Do Young People Need Life Insurance?

 If you are between the ages of 18 and 24 you are likely overall healthy and because you are young, you probably assume that you do not need to carry life insurance. The sad reality is that life happens. Life insurance can still provide great benefits in the case of sudden tragedies caused by illness or unforeseen circumstances.

Unlike many types of insurance, Life Insurance is not meant to protect you but to provide financial protection for your loved ones in the event that something was to happen to you. If you are recently engaged, married, or have young children – life insurance can be absolutely key for your family.

Even if you have not begun growing your own family yet, life insurance can still be a great way to begin accruing wealth to pass on or use later in life. It is also a safety net to ensure that you do not leave unpaid debts to your family in the event of your death.

Term Life Insurance

Term life insurance is typically the most affordable option. It covers you for a set period of time, usually between 10 and 30 years. If you were to pass away during this time, the death benefit would be paid to your beneficiary. The downside to term insurance is that there is no cash value after the term has expired.

Permanent Life Insurance

Permanent life insurance is usually more expensive than term, as it covers you for the rest of your life as long as the premiums are paid. Permanent insurance provides the death benefit and cash value, so as the value of your plan increases you have the option to take out a loan or make withdrawals as needed. While these policies are more expensive, they are great options for accumulating wealth and for those with lifelong financial responsibilities.

Pros and Cons

The benefits and drawbacks of a life insurance policy may vary, so be sure you do plenty of research before making a decision. The pros are generally that when you are young you can lock in lower premiums while providing a financial safety net for your loved ones and begin creating wealth that can help leave a legacy. Many young people are comforted knowing that debts such as student loans are not passed on to their parents.

The cons are primarily cost-related to young people who may be struggling to maintain a budget, and in the case of a term life policy you may not end up using the policy at all. Although, this is actually a good thing because no one wishes for tragedy to befall them.

According to a recent study, only 34% of Generation Z have some form of Life Insurance coverage.

If you are interested in learning more about Life Insurance policies, Ken Allen Insurance Agency can help! As a leading provider of insurance for homeowners, property investors, commercial properties, auto, and health.  Find the best rates and work with a team you can trust for all of your insurance needs.  By choosing Ken Allen Insurance Agency out of Garland, Texas, you will have the FREEDOM of CHOICE because we are independent agents helping you find the right insurance coverage and rates that meet your needs.  We have the ability to shop over 50 Insurance Companies to find the best rate for you.

Protecting your home, family, investment property and vehicle is crucial.  That’s why Ken Allen Insurance Agency is dedicated to helping people just like you get insured for the things that matter most in life.  We build relationships with our clients that are lasting and developed on trust.  Every member of our team is licensed and capable of assisting with all your insurance needs.

Ken Allen Insurance makes getting a quote easy.  Simply use the form for quotes and one of our agents will get in touch with you right away or give us a call at (972) 226-1330 TODAY!

 

 

Thanksgiving Insurance Tips

 Thanksgiving is a great holiday for those of us who enjoy overstuffing on delicious homemade food, spending time with family, and watching a little football. However, things are not always gravy for everyone in America when Turkey Day rolls around. Thanksgiving is by far the number one day in the United States for home cooking fires according to the National Fire Protection Association 2020 Home Cooking Fires Report, and other days are not even close.

Firefighters responded to over 1,600 home cooking fires on Thanksgiving in 2018 – almost triple the daily average of 470. The next biggest day for home cooking fires shows to be a tie between Christmas Day and the day preceding Thanksgiving.

The average insurance claim for home cooking fires was a whopping $6,900 from 2014 through 2018 according to the NFPA. So before you gather at the dinner table this Thursday, it may be time to make sure you are covered with a good home insurance policy. A standard policy will cover fire damage to your house and belongings. If you have extensive fire damage that forces you to relocate temporarily you will want to check your policy’s ‘additional living expenses’ coverage, also known as loss of use. This can cover your extra costs while your home is being mended, such as hotel bills.

If you are concerned about a potential accident you may want to look at your Thanksgiving plans. A deep-fried turkey is certainly delicious, but deep-fried turkey also carries extra risks. Deep fryers were responsible for the highest death rate among every 1,000 home cooking fires according to the NFPA. They are also responsible for the second-highest average claims among home cooking fires. If you insist on using a deep fryer, ensure you take the necessary safety precautions to minimize your risk.

In addition to keeping the deep fryer put away, you can also avoid potential cooking accidents by following a few simple tips.

·        Keep your cooking area free of flammable objects such as towels, wrappers, and oven mitts. Items left too close to the stove are potential fire starters.

·        Avoid wearing long sleeves or fabrics that hang and could encounter sources of heat.

·        Never leave your kitchen when anything is being cooked on the stovetop.

·        Stay home while your turkey or other items are in the over and regularly check on them.

