How Much Life Insurance Should I Get?

Posted on March 30, 2018 by AgentInsure

One of the most important types of insurance coverage that someone can get is life insurance. When you are looking for a new life insurance policy, choosing the right type of policy and amount of coverage is very challenging. For those that are in the Burlington, NC area, there are several factors that should be considered when you are getting a life insurance policy.

Salary Replacement

When you are trying to build a new life insurance policy, one important factor to consider is how much salary you need your policy to replace. If you have people in your family that are dependent on your salary, you will want to make sure that they are covered for the foreseeable future. Generally, you should have a policy that provides you with at least five to ten times your annual salary.

Debts

If you have personal debt in places, such as auto loan, mortgages, student loans, and other expenses, you will also want to make sure these debts can be paid off. Depending on the type of debts that you have and your personal financial situation, adding the amount of debt to your policy would be helpful.

Future Costs

Another factor to consider is future costs that you will need to be responsible for. There are many future costs, such as paying for retirement for your spouse or college education bills that should be factored into your life insurance policy when you are building your next policy.

Since picking the right life insurance policy and getting the right level of coverage is important, Burlington, NC area consumers should contact the Don Allred Insurance company. Don Allred Insurance will be able to help you better understand your insurance needs and get you into the right policy with the right amount of coverage.

Adequate Business Continuation Coverage for the Size of Your Company

Posted on March 26, 2018 by AgentInsure

Small business owners are sometimes caught flatfooted when accidents or events happen that cause an interruption to their usual course of business. Whether an unexpected power outage prevents your retail business from opening, or damages perishable inventory, or grinds your production line to a halt, or in the event of other covered events, the right business continuation policy can help you get back up and running.

Business continuation coverage (also sometimes known as business interruption coverage) can help to replace lost inventory, damaged equipment, and lost revenue in the event of a natural disaster or other covered events. The helpful agents and staff at Don Allred Insurance are here to meet with you to go over your business insurance needs and ensure that you have adequate coverage for the size of your business. We are proud to serve the insurance needs of small business owners in the greater Burlington, NC area.

Many business owners simply renew their previous policies at the same coverage levels even though their businesses are consistently growing. Scheduling regular policy reviews can help to ensure that business continues to carry the appropriate level of coverage as it grows. As your business grows your business coverage will need to be raised to a higher as your annual revenue grows, the replacement cost of your inventory increases and your supply chain relationships become more financially impactful.

When it is time to review your policy prior to renewal, please give Don Allred Insurance a call to schedule a comprehensive review of your current coverage. We understand the business environment of the greater Burlington, NC area and are proud to serve our friends and neighbors! Please call and schedule an appointment and we will review your business coverage for completeness.

5 Amazing Things Commercial Insurance Does

Posted on February 27, 2018 by AgentInsure

Over the last decade, North Carolina has created the best business climate in the United States. The environment is ideal thanks to affordable business costs, young workforce, and various incentives. Behind the success is Don Allred Insurance Company helping businesses to thrive through the provision of commercial insurance.

Here are five fantastic things commercial insurance does that you need to know:

Protects your Employees Life
Human resource is an essential factor in your production. In North Carolina, any business with employees must have a workers compensation cover. The best way to attract and keep employees has put their interests first.

Natural disasters
When doing business, there are a lot of things that can bring you down. Some of them are human caused while others are natural. With an insurance cover, you need not worry about natural disasters such as tornadoes, floods, and fires. Should they strike, the insurance providers help you get back on your feet.

Furthermore, in case of business interruptions that lead to financial losses, the cover ensures you get compensated the revenue lost. Businesses that don’t have such protection bear the consequences until they re-open no matter how long it takes.

Attracts Investors and Customers
If you were an investor and two businesses, approach you, one with commercial insurance and the other without which one would you prefer? Businesses with insurance are not only legit but also a sure bet for investors. As for customers, they know they are protected in case of an accident in your facility.

Legal Implications
When doing business, you can get sued for many things including customer dissatisfaction, accidents, and injuries. Without a cover, the legal fees can be substantial and the settlement even worse. Why risk when an insurance company protects you?

Helps you Get Contracts
Some contracts only hold if you have an insurance cover. For instance, if you want to finance the construction of your business premise, most financial institutions may require proof of insurance.

Unless you have a crystal ball in your closet that foresees the future of your business, commercial insurance is paramount. If you need coverage, Call Don Allred Insurance Company serving North Carolina residents.

How Expensive Is Life Insurance On Children?

Posted on February 21, 2018 by AgentInsure

Life insurance serves as a way to provide financial benefits to your beneficiaries in the event of your death. If you have had someone in your life who has passed away and left you as the beneficiary, then you know first hand how advantageous it is to have someone think of you in this way. This is why it is so important for you to have a Burlington, NC policy and name your children as the beneficiaries. Also important is that while your children are young, you can set them up policies so that they can leave their children with life insurance benefits. In fact, the younger your children are when you invest in this type of policy for them, the cheaper the rates will be.

