Should I have more life insurance than I receive through my job?

Posted on by AgentInsure

Life insurance is available as part of many employee benefit plans. However, these plans seldom provide coverage in the amount needed for most families and are often available only for the employee, not other family members. To discuss your family’s life insurance needs, consider contacting The Select Insurance Agency serving Coppell, TX. We’ll happily review these issues with you.

Life Insurance Through Work

Employer-based life insurance coverage offers several benefits to employees:

  • Complementary: Some coverage may be free with the option to buy more.
  • No Medical Tests: Policies are group-based, ensuring employees with pre-existing conditions are eligible
  • Little Effort: Covered requires little or no effort by the employee

These benefits mean employer-based life insurance has value, but the policies also have disadvantages, including:

  • Employer-Based: Employees generally lose coverage if they change employers.
  • Employee Only: Many employer-based policies cover the employee only, not their spouse or children.
  • Coverage Limits: Employee plans are seldom available in the amount needed to protect your family. For example, State of Texas employees receive only $5,000 in life insurance and can buy up to four times the employee’s salary. Neither amount meets the coverage most families need.

In most cases, it makes sense to take advantage of employer-based coverage.

While accepting the life insurance coverage offered through work makes sense, it generally provides only partial protection. Your life insurance coverage needs depends on your age, family composition, lifestyle, and other factors unique to you and your family.

Working with The Select Insurance Agency

If you live in or near Coppell, TX, and want to discuss your life insurance needs, call or stop in today to see our team at The Select Insurance Agency. We’ll happily find the right plan for you.

Commercial Insurance and Natural Disasters: What Business Owners Need to Know

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There’s no way around it: natural disasters happen, and they can ruin businesses in an instant. As a business owner, it’s vital that you ensure that your business is protected against the wrath of Mother Nature. At The Select Insurance Agency, our team proudly serves Coppell, TX business owners with the insurance policies necessary to help you stay protected, no matter what’s happening outdoors. 

Natural Disasters and Your Business

Natural disasters can do far more damage to your business than affect your physical property. If a natural disaster takes down communication in your area, affects your supply chain, or makes it impossible to provide services to your customers, it can feel impossible to bring your business back. It can also be tough to continue to serve existing customers while also trying to remedy issues caused by a natural disaster.

Commercial Insurance and Natural Disasters

While the thought of a natural disaster’s effect on your business can be scary, there’s good news: commercial insurance may help you stay protected. Working with an insurance agent to find the right commercial insurance policy for your business can help you rest assured that you have the protection you need to keep things moving, even when dealing with a serious weather issue affecting your cash flow.

The Select Insurance Agency: Proud to Serve Coppell, TX

If you’re a business owner in Coppell, TX, the team at The Select Insurance Agency is here to protect your business against the unexpected. Reach out to us today to learn how we can work with you to give you the peace of mind you need as a business owner.

Three reasons why workers comp insurance is a necessity for business owners

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Workers’ comp insurance is one of the most important types of commercial insurance coverage. You need workers’ comp coverage to offer financial protection to your company’s employees in Coppell, TX. At The Select Insurance Agency, we’re here to meet your workers’ comp insurance needs. 

The following are three reasons why workers’ comp insurance is a necessity for business owners. 

Carrying workers’ comp insurance coverage makes your company a more attractive place to work.

Hiring top talent is one of the biggest challenges many companies face. However, carrying workers’ comp insurance can make it easier to attract good workers because this type of insurance makes your company attractive to prospective employees.

If your company carries workers’ comp insurance, employees know they won’t lose their financial security if they get injured. This means that worker comp insurance can help you to overcome hiring challenges. 

You can have more confidence in workplace safety at your company if you have workers comp coverage.

When you buy workers’ comp insurance coverage, the safety features of your company’s workplace are typically evaluated and improved. This makes it so that buying workers’ comp insurance can make your company a safer place to work. 

Carrying workers’ comp insurance shows that you care about your employees.

With workers’ comp insurance, you can look out for the employees who work for your company. Your employees will appreciate that you’re protecting them financially by carrying insurance coverage. 

Are you ready to purchase workers’ comp insurance for your company in Coppell, TX? We’re here to offer assistance at The Select Insurance Agency. Get in touch with us today for a quote on a policy. 

Should You Purchase RV Insurance if You Rent an RV?

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If you plan to rent an RV to set out on the open road, you’ll need adequate RV insurance before leaving. If you’re currently in the market for reliable RV insurance or other insurance products and services, you can count on the experts at The Select Insurance Agency, who proudly serve the residents in the Coppell, TX, area.

RV Insurance Coverage 

When you rent your RV from the rental company, they may offer some RV Insurance coverage. However, it’s usually insufficient to cover your belongings and other areas, which may create gaps and leave you at risk for loss.