·        Remain alert – if you are too tired or too tipsy it is a good idea to have someone assisting you in the kitchen. The NFPA warns against cooking while under the influence or when overly tired.

·        Keep small children at least 3 feet away from the stove or other areas where hot food or drinks are being prepared.

·        Test your smoke alarms to ensure they are in working order.

·        Set timers when you cook to help prevent forgetting to check on food.

·        Never throw water on a grease fire that is occurring in a pan on top of your stove. Instead, turn off the burner and cover the fire with a lid or larger pan to smother it.

·        If a fire breaks out in your over, turn it off and keep the door closed.

·        Ensure you have a fire extinguisher in your kitchen somewhere easily accessible.

Leading provider of insurance for homeowners, property investors, commercial properties, auto, and health.  Find the best rates and work with a team you can trust for all of your insurance needs.  By choosing Ken Allen Insurance Agency out of Garland, Texas, you will have the FREEDOM of CHOICE because we are independent agents helping you find the right insurance coverage and rates that meet your needs.  We have the ability to shop over 50 Insurance Companies to find the best rate for you.

 

Protecting your home, family, investment property and vehicle is crucial.  That’s why Ken Allen Insurance Agency is dedicated to helping people just like you get insured for the things that matter most in life.  We build relationships with our clients that are lasting and developed on trust.  Every member of our team is licensed and capable of assisting with all your insurance needs.

 

Ken Allen Insurance makes getting a quote easy.  Simply use the form for quotes and one of our agents will get in touch with you right away or give us a call at (972) 226-1330 TODAY!

 

 

 

Tips for Avoiding Winter Car Accidents

 As winter approaches, drivers begin to face non-traditional hazards when behind the wheel. If you are hoping to avoid an insurance claim this holiday season, here are a few tips to keep you safe on those snowy, slushy, or icy roads that lead to almost 25% of weather-related crashes.

Winter conditions can make it difficult to see, slow down, or stop and lead to more accidents. If you must travel during extreme winter weather, you can prepare your car in advance and minimize your risk of a potential accident. Keeping an eye on the weather forecast and driving based on road conditions will help you face the elements confidently.

As temperatures begin to drop, make sure your car is stocked with some key items such as an ice scraper, extra warm clothes, and gloves, and ensure your spare tire is properly inflated. In Texas, we do not have to deal with extreme snow or ice very often, but if you live in a more rural location, it is not a bad idea to have some sand or road salt in your vehicle if the forecast is predicting these conditions.

During the winter months, you will want to ensure that your windshield fluid is full and your wipers are in good condition. It is also a good practice to keep your gas tank full in case you find yourself in a stranded situation and need to run the heater to stay warm. Keeping your tank full when the weather is cold for extended periods of time will also minimize the amount of water vapor in your tank which can freeze and cause issue in your gas lines. If you have a vehicle that is not used as often you should drive or run it in a well-ventilated area at least every few days to avoid a dead battery.

If you plan to travel when inclement weather looms, monitor road and weather conditions by checking local news stations or Internet traffic and weather sites. You can sign up for weather alerts to receive text messages and optional alerts for your area. Do not check your phone while driving and avoid all unnecessary distractions when you’re behind the wheel.

Before you leave the driveway or parking lot, take time to clear snow and ice off your car, including your windows, mirrors, lights, reflectors, hood, roof, and trunk. Drive with your headlights on and be sure to keep them clean to improve visibility. Use caution when snowbanks limit your view of oncoming traffic.

As you get on the road, remember that speed limits are meant for dry roads, not roads covered in snow and ice. You should reduce your speed and increase your following distance as road conditions and visibility worsen. Avoid using cruise control in snowy or icy conditions – you want to have as much control over your car as possible. Be cautious on bridges and overpasses as they are commonly the first areas to become icy. Avoid passing snowplows and sand trucks because the drivers may have limited visibility and the road in front of them could be worse than the road behind.

If you are unexpectedly caught in a snowstorm and are stranded or get stuck in snow, if your car is safely out of harm’s way, stay in your car and wait for help. You can run the car heater to stay warm for 10 minutes every hour, but first, make sure your exhaust pipe is clear of snow. There is a danger of carbon monoxide poisoning if snow blocks the pipe and enables the deadly gas to build up in your car. Open your window slightly to help prevent any buildup.

Remember, driving in winter weather can be challenging, even for experienced drivers. Slowing down, allowing increased time to come to a stop, wearing your seatbelt, devoting your full attention to the road and being aware of changing conditions can help you drive more safely. If your travel route takes you into remote areas with limited cell phone coverage, consider informing a third party of your travel plans and share with them your route and when you plan to arrive. This way, if you are overdue, first responders will know where to start looking. If you’re unsure whether it is safe to drive, consider waiting until the roads improve.

