5 Tips for Choosing the Right Life Insurance Beneficiary

To get the most from your life insurance policy in Arvada, CO, it’s important to choose the right beneficiary. Your beneficiary is the individual who will receive death benefits after you’re gone. These tips from Alliance Insurance Services can be helpful in selecting a beneficiary for your life policy.

Immediate Family

Your first consideration should be members of your immediate family such as your spouse or children. If you were to suddenly pass on, life benefits can help replace your income so your spouse can pay bills, buy food, pay off debts, and care for your children after you’re gone. This is especially important if you’re the only source of income for your family.

Parents & Siblings

If you’re supporting your parents or younger siblings now, you can continue supporting them after your demise by designating them as full or co-beneficiaries with your spouse and children.

Splitting Benefits

Life benefits can be split between several beneficiaries if you desire. It can be an even split or you can designate the percentage to be left to each. This gives you greater control over who you want to help financially and how upon your demise.

Debts

If you have co-signed loans with your spouse, parents, or business partner, you may want to make an allowance for paying these off in your life insurance policy by naming these individuals as your beneficiaries. This way no one is left with the burden of paying off a mortgage, business loan, or student loan after you’re gone.

Charity

If you have no family, consider a favorite charity as your beneficiary to better the lives of those in need in your local community.

For more information about life insurance policies and beneficiaries, call or visit Alliance Insurance Services, serving residents in Arvada, CO and surrounding communities.

Commercial Insurance Coverage for Small Business

Small businesses have different risks and needs than large businesses. Most small businesses need some type of commercial insurance. At Alliance Insurance Services, we help small business owners in Arvada, CO by providing the insurance coverage they need. 

Liability Insurance for Small Businesses

General liability insurance is recommended for most businesses. This gives you financial protection from many types of liability, including medical expenses, property damage, and legal costs of defending yourself against a claim. It doesn’t cover liability that occurs as a direct result of your business operations. Doctors, lawyers, and financial advisors are a few examples of businesses that need professional liability. If a mistake in your work could cost a client or customer, you may need this coverage. Product liability insurance provides coverage for your products.If you manufacture a product and it causes an injury, this will cover your liability. 

Property Protection

Commercial property insurance is recommended if you own a physical place of business. This includes stores, manufacturing facilities, and office buildings. It covers the structure itself, as well as your equipment and inventory. If you have a home-based business, you may be able to add a rider to your homeowner’s policy to cover your business equipment and inventory. This can add extra liability protection as well. 

Business Interruption Insurance

Business interruption insurance can replace your income if your business is shut down temporarily. The most common scenario is physical damage to your place of business, but other situations may be covered in your policy as well. Small businesses often operate on a thin profit margin. A few weeks without income can put your business in jeopardy. Business interruption insurance provides money for expenses until you are up and running again. 

If you are a small business owner in Arvada, CO, contact us at Alliance Insurance Services. Our agents will speak with you about your business needs and help you select policies that provide the needed protection.