Life Insurance is not only the cornerstone of a solid financial plan, but it’s hands down one of the most cost effective ways to protect the people who depend on you financially.
Finding the right life insurance products can be challenging in today’s insurance environment. At Paschall Insurance Group, we make the process of buying life insurance extremely simple. We offer a complete line of individual life insurance products that are tailored to meet you and your family’s specific needs. We work with several different top-rated insurance companies, allowing us the ability to find the best possible life insurance policy coverage and benefits you want and need.
Life Insurance Made Simple
When purchasing life insurance there are a few things to consider. Do you want Term life insurance or Whole life insurance?
Term Life Insurance will cover you for a specific term (hence, the name). It will expire once the term ends with no cash value (usually between 5 to 25 years), after the term expires the premium will increase. Term life insurance is extremely affordable.
Whole Life Insurance will cover you for your entire life. It surrenders with cash value. Premiums are higher as part of the premium is used for investment. A Whole Life Policy offers flexibility allowing you to take a policy loan and withdraw a bonus for participating plans. The premium for a whole life policy remains level for a lifetime.
Another question to ask yourself is how much life insurance do I need?
A mistake that we often see people make is basing their life insurance coverage on a guess, or just grabbing a number out of thin air without realizing what the impact of inflation could have on their life insurance proceeds.
One of the benefits of working with an independent agent is that we will sit down, and through a comprehensive needs analysis, determine the exact amount of life insurance coverage you will need to protect the people who depend on you the most.
The amount of life insurance coverage needed depends on a number of different variables. Here are a few examples:
How many children you have
Your future earnings potential
Whether or not your married
Spouses future earnings potential
The age of you and your spouse
Amount of debt you have
Paschall Insurance Group can help you make sound, informed decisions about issues affecting your life insurance needs. Our philosophy is to fully understand your objectives and then translate them into solutions that provide you assurance and peace-of-mind.
Congratulations! After weeks of research, comparing makes and models, and taking test drives you finally bought that brand-new car you wanted. But before you take that well-deserved road trip, check one more item off your list: the right car insurance.
While some auto coverage options are essential whatever the age of your car, new vehicles may carry some additional risks you should know about. So before leaving the lot, give us a quick call to discuss the possible coverage options:
New vehicle replacement. Here’s how this coverage works: If you’re the original owner of a new car that is totaled or stolen within one year of purchase, you’ll be paid the full value of the car you lost or a comparable model. Without this policy, you may have to settle for something less than new. Please note that this coverage is included with certain Safeco auto policies.
Loan and lease coverage. Consider what could happen if you financed your new car and then it was totaled or stolen soon after buying it. Not only would you lose your new ride, you’d still be on the hook for your entire loan balance — which would be more than the car was worth. With loan and lease coverage, you’d get a check to cover the gap between what’s left on your loan and the depreciated value of your car.
Audio-visual and custom equipment coverage. If you’re an avid music fan who enjoys a custom sound system or DVD player, this coverage protects you for the full value of any A/V equipment not installed at the factory or dealership. It also covers such modifications as roll bars, certain custom engine parts, lift kits, special wheels, artwork, decals, and other personal touches.
OEM parts replacement. OEM (original equipment manufacturer) parts are often preferable to other aftermarket parts because they are made specifically for your make and model of vehicle. So if you want your Honda repaired with Honda parts, or your Mercedes to only have official Mercedes parts, this coverage is for you. When you buy this optional coverage, it’s added to your existing Comprehensive and Collision coverage so that all repairs or replacements made to your damaged car will include new OEM parts where available.
You invested in a new car. So be sure your investment extends to the right auto policy as well. To learn more protecting your new vehicle, give us a call today!
If you're planning a home renovation, you may want to call your insurance agent first because this decision can impact your homeowners insurance. Some home renovations will change the amount of coverage you need, while others could even help you qualify for a discountt. We cover six common scenarios that could affect your insurance, so you can plan ahead.
1. Building a New Addition
When you expand and improve your home, you could likely increase its replacement value. This is the cost to repair or rebuild your home. Some additions that could increase your replacement value include: adding a second-story bedroom, expanding the living room or building a new garage.
After building a new addition, or making updates or other improvements, you may need to increase your coverage because the value of your home, and the cost to rebuild it will likely have increased. Most insurance companies require your Coverage A or dwelling coverage limit be at least 80 percent of the replacement value of your home.
Your insurance agent can recalculate your home value to determine whether you'll need more coverage because of the addition or improvement.
2. Building a Pool
If you're looking to add a pool, you will want to contact your insurance agent to review coverage for changes to your property's value, as well as any increase in risk. When people are swimming and running around the pool, there's the chance for an accident. If someone gets hurt, they could try to hold you responsible for damages. This can apply even if the accident isn't your fault.
Check with your agent to see whether your existing policy covers a pool and if you need to increase your liabilty coverage. This coverage can help pay damages to injured persons and provide for a defense if you are sued as a result of their injuries.
You should also ask your agent what steps you can take to keep your pool safe so you can avoid accidents. Adding a fence with a lock is a smart move. You could also add lights with motion sensors or a pool alarm to discourage trespassers. Consider skipping the diving board, because this increases the chance of an accident and your insurance cost.
3. Adding a Deck
A new deck is another improvement that can add value but also risk, especially if the deck is attached to a second story or higher. You should let your agent know that you've added a deck, so he or she can adjust your policy as necessary.
4. Renovating the Kitchen
Upgrading the kitchen can significantly increase the value of your home, especially if you switch to higher-quality counter tops, appliances and new flooring. You should contact your agent to see if you need to increase your insurance coverage.
If your contractor upgrades the plumbing or electrical wiring as part of the renovation, ask your homeowners insurance agent if you qualify for a discount or if your coverage needs to be adjusted. These upgrades can reduce the chance of flooding water damage and fire, so check if your insurance company has discounts that can help to reduce your premium.
5. Finishing the Basement
Finishing your basement can also increase the value of your home. That means, yet again, you may need more homeowners coverage. Flooding can be a concern, especially for the lowest floor in your house. It is important to note that most homeowners insurance policies do not cover damage caused by floods. Ask your agent to review your coverage and look to see if there are steps you can take to help prevent future damage, like installing a sump pump.
6. Redoing the Roof
Before you redo your roof, ask your insurance agent whether this could qualify for a discount. Some companies offer a discount when you reinforce the roof or use stronger roofing materials that are wind, hail and leak-resistant. Your agent can explain how to qualify. At the same time, redoing the roof could increase your property value, which means you might need more coverage.
It is a good idea to contact your agent when you’re considering making home renovations. Their knowledge and expertise can help you get the most out of your discounts while making sure your home is adequately insured.
From our offices in Weatherford, Texas, we serve clients anywhere in the State of Texas, though the following areas are geographically closest to us: the counties of Dallas, Tarrant, Denton, Wise, Johnson, Parker and Hood and the cities of Arlington, Bedford, Brock, Burleson, Cleburne, Colleyville, Coppell, Dallas, Decatur, Euless, Fort Worth, Frisco, Granbury, Grapevine, Hurst, Keller, Mansfield, Millsap, Mineral Wells, North Richland Hills, Southlake, Watauga, Weatherford, and White Settlement.