Four common misconceptions about life insurance.

Often at times, people keep off from life insurance topics and discussions not knowing how important it is for their family’s well-being when they are gone. With the technicalities and rules revolving around it, it’s important to have proper knowledge which will give you more confidence to make the right decision before purchasing life insurance.

Below are four common misconceptions about life insurance that are mostly misunderstood making individuals stay away from purchasing this product.

1. I have enough insurance at my workplace

In as much as your employer may provide you with life insurance, there are many other factors to consider. Usually, the employer provides insurance equals to 1-2 times your annual salary which might not provide for your family expenses when you are gone.

2. My family won’t need much when I die and they can easily move on

Unless you have made certain provisions to have all the expenses, mortgage and other utilities paid monthly, it might be very difficult for your family to move on smoothly after you die. It is therefore important to have an income need of at least 70% of all your household income catered for before you die.

3. I’m too young and healthy to buy life insurance

Getting a life insurance cover earlier is of great advantage to take care of your future. This is because circumstances could possibly change. In addition, getting a life insurance while healthy and young enables you to to get lower premiums.

4. Life insurance is expensive

Lately, there are a number of options for finding affordable life insurance coverage. Before purchasing a life insurance cover, talking to an insurance agent who will give you various alternatives is important. Often, you can start with an affordable term policy or a combination of both term and permanent policies. There is also an option of being a policy rider which gives you the opportunity to buy coverage but at a future date.

Since every person’s situation is unique, always ensure to make informed decisions when it comes to life insurance. At NE Arkansas, GTW Insurance our insurance agents will be glad to assist with any queries regarding life insurance matters.


What Are The Risks If I Don’t Have Commercial Insurance?

If you an owner of a business, finding ways to cut down on costs is always very important. One way that some people try to cut down on the amount of money they spend each month is by cutting out their commercial insurance costs. While this might be able to save you a little bit of money, there are many different risks that are covered by commercial insurance. If you do not have commercial insurance in place, you are running a variety of different risks that you should be aware of.

Liability Risk

One of the biggest risks that you are taking on when you do not get commercial insurance is an increased liability risk. When you have a full commercial insurance policy in place, your liability insurance will be a major part of the policy. If you do not have this type of coverage in place, it could place a significant amount of risk on your company. If you are sued for liability, the loss and legal defense costs could cause a serious setback. 

State Violations

Another risk that you are taking on if you do not have commercial insurance is the risk of state violations. When you own a business in Arkansas, you may be required to carry workers compensation insurance. If you do not have this type of coverage in place, you could end up being penalized by the state. These penalties can include significant financial penalties and even the closing of your business. 

If you are a NE Arkansas business owner, having good commercial insurance in place is very important. Because of this, you should speak with the team at GTW Insurance today. When you speak with the team at GTW Insurance, you will be able to learn more about the benefits of having a good commercial insurance policy.