Everything you need to know about term and whole life insurance

Posted on April 5, 2021 by AgentInsure

Everything you need to know about the term and whole life insurance

When you visit an insurance company in Burlington, NC, to buy life insurance, the first thing the agents will ask you is the type of life insurance you want to buy. It’s easy to be at crossroads when you are unsure what each offers or how they work. If you are in that specific situation, here is what Don Allred Insurance wants you to know.

Term vs. whole life insurance what you need to know

You will typically have two options when it comes to life insurance. They are the oldest and most popular types of life insurance. Like any other insurance policy in Burlington, NC, life insurance can be incredibly complex when you dig deeper. So, to keep things simple and more straightforward, we are going to look at the two, their differences and their suitability.

Term life insurance

Term life insurance is one of the most comfortable and most affordable types of life insurance. Many people prefer this policy as it promises a death benefit if you pass away after purchasing it. It’s also flexible as it allows you to pay your premiums for a specific duration, and you can withdraw and use the money as you please. While the premiums are relatively low, you need to consider other aspects of the policy like larger death benefits or longer coverage duration, making it more expensive. You also need to be careful with time as term insurance has an expiry date.

Whole life insurance

Whole life insurance simply means no expiry. Your coverage never expires as long as you are paying your premiums. You pay the same rate from the very beginning, and the premiums are split between building cash value and the rest goes to the insurance component. However, it more expensive than term life insurance.

For more information about life insurance, feel free to contact Don Allred Insurance today!

Beginners Guide to Home Insurance

Posted on March 22, 2021 by AgentInsure

Your home is one of your most valuable assets, and the last thing you want is to lose it. Home insurance is one of the wisest ways to protect your investment from many events. Don Allred Insurance is committed to helping Burlington, NC residents understand and obtain the home insurance they deserve.

What Does Home Insurance Cover?

Insurance policies vary, so not all over the same things. However, there are some commonalities. Most protect the following:

Your Dwelling

This typically includes the home as well as any attached structures, like a garage or porch.

Other Structures

“Other structures” refers to things such as sheds and fences.

Personal Property

Most insurance policies cover repairing or replacing personal items, such as clothing and furniture if damaged due to a covered peril.

Additional Living Expenses

If your home is deemed unlivable due to a covered peril, home insurance often pays up to a set amount for temporary living expenses. Depending on the policy, this might include a hotel stay, transportation to another living space,

Liability

If someone who is not on your policy gets injured on your property and you are found liable, a home policy typically provides aid.

Medical Payments

Most home policies provide some protection for injuries caused on your property, no matter who is at fault. Additionally, they usually cover injuries that you or a pet cause off property up to coverage limits.

While these are the most common categories covered, the specifics of what qualifies for coverage and the amount of that coverage depends solely on your policy.

Perils

There are some common perils that most policies cover.

Theft
Vandalism
Damage caused by aircraft
Damage caused by vehicles
Fire or lightning
Smoke
Explosions
Riots
Falling trees or other objects
Wind or hailstorms
Damage caused by the weight of ice, sleet, or snow

If you live in an area at high-risk of any common perils, such as windstorms or theft, you may require additional coverage.

Home insurance is highly customizable, and it’s crucial to get the best protection for your home and life. If you are a resident of Burlington, NC, stop by Don Allred Insurance or give us a call to design the right policy for you.

What is included with an auto insurance plan?

Posted on March 8, 2021 by AgentInsure

Those that are in the Burlington, NC area will find that it is much more convenient to live in the area when you have a car. Those that have a car in this area will be able to get around town quickly and can enjoy a convenient commute. If you are going to get a car here, you also need to have insurance. There are several forms of coverage included when you get auto insurance.

Liability Protection

An important part of the coverage that comes with your auto insurance plan is liability protection. Anyone that drives a car is at risk of causing a vehicle collision. Those that do cause damages in an accident will be responsible for covering the costs. As this is a big risk, it is important that you insure against it. With an auto insurance plan, you will receive liability coverage that can help to mitigate and offset this risk.

Coverage for Vehicle

Your car is one of the largest assets that you will ever own. If you are a vehicle owner it is something that you will want to protect as well as possible. A great way to do this is with an auto insurance plan that has collision and comprehensive protection. With this coverage you are going to receive protection to offset a variety of different risks including theft, accident damage or vandalism.

If you need to get auto insurance in the Burlington, NC area, it is important to speak with someone that you can trust. The team with Don Allred Insurance can be a great resource for you when you are looking for coverage. When you call the team at Don Allred Insurance you are going to receive the guidance you need to choose a policy that is right for your situation.

Common Mistakes To Avoid While Researching Health Insurance Policies

Posted on February 23, 2021 by AgentInsure

For over 30 years, Don Allred Insurance has helped Burlington, NC residents find insurance coverage. We proudly serve the community as an independent insurance agency. We assess each of our client’s situations to help them find the right policy for their needs.