How old do children have to be to get life insurance?

There is no age minimum for children regarding when you can buy a life insurance policy for them. The younger and healthier they are, though, the lower the premium rate will be. And many times, you can buy a policy with a locked in rate, making it exceptionally affordable for your children to continue their policies even after you passed away and are no longer paying for it.

How cheap is life insurance on children?

Because life insurance policies vary from one carrier to another, you will need to speak with an insurance agent to determine how much it is going to cost to buy life insurance for your children. There are other factors that will impact the rate as well, including whether your children have certain health conditions, such as heart complications. Health problems don’t always necessarily mean a rate will increase, though.

To learn more about life insurance, as well as other types of insurance, including commercial policies, contact Don Allred Insurance today serving the Burlington, NC area.

The Comprehensive Coverage Necessary for Full Home Protection in Burlington

Posted on January 29, 2018 by AgentInsure

Don Allred Insurance is proud to serve the comprehensive home insurance needs of their clients in the greater Burlington, NC area. When you are determining the policy coverage that is most appropriate for your needs and personal situation, bear in mind that your primary homeowner’s policy may not be sufficient. There are many additional coverages that are available, and by opting to include them in your overall coverage you will gain the peace of mind that comes with knowing that you and your family are protected should any of the covered events occur. In addition to your primary policy, it may be appropriate in your situation to also put the following coverages in place:

Fire
Flood
Weather-Related Damage
Theft
Water Damage
Electrical Mishaps

Review with your agent the amount of coverage that is is included in your primary policy, and determine if the coverage levels are sufficient. In many cases, you may choose to put additional coverage in place in order to have more comprehensive insurance in place to protect your family home.

The knowledgeable agents at Don Allred Insurance can help to guide you through the process and explain the different types of additional policies that are available to make your primary homeowner policy more comprehensive. Having the correct coverage in place may also help when it comes time to file a claim for damage.

If you are a new resident in the greater Burlington, NC area or have lived here a while, our agency is here to help you put the most appropriate coverage in place to ensure that you and your family are protected from both man-made and natural disasters. Please call us today or stop by the office to meet with one of our friendly agents.

Do I Need Comprehensive Coverage or Liability on my Car?

Posted on January 22, 2018 by AgentInsure

The law requires all drivers to have either comprehensive or liability insurance coverage. The price difference in these types of coverage can be rather substantial. One big question car owners have is whether or not they need comprehensive insurance or if liability will be enough. These tips from Don Allred Insurance can help Burlington, NC residents determine what type of auto insurance they need.

What’s the Difference?

Comprehensive insurance covers a whole lot more than liability insurance. While coverage levels can vary, if you have an accident, even if it is deemed your fault, comprehensive insurance will, most of the time, cover repairing your car as well as the damage of the car you hit. Because the coverage is greater, the premiums for comprehensive insurance are more costly.

Liability insurance is less expensive but covers much less. If you have an accident, your insurance will pay for the repairs of the other party’s vehicle, but you will have to pay for the repairs to your own vehicle.

Do I Really Need Comprehensive Coverage?

First of all, if you owe money on your car, it is likely that the lender requires you to have comprehensive insurance coverage on it just to protect themselves. However, once your car is paid for you can decide what level of insurance you need.

In some cases, it may make sense to simply pay for liability coverage. If you drive an older vehicle that is not worth very much money, you may be better off saving the money. Often, repairs after an accident may cost more than the vehicle is worth, causing the insurance company to total out the car. If you have an emergency fund in the bank with which you could repair or replace a car that is badly damaged in a wreck, it might make sense to simply have liability insurance on your car. If you don’t have the extra funds saved up, you probably should keep your comprehensive insurance.

In general, a good rule of thumb is that you may want to just have liability insurance if the extra yearly cost of comprehensive insurance exceeds ten percent of the value of the car.

To get more help determining what level of coverage is best for your situation, contact Don Allred Insurance, serving the Burlington, NC area.

Does Your Business Interruption Insurance Provide Adequate Coverage?

Posted on December 18, 2017 by AgentInsure

Commercial insurance is essential for any business and business interruption coverage is one factor of commercial insurance that can sometimes be overlooked. Don Allred Insurance is here to provide comprehensive coverage for all of your commercial insurance needs in the greater Burlington, NC area. Don’t let an unexpected event have a negative effect on your business, especially when it is avoidable!

How Business Interruption Insurance Can Help Your Business

Business interruption coverage can make a catastrophic event an inconvenience rather than a business-ending situation. If a disaster occurs that prevents your business from functioning, a fire, for instance, this coverage can provide the financial coverage that is necessary until the business is back up and running. Typically, business interruption insurance provides coverage when there are extenuating circumstances preventing your firm from operating as usual. Our professional agents can review your needs and help you to determine exactly which policy and level of coverage is right for your needs.

