Three Things You Should Know about Life Insurance

Life insurance is composed of several elements which can make it the perfect storm for miss-guided decision making. Many people fail to purchase enough insurance while others are paying for insurance that doesn’t fully address their family’s needs.

According to the Life Insurance and Market Research Association, more than 30 million Generation X and Y households surveyed reported that they needed more life insurance in 2012. One-third of wives own no life insurance at all. (money.usnews.com)

These figures are sobering, fortunately we have listed three critical points we believe will help refine your life insurance decision making process.

Determine whether or not you need life insurance. If you are young and without dependents, life insurance may not be right for you. Be wary if you are hoping to lock in lower premiums by purchasing life insurance at a younger age. Premiums are determined by your risk classification, gender, and age so purchasing insurance at a young age entails a longer period of premium payments.

Determine how much life insurance you need. The two basic ways to calculate this figure is through either income replacement or needs-based. Income replacement considers your earnings and age. Needs-based considers certain life elements which would be affected by your death. Elements include number of children, continuing mortgage payments, and if your spouse continues working.

Determine the type of insurance you need. Two basic types of insurance are cash-value insurance and term insurance. There is no investment component in term insurance and typically has lower premiums. Cash-value insurance can be an excellent tool however its package is much more complex.

If you have additional questions please don’t hesitate to call, our professional customer service reps are standing by to help!

Home Insurance Made Easy

The largest asset most people will ever own is their home, Thanks Al will help make sure your insurance coverage adequately protects that investment. Having insufficient home insurance is very dangerous and can lead to long-term financial hardship that putts unwanted stress on your family. Remember that cheap home insurance is not the same as safe, risk-adverse, affordable home insurance.

What is Home Insurance?
“A form of property insurance designed to protect an individual’s home against damages to the house itself, or to possessions in the home. Also provides liability coverage against accidents in the home or on the property.”

What components comprise the type of coverage?

  • Main structure: Sum of money designated to pay for repairs or replace the home’s structure
  • Additional structures: Sheds, outbuildings, decks, etc. must be added to the policy to protect from potential loss.
  • Contents: Personal belongings inside the home.
  • Liability: Damage sustained to another person’s property; covered up to state policy limits.
  • Loss of use: Home damaged beyond repair requiring family to vacate to another dwelling while repairs are made.

Here at Thanks Al we understand that underinsured homeowners are unable to rebuild their lives after following complete losses. The savvy homeowner will delegate a few extra dollars each year to mitigate the risk of financial ruin in the future. Thanks to our ‘Rapid Quote’ software system, you will receive the lowest homeowners’ insurance rate in just 3 seconds or less, now that’s fast and efficient! Please call 1-800-Thanks-Al to learn more information today.

Need a Car?

Your credit plummeted when the economy crashed. Now your need for a new car is putting unwarranted stress on your life. Will an institution provide you a loan? What about the car insurance required by the state of Texas? Where should you turn and who can you trust? To find the right car insurance, one you can trust that knows what it means to be a Texan, you don’t need to go any further than Al Boenker Insurance Agency of Texas.

New vs. Used
A used car isn’t your only option with bad credit. You should always have a trustworthy mechanic inspect the vehicle so you can make an informed purchase. If your priority is to reestablish good credit, you will need a loan. Loans are available for both new and used cars. Bear in mind, the used car could still require costly repairs further down the line. Is a new car an option? It could be.

How about financing?
Lenders are willing to provide loans to buyers with poor credit because it makes business sense. Why? First, a new cars’ value is greater than a used car, thus new cars are more secure because of collateral. The lender can reclaim the loan if a buyer defaults on the loan. Second, a buyer will have additional funds to repay the loan of a new car since they won’t be making repair payments on a used car.

Dealerships are willing to sell a new car to someone with poor credit. Why? The sale of a new car is an investment in a new positive relationship. This unlocked network tends to become a source of profitable referrals.

Car Insurance for Texans
For Texans looking for a trustworthy company who will serve them, AL Boenker Insurance Agency of Texas is for you. With access to 127 online insurance companies, Al Boenker insurance Agency of Texas is guaranteed to meet your needs at prices you can afford.