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Arkansas Insurance Blog

Life Insurance FAQs

Do you have questions about life insurance? Having an insurance agent you can count on to answer those questions is important. At Adams Insurance & Financial in Northwest Arkansas, we have an experienced team of agents who are ready to provide the information you need to make a decision about what life insurance is right for you. 

Life Insurance FAQs

When should I review my life insurance?

If there is nothing changing in your life, a yearly review should be adequate to make sure that you have exactly what you need. But if you have had any life changes, changing jobs, getting married, having children, or retiring, it is a good time to do a review of your coverage. 

Do I need to buy life insurance if I get some from work?

Simply stated, yes you do. Can you guarantee that you will only work for this one employer for your entire work life? The average is 12 jobs in a lifetime. That means changing your life insurance 12 times. In order to secure the future of your dependents, you need to be in control of the amount of life insurance that you have. You need your own life insurance and your employer coverage is a nice additional benefit. 

When is the best time to buy life insurance?

Before you need it is the obvious answer. When you are young and healthy, life insurance is the most affordable, but, for term life, it makes more sense to buy it after you have dependents. You want to make sure that your dependents are protected for as long as they need to be protected. With a 20-year term, you probably need multiple policies that extend the term you are covered to up to 30 years. 

Give Us A Call

Contact Adams Insurance & Financial in Northwest Arkansas when you have questions about life insurance or need to get a life insurance policy. 

Tips to Help You Avoid an Accident When Traveling Home for the Holidays

The holidays are nearly here, and people will be hitting the roads to travel to see friends or family for the holidays. If you are one of the millions of people who plan on driving home for the holidays, you want to do everything you can to stay safe.

Here at Adams Insurance & Financial, serving the greater Northwest Arkansas area, we want to help you stay safe.

Here are a few tips to help you avoid an accident if you are traveling home for the holidays:

Get Your Tires Checked Before Hitting the Roadways

One of the most common causes of accidents is tires. Tires that are worn can slip on wet or icy roads and tires that are over or under-inflated can suddenly blow out. Before you hit the roads this holiday season, get your tires inspected and possibly replaced. 

Check the Weather and Avoid Driving in Inclement Weather

Another tip to help you avoid an accident this holiday season is to always check the weather and avoid driving in inclement weather. Try to give yourself a couple of days more than you may need to drive to or from a location. This gives you the leeway you need to avoid driving in bad weather. 

Drive Slower on Roads You Are Not Familiar With

Lastly, you may be in a hurry to see family and friends but always drive a bit slower on roads you are not familiar with. Also, always give yourself plenty of time to get somewhere so you are not in a hurry or driving aggressively.

Get The Right Coverage For Your Needs

If you are planning on driving this holiday season, another thing that you should do is ensure you have auto insurance coverage to fully protect yourself and your vehicle in case of an accident. At Adams Insurance & Financial, serving the greater Northwest Arkansas area, we can help you select the right insurance for your needs. Call or email us to get started. 

Why Entrepreneurs Buy Commercial Insurance in Northwest Arkansas

Business entities at their initial stages may come with challenges and risks. For any business operator to remain in entrepreneurial undertakings, they should formulate a framework to minimize these impeding risks. Without commercial insurance in Northwest Arkansas, it may subject you to a stressful payment of legal fees in cash, relegating you to bankruptcy or culminating in detrimental financial consequences.

Don’t allow risks to dim your dream of initiating a successful business! Consult with our agents at Adams Insurance & Financial and get more information about commercial insurance. 

Is commercial insurance an asset to entrepreneurs?

Purchasing commercial insurance from Adams Insurance & Financial provides a broad spectrum of benefits to various entrepreneurs, including:

Covering of advertising liability

Any infringement of the copyright of any individual entity is equivalent to dire consequences from relevant authorities in Northwest Arkansas. If your business entity infringes on any copyright rule of other existing businesses or parties, liability insurance kicks in and caters to any legal liability against such accusations.

Protecting your employees

Statistics have shown that many workers suffer injuries while working in various businesses but go unreported and are compensated. Worker’s comp insurance is mandatory in Arkansas business entities employing seasonal or permanent workers. Companies are responsible for work-related injuries or sickness for employees working on their premises. They also qualify for missed wages and funeral benefits.

Protection from lawsuits

Lawsuits are recipes for bankruptcy for many business ventures. Any business is susceptible to impending expensive lawsuits. Workers’ comp insurance chips in and settles the lawsuit fees.

It protects business assets

Any business venture owns valuable assets within its premises. These assets ensure continuous productivity for the business enterprise at hand. Commercial insurance can cushion these business assets from any damages or risks.

Give Us A Call

Initiate a thriving business without worries of an impending peril in Northwest Arkansas! Please don’t hesitate to speak to our dedicated agents at Adams Insurance & Financial Sound and get more information about commercial insurance.

How Home Insurance Keeps You Protected

Owning a home is a great investment that is important to your entire household. However, if that investment isn’t well-protected, it can spell disaster for you financially. It’s important to have insurance protection for your home with a home policy. If you don’t have home insurance yet, it’s time to call us at Adams Insurance & Financial in Northwest Arkansas.

How Home Insurance Keeps You