When you rent your RV, it’s important to consult with a professional insurance agent to determine which coverages may already be in place that you would want to purchase to offer a blanket of protection. Our team can carefully assess your current situation and recommend personalized options based on your circumstances. We will also educate you on the terms and conditions so that you can be an informed consumer.

Once you purchase the policy, we will assist you with any issues or changes you have during the policy’s lifetime and even with the submission of claims. It’s all a part of our dedication to providing our customers with exceptional Insurance products to give them peace of mind on and off the road.

Reach Out to The Select Insurance Agency Today 

If you want to learn more about RV Insurance or need assistance purchasing a policy, contact us today. Don’t hesitate to call or stop by the office of The Select Insurance Agency. We strive to deliver exceptional Insurance products and services to the residents of the Coppell, TX, area.

What Does Toy Insurance Cover?

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Even some grown-ups love toys! They’re cute and fun, and they have that nostalgia factor. Some toys have that "Gotta catch ’em all" factor. Some toys are worth quite a bit of money. For example, the original 1959 Barbie doll in mint condition can net $27,450. Some antique toys may fetch even higher prices. And then there are the vehicles that don’t quite count as road vehicles, such as golf carts, ATVs, and watercraft. They’re classified as toys, albeit expensive ones. Not to mention dangerous in certain conditions. They can all be insured. 

What Will Be Covered with Toy Insurance?

Comprehensive toy insurance coverage is much like any other comprehensive insurance. It can help you recoup losses due to fire, theft, flood, and other disasters. For your drivable toys, it works much like conventional automobile insurance. Liability, collision, comprehensive, and underinsured/uninsured drivers are all covered. The insurance will cover medical expenses and other damages if you get into an accident with such a vehicle. Anything bad that can happen with a toy can be covered. 

Insurance for snowmobiles, 4x4s, and the like is not a legal requirement like automobile insurance, but it is an excellent idea. Insuring anything you put a lot of money into is always highly recommended. Toy insurance gives you peace of mind.  

Toy Insurance Options from The Select Insurance Agency serving Coppell, TX 

If you are in the Coppell, TX area and want to get your toys insured, contact The Select Insurance Agency. Our exemplary customer service speaks for itself. You can count on us to ensure you get the best deal and are treated promptly and courteously. Contact us at your earliest convenience. 

Tips to Lower your Electric Bill During Hot Summer Months

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When the summer heat arrives and your family cranks the AC to stay cool, your next electric bill will likely be higher to reflect the additional electrical usage. However, according to the Select Insurance Agency in Coppell, TX insurance professionals, there are several ways to help keep your home cool without increasing your monthly utility bill.

In addition to keeping up with HVAC recommended maintenance (a well-maintained machine runs optimally), having the HVAC serviced, and replacing filters routinely, these are the other potential ways to lower your electric bill when the summer heat hits.

Invest in a Programmable Thermostat

This can automatically adjust your home’s temperature based on your family’s schedule. Even a few degrees warmer can significantly affect your energy consumption.

Employ Fans

Both portable and ceiling fans help circulate air, which allows you to feel cooler.

Keep Curtains & Blinds Closed During Peak Sunlight Hours

Blocking the sunlight can help keep the house cooler.

Seal Air Leaks

A proper seal prevents cooled air from escaping and hot air from entering the home.  

Cook Wisely-Grill Outdoors

Use a microwave, slow cooker, or grill outside to keep your home cooler.

Use a Dehumidifier

Lower humidity helps to make higher temperatures more comfortable.

Plant Shade Trees

When possible, strategically plant shade trees or shrubs that offer natural shade.  

Avoid Activities That Generate Heat

Minimize activities that generate heat during the midday sun. For example, run the washing machine or dishwasher after the sun goes down.  

Contact a Leading Insurance Company in Texas

Implementing these energy-saving practices can significantly reduce your home electric bill. For more information, contact the Select Insurance agency at 972-315-7299 or online.

Four of the best things about auto insurance

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There are plenty of great benefits and features to love regarding auto insurance. At The Select Insurance Agency, we can provide motorists in Coppell, TX with auto insurance that offers many features they love.

Here are four of the best things about auto insurance:

Auto insurance gives you more confidence behind the wheel.

Driving can be stressful. Unfortunately, accidents happen. Without insurance coverage, you would face all kinds of risks as a driver. When carrying a high-quality auto insurance policy, you can drive with more peace of mind and have confidence when you take to the roads. 

Auto insurance can prevent catastrophic financial loss.

A bad accident could potentially financially devastate a driver. With auto insurance coverage, automobile accidents have less significant financial consequences. Carrying auto insurance makes you far less likely to face severe financial hardship after an accident. 

