employee is injured at your place of business or is injured as a result of your goods or services, you could be held liable for medical bills or even legal fees should they apply. An event like this can have a devastating impact on a business. Liability coverage is there to ensure you do not face these expenses alone.
If you would like to learn more about commercial insurance, please contact our staff at Planners Insurance Group, serving Fort Worth, TX.
Buying your first home can be an exciting time in life. To make sure that this new investment is adequately protected, appropriate insurance must be in place. Planners Insurance Group, serving Fort Worth, TX, is here to answer your questions concerning this vital investment. Keep reading to find out what you need to know about homeowner’s insurance.
Why Is Home Owner’s Insurance Important
For most people, their home is their largest and most important investment. Not only is this an essential investment of money, but your home will also carry with it a certain amount of sentimental value as well. Protecting your home is financially important, as well as emotionally significant.
What Does Homeowner’s Insurance Cover?
Homeowner’s insurance can be customized for your particular needs, but in general, homeowner’s insurance will cover the following areas:
- Property Damage: If your home is damaged as a result of fire, natural disaster, or burglary, you want to know that you will be able to repair or replace what is damaged or lost. Doing this out of your pocket could leave you and your family financially vulnerable. Insurance is there to kick in and help pay for these expenses. Not only does this protect you financially, but it can also give you absolute peace of mind knowing that you and your family will always have a place to call home.
- Liability: Owning a home carries with it a certain amount of responsibility. If someone is injured on your property, you could be held liable for their medical bills or even for legal fees if that applies. This can be devastating financially. Liability coverage can help protect you from these risks.
If you would like to learn more about homeowner’s insurance, please call our staff today at Planners Insurance Group, serving Fort Worth, TX.