Common Health Insurance Mistakes

Health insurance allows you to enjoy a comfortable lifestyle. The policy covers you as you seek treatment in the event that you become ill. Health insurance also covers your preventative care, such as your yearly checkups with your doctor. Health insurance also covers different types of medication that your doctor may prescribe to help you feel better. While you research different policies, avoid some of these common mistakes.

Neglecting Deadlines

The biggest mistake to avoid while researching coverage is neglecting deadlines and potentially missing out on your enrollment opportunity. Keep in mind that there is an open enrollment period every year where you can sign up for a new policy or amend your current policy. If you forget the enrollment deadlines, you may be stuck with your existing coverage.

Making Sure That Your Doctor Is In The Network

Every health insurance policy includes a specified network of primary care physicians and doctors that you are allowed to visit under the terms of your policy. If your doctor falls outside of the network, you may have to inquire about another policy or you can choose to amend your current one. Networks change regularly and you want to avoid being locked into a local Burlington, NC health insurance policy that you aren’t comfortable in.

Failing To Plan For The Future

As you research different policies, don’t forget to think about how things may change in the future. Things may change as you progress through life. Perhaps an accident causes your health to change. It’s important to plan for the future.

Don Allred Insurance Will Help You Find Coverage

Visit our website today to learn more information about health insurance.

Reasons your life insurance policy can be cancelled

Posted on February 9, 2021 by AgentInsure

Life insurance is an important part of most people’s financial portfolio. It provides peace of mind that your loved ones will be taken care of in the event of your death. Making sure it is active and will provide the protection you are counting on is important. At Don Allred Insurance in Burlington, NC, we have more than 40 years of experience minimizing our customer’s risks. As an independent agency, we can offer the finest in service and place customer’s needs first.

Non-payment

The most common reason for life insurance to be canceled is non-payment. It can happen to anyone but letting your life insurance premium go unpaid is never a wise idea if you plan to keep the policy. Most companies will allow a 30-day grace period after the due date for you to make the payment. If there are extenuating circumstances you might be able to get an additional 30 days before your policy lapses. If you have a whole life policy you do have some other options. You may be able to use your dividends to pay your policy. Your policy may have a waiver of premium rider. If you have cash value that can also be used to offset your premiums.

If you are having financial difficulties by all means contact your agent and discuss your options. It may be you need to get a less expensive term policy to get you through the difficult times.

Fraud

Insurance companies take a very dim view of any attempt to defraud them. Never lie on your application. If you have pre-existing conditions that you fail to include on your application, they will cancel your policy if it is discovered. Even worse is the fact they can refuse to pay a claim if the fraud is discovered.

Contact Don Allred Insurance in Burlington, NC for all your insurance needs.

What is a home inventory and how should I create one

Posted on January 18, 2021 by AgentInsure

No one wants to think about their home being damaged. You buy home insurance hoping you will never have to use it. The reality is quite different. On average one in twenty homeowners will file a claim every year with the highest percentage being the result of fire damage. At Don Allred Insurance we provide personal service to the residents of Burlington, NC and the surrounding area. With more than 40 years of experience, we are your one-stop independent insurance agency.

A home inventory is a listing of all your possessions. It will help to facilitate any claims you might have which makes creating one very important. You will have all the information you need about any loss at your fingertips.

You have a couple of options for creating a home inventory. You can make the list with a pad and pen or you can make a video. Whichever option you choose you should be thorough. That means opening every closet and cabinet door. Going to the attic, basement, and even the garage. Give as much detail as possible. Have brand names, manufacturer, model, and serial number. The more detail you provide, the easier the claim process will be.

Gather together any receipts or sales slips you have. If you are claiming jewelry or art, have an appraisal to make sure you can justify the value attached. If you are using a pad and pen, taking photos is a good idea. You can take a photo of each room and then highlight the most expensive items. One of the most important things you can do is place your inventory in a safe place where you will be able to access it if you need to file a claim.

In Burlington, NC contact Don Allred Insurance to discuss your home insurance needs.

Is having auto insurance always a good idea?

Posted on January 4, 2021 by AgentInsure

When you are in the Burlington, NC area, there are going to be a lot of reasons to own a car. Those that are vehicle owners here will enjoy the flexibility and convenience that it provides. If you are going to get a car here, you should also get proper insurance for it. There are many reasons why having this coverage is always a good idea.

Coverage Gives Beneficial Coverage

A good reason to always have auto insurance is that it will provide you with very beneficial coverage. A full auto insurance policy will give the coverage that will be needed to repair or replace your car at any time if it is damaged in an accident, stolen or you incur another type of loss. Those that have auto insurance will also obtain coverage for liability risk.

Coverage is a Requirement

Another reason to always have auto insurance is that it is a requirement. Almost anyone that owns a car will have auto insurance requirements that need to be met. Those that are going to drive the car on a road in North Carolina need to have liability insurance coverage. Further, those that have a loan out against their car need to comply with the auto lender’s insurance requirements.