Auto insurance includes a lot of options.

Consumers can customize their auto insurance policies. When you buy your auto insurance policy, decide exactly what types of coverage you want and don’t want. 

Auto insurance often covers medical expenses. 

Consumers generally associate auto insurance policies with coverage for vehicle damage. However, consumers should also realize that auto insurance policies often cover the medical expenses that result from accident injuries.

Thanks to auto insurance coverage, it’s good to know that medical costs will be covered if you get into an accident. 

You’ll enjoy these features when you insure your vehicle in Coppell, TX. Ready to find an excellent policy? Call us at The Select Insurance Agency. We’re here to meet your insurance needs! 

Five Things to Know About Term Life Insurance

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Term life insurance can provide for your family financially if you pass away unexpectedly. At The Select Insurance Agency in Coppell, TX, we offer term life insurance to give you and your family peace of mind. 

1. Term Life Insurance Lasts for 10 to 30 Years

A term life insurance policy lasts for a set period or term. Most policies last 20 years, but you can choose any 10 to 30 years term. If you pass away during this term, the policy will pay your family the death benefit. 

2. Death Benefit is Consistent Across the Term 

Term life insurance gives you a guaranteed death benefit. This benefit begins when the policy is active and remains the same as long as you have the policy. 

This makes selecting the right amount of coverage easy based on your family’s income and needs. 

3. Your Premiums Stay the Same 

Most term policies have a level premium. This means that your premium will stay the same. You don’t have to worry about your premiums rising as the years go by. 

4. There’s No Cash Value

A term policy doesn’t include a cash value component like whole-life policies do. However, term policies do have lower premiums than whole-life policies. 

5. After the Term, Your Policy Ends

If you outlive your policy, your life insurance ends at the end of the term. You may choose to renew the policy or choose a different life insurance policy if you still need life insurance.

However, premiums usually go up as you age, so you’ll likely pay more for the same amount of coverage. 

Term Life Insurance at The Select Insurance Agency

If you need life insurance in Coppell, TX, contact us at The Select Insurance Agency. We offer term and whole-life policies so that you can select the best policy for you and your family. 

How Does Umbrella Insurance Work?

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Having plenty of liability insurance is an important part of your financial protection. Without it, you could pay massive amounts you’re liable for. One way to get more liability coverage is to get umbrella insurance. This is a great way to add to some insurance policies that you already have so that you’re covered better. Call us at The Select Insurance Agency in Coppell, TX if you’re considering getting an umbrella insurance policy.

Boosting Other Insurance Policies

Many people have both home insurance and auto insurance. Both of these insurance types are extremely important. However, they might not cover you as well as you could. These policies often lack liability coverage, especially considering medical bills soaring. If you have both these policies, you can add liability to both at once by getting an umbrella policy. This adds an extra amount of liability coverage to both of those coverages. This makes you much better able to pay for a severe accident with many injuries. 

Paying Overages

When you have home, auto, and umbrella insurance, you’re well protected against expensive accidents. If someone falls in your home or gets injured in a car wreck that you’re responsible for, your home or auto policy will pay for the medical bills and other expenses that become due. However, those policies can only pay as much as their maximum coverage. When your accident is expensive, and the bills go above that amount, you’re left with an overage to pay. That’s why you need umbrella insurance. It pays for those overages to keep you financially protected. 

Get Your Umbrella Insurance

If you could benefit from an umbrella policy, call us at The Select Insurance Agency in Coppell, TX.

Cyber Insurance and the Importance of This Protection in 2023

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Cyber insurance is an area of focus for many companies across the United States and the world. The reason for this focus is due to the risk never being so high in this particular space. Cyber risk exists everywhere, and we must be ready when threats emerge. Whether you are in Coppell, TX, or abroad, cyber insurance is a real need that adds value. At The Select Insurance Agency, we can answer all questions you may have.

Who Needs Cyber Insurance

Cyber insurance is excellent for any company that handles or stores customer data. Even if you have proprietary information about your business stored on a network of any kind, it is also valuable.  

The Coverage it Provides

There are multiple levels of coverage that you get with a standard cyber insurance policy. The first is that it will help with the cost of notification to customers when there is a data breach. A big cost is associated with this, and cyber insurance covers how much you need to put out up to your policy limit.

Legal defense is another factor you need to take into account. Usually, with a cyber breach, legal costs roll in with mitigation and potential lawsuits. Finally, liability insurance can assist in the cyber insurance space. If you are liable for loss of customer data, you may face penalties and need to pay out to customers for the cost.

DFW companies must take cyber insurance seriously and know what it covers and who needs it. The Select Insurance Agency team can help provide education on cyber insurance and where it makes sense for your organization.

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