Leading provider of insurance for homeowners, property investors, commercial properties, auto, and health.  Find the best rates and work with a team you can trust for all of your insurance needs.  By choosing Ken Allen Insurance Agency out of Garland, Texas, you will have the FREEDOM of CHOICE because we are independent agents helping you find the right insurance coverage and rates that meet your needs.  We have the ability to shop over 50 Insurance Companies to find the best rate for you.

Protecting your home, family, investment property and vehicle is crucial.  That’s why Ken Allen Insurance Agency is dedicated to helping people just like you get insured for the things that matter most in life.  We build relationships with our clients that are lasting and developed on trust.  Every member of our team is licensed and capable of assisting with all your insurance needs.

Ken Allen Insurance makes getting a quote easy.  Simply use the form for quotes and one of our agents will get in touch with you right away or give us a call at (972) 226-1330 TODAY!

 

 

Insurance Tips To Consider Before Buying a Car

Most people know they need insurance for their new car, but in the excitement of buying a vehicle they may not research it as carefully as they should. Skipping over this detail may cause financial problems almost as soon as you drive off the lot.

“You need to shop for insurance before you ever step foot on the lot to negotiate buying a car,” says Penny Gusner, consumer analyst at Insure.com. “Sure, look at cars and narrow down what exact make and model you may buy, but keep your car insurance costs in mind during this time as well.  When you have your choice of car narrowed down to a few, it’s time to shop around for insurance.”

1. Determine how long your current car insurance will cover your newly purchased car. “If you’re replacing a vehicle on your policy, typically the same coverage will extend to your new car,” says Gusner. “It can be as short as 24 hours or as long as 14 days, so check before you buy to find out what it is rather than assuming you have coverage. Also, if you’re not replacing a car, then you may not have any coverage at all.”
2. Don’t assume the dealership will take care of the insurance paperwork for you. Not only is the staff busy, it is not its responsibility to call and add a car to your policy.  “If they look at your insurance card and let you drive off, it’s because they are assuming you checked and know that there is coverage under your current policy,” says Gusner. Keep in mind that, if you’re financing or leasing a car, the lienholder will mandate that you have not only liability insurance but also comprehensive and collision coverage," she adds. " So if you have liability-only coverage but need comprehensive and collision with your new car, get it added before you leave the lot – it doesn’t get automatically added for you.”
3. Understand what’s needed. When buying a car, you need to know the cost of the car, of course, but you also need to understand what coverage, limits and deductibles you must buy. For example, lienholders usually ask for deductibles that are $500 or below, say Gusner. Talk to your insurance agent.
4. Liability coverage is the basic insurance you need to drive on the roads. Most states require you to have this coverage to pay for damages or injuries to others you may be responsible for when driving your car, says Gusner.
5. Personal injury protection (PIP) PIP is required in no-fault states as part of your basic car insurance policy. It pays for your medical expenses up to its limits, regardless of fault in an accident. Again, talk to your agent. Also, make sure you know what coverage, limits and deductibles are (comprehensive and collision have deductibles you must choose) when shopping for insurance so you get the correct rate quotes, she said.
6. Gap insurance is a must if you owe more than your vehicle is worth. Cars depreciate as soon as you drive off the lot. There are many examples of car buyers having their cars totaled soon after purchase and owing thousands more than their insurance covers. “Gap insurance  pays the difference between the value of the vehicle at the time of its total loss and what you still owe on it,” says Gusner.
7. Protect yourself with collision insurance. What if you drive off the lot and are hit by another vehicle or object such as a shopping cart? Collision insurance  protects your car. That’s why lienholders require that you carry it: the car is still the asset of the lienholder, says Gusner.
8. Comprehensive insurance covers your car for weather-related damages. Live in an area often hit by tornadoes? In a flood zone? Comprehensive coverage  is a smart buy, even if you don’t experience extreme weather. It protects you in case the car is damaged by fire, theft or vandalism. Again, expect the lienholder to insist you have this coverage so the vehicle can be repaired or paid off if it is a total loss.

Leading provider of insurance for homeowners, property investors, commercial properties, auto, and health.  Find the best rates and work with a team you can trust for all of your insurance needs.  By choosing Ken Allen Insurance Agency out of Garland, Texas, you will have the FREEDOM of CHOICE because we are independent agents helping you find the right insurance coverage and rates that meet your needs.  We have the ability to shop over 50 Insurance Companies to find the best rate for you.

Protecting your home, family, investment property and vehicle is crucial.  That's why Ken Allen Insurance Agency is dedicated to helping people just like you get insured for the things that matter most in life.  We build relationships with our clients that are lasting and developed on trust.  Every member of our team is licensed and capable of assisting with all your insurance needs.

Ken Allen Insurance makes getting a quote easy.  Simply use the form for quotes and one of our agents will get in touch with you right away or give us a call at (972) 226-1330 TODAY!

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#HappyBirthday Linda from Everyone at Ken Allen Insurance Agency!