Having proper auto insurance is clearly important for anyone that is going to buy a car in the Burlington, NC area. As you begin the process of shopping for a new policy, it would be a good idea to call Don Allred Insurance. If you reach out to Don Allred Insurance you can get the support that is needed to choose a new policy. The team here will assess all of your needs and help you pick a policy that is ideal for your situation.

How much life insurance is enough

Posted on December 14, 2020 by AgentInsure

Life insurance is one of the many ways you protect your family and loved ones. How much protection they need depends on many different factors. Talking to an insurance agent you trust can help you to come up with the amount of life insurance that is enough. For more than 40 years Don Allred Insurance has been serving the residents of Burlington, NC as well as the towns of Graham and Mebane. As independent agents, we work for our clients, not for one insurance company and this allows us to provide great service and affordable prices.

One factor to think about when coming up with the right amount of life insurance is your age. A good reason to purchase life insurance when you are young is the rates. Age and health are both things insurance companies consider when they price life insurance. Another consideration is term life will end after the term is over and you need to anticipate the amount you will need in 20 or 30 years.

Life insurance is designed to provide for the people who depend on your income. How much you will need depends on how many people there are and how many years you will need to provide for them. If you have young children, you may have to provide for 15-20 years. Your partner likely works so this life insurance won’t need to be the only support but protection means not having to worry. You don’t want your family to have to change their way of living if you’re not there with them.

No one can tell you exactly how much life insurance is enough but the recommended amount is 7-10 years of your income. If however, you don’t have dependents, you will need a much smaller amount.

Contact Don Allred Insurance in Burlington, NC to discuss your life insurance needs.

Health insurance questions you need to ask

Posted on December 7, 2020 by AgentInsure

Getting the right health insurance policy is one of the most important decisions you make every year. It isn’t all about the price of the policy. It is a fine balance between affordability and protection. At Don Allred Insurance in Burlington, NC, we have more than 40 years of experience providing our customers with personalized service.

Before you decide on a health insurance policy, there are some important questions you need to ask. The answer to those questions will help you pick your coverage.

Is my doctor in the provider network?

Every health insurance company has a provider network. These are health care providers who have made an arrangement to provide services for prearranged prices. If you have a primary care doctor or a specialist whom you prefer, it is important to make sure they are in the network of the carrier you are considering.

Are my prescription medications in the formulary?

A formulary is a list of the medications that are allowed by a particular insurance carrier. They are listed by tiers. The tiers have different copays and deductibles. You need to make sure your medication is included and what tier it is in.

What is the deductible on the policy?

Many policies have a deductible that must be met. If it is thousands of dollars it could mean that almost nothing would be covered unless you have a very major illness or accident. These are usually referred to as high deductible policies.

In Burlington, NC, Don Allred Insurance is the place to go when you want an independent insurance agency whose objective is to identify and minimize our customer’s risk. We know health insurance and we can help make sure that you get the policy that is right for you. Give us a call or stop in to get a no-obligation quote.

What does home insurance policy cover?

Posted on November 16, 2020 by AgentInsure

Home insurance is a type of property insurance covering losses and damages to an individual’s house and assets in the home. This policy extends cover to the exterior and interior damage, loss or damage of personal assets, and injuries that arise while on your property. Home insurance caters to financial protection against loss due to accidents, vandalism, theft, and hazards such as lightning strikes, windstorms, and hails.

It’s imperative to know that homeowners insurance does not typically cover all-natural disasters like floods and earthquakes. You are supposed to purchase separate insurance cover in Burlington, NC to protect your home and belongings against these types of perils.

Most lenders require you to show proof of home insurance before allowing you to take a mortgage on a house. It is paramount to buy home insurance to cover your home and personal property against the covered perils. Visit us today at Don Allred Insurance Burlington, NC, and obtain spectacular homeowners’ insurance that meets your needs and budget.

Types of insurance coverage.

Dwelling coverage: This policy covers the cost of rebuilding and repairing your home if it is destroyed by perils stated in your policy document. Dwelling policy extends cover to your home floors, plumbing, roofing, foundation, cabinetry, and water heaters.

Other structure coverage: Other than providing protection, it pays to rebuild or repair structures separately detached from your home like a garage, shed, fence, or guest house.

Personal property coverage: This home insurance policy covers your personal belongings, whether inside or outside your dwelling. In case your personal belongings are stolen at your home or hotel room, this loss is covered.

Additional living expenses/loss of use: This policy provision covers temporarily other expenses like hotel bills when a disaster strikes and your house becomes uninhabitable.

Personal liability coverage: This type of homeowner’s insurance coverage pays for medical bills, lost wages, and legal fees for causing injuries to people arising from your responsibility. This compensation can also cater to dog bites or a guest when he/she slips and falls, injuring himself on your property.

Medical payment coverage: This policy provides coverage for the cost associated with emergency medical bills if someone is injured on your property regardless of who is liable for the accident.

Are you a resident of Burlington, NC and want to obtain home insurance to protect your home and personal property? Call us or visit our Don Allred Insurance offices for more information!

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