Business interruption insurance, when added to your property insurance policy, can provide:

reimbursement of lost profits based on previous month’s financial statements
coverage of operating expense
replacement and training costs for damaged equipment
expenses during the rebuilding or repair of the premises.

If you own a business, interruption insurance can make all the difference if a catastrophic event affects your property and livelihood. Our agents are here to ensure that you have the comprehensive business interruption insurance coverage that you need to keep your business up and running, no matter what circumstances may arise.

Please give us a call today at (800) 280-2230 to set up an appointment with one of our commercial insurance specialists. Don Allred Insurance is proud to serve the Burlington, NC area, and we look forward to working with you!

Comparing Life Insurance Policies In Burlington, NC

Posted on December 11, 2017 by AgentInsure

Shopping for life insurance is challenging. The goal is to find the most comprehensive coverage at a competitive rate. Learn how to compare life insurance policies in Burlington, NC to find the right one.

The Purpose of Life Insurance

After you die, life insurance provides money to help your beneficiaries take care of living expenses, funeral costs, and bills. Some policies provide benefits when the policyholder is still alive, in the event of a debilitating injury or illness. Factors to consider when choosing life insurance include age, assets, and people who rely on your income for support.

Permanent Life Insurance

Life insurance involves little or no financial risk. Paying the premiums on-time ensures a guaranteed death benefit. Permanent life insurance policies, such as variable, whole and universal, build cash value while the policyholder is alive. Buying a whole life insurance policy at a young age often means paying a lower rate. However, the cost can increase significantly with age.

Term Life Insurance

Term life insurance renews either annually or in term periods of five, 10, 15, 20, 25, 30 or more years. The premiums may increase after each term, based on the policyholder’s age. A term life insurance policy has no cash value. But term life insurance is often less costly than permanent life insurance. There are also policies that are a combination of term and permanent life.

Life Insurance Premiums

Much like any other type of insurance, the level of risk helps determine life insurance premiums. Factors to consider include age, gender, and medical condition. People who use tobacco and engage in risky hobbies or occupations may pay higher premiums.

An insurance professional at Don Allred Insurance can help people find the right level of coverage for their unique budgets and needs. Contact Don Allred Insurance to learn more about comparing life insurance policies.

Our Commercial Insurance Coverage Meets The Demands of Your Modern Business

Posted on November 29, 2017 by AgentInsure

Whether your business is situated in a high traffic area with the increased hazard of falls on your property, or you have an older building whose timeless charm draws customers in for an enjoyable meal, your commercial insurance coverage could use a review. For any business or commercial property, insurance protects your investment in time, money, creative energy, and heritage. No matter what kind of business you have, protect your interests carefully. Come in and discuss your unique commercial needs with our agents at Don Allred Insurance.

Commercial insurance coverage can also protect against data security breaches that threaten the confidentiality of your customers and your business reputation. Your ability to serve your customers depends upon your reputation as a service provider, and your insurance could protect you against such costs as legal fees, data recovery, and other risks associated with the modern business world and its liability and global competition. Here in the Burlington, NC area, we know the challenge of solid business performance and we want to help you leverage yours. This means solid, reliable insurance coverage that helps you get back on your feet in the event of either physical or technological incident.

We’ll provide the latest in commercial insurance coverage policies, their rates, and possible packages that will ensure sufficient coverage for your business. Not only that, but we can discuss the plans you have for the future of your business. Contact our agents at Don Allred Insurance for the latest in coverage options, changes in the law, and packages that will serve your business needs. Proudly serving the Burlington, NC region, we offer experience, timely information, and the freedom to pursue policies across insurance providers. Contact us today.

When is it safe to borrow against your life insurance policy?

Posted on November 20, 2017 by AgentInsure

The agents of Don Allred Insurance offer residents who live in the Burlington, NC area a comprehensive list of insurance policies, including permanent and whole life forms of life insurance. They can help you choose the right type of policy by explaining the benefits of each one. One of the main benefits of these two types of policies is that you can borrow against them once a sufficient amount of equity has been established.

Permanent and Whole Life Policies

Permanent and whole life policies are the only two types of policies that can be borrowed against. A permanent life insurance policy is also referred to as a cash value policy. It will pay out whenever you pass away. It also holds its cash value. A whole life policy also lasts for your entire lifetime. Premiums must be paid until the policy reaches its maturity. Both of these policies build equity that you can borrow against.

The Benefits of a Life Insurance Loan

If you have the right type of policy and have established enough equity, you can borrow against the policy. This type of loan offers many benefits including:

No application
No questions
Doesn’t affect your credit score
Low-interest rates
No repayment plan is needed or required

The only cost of borrowing against your policy is to pay the premiums to keep the policy active.

If you live in or near the Burlington, NC area and have questions concerning your life insurance policy and whether you can borrow against it, call the agents of Don Allred Insurance Agency. They will be able to provide you with the information you need. They can also write policies that are designed to make sure you have sufficient coverage so that your family remains protected at all times.

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Don Allred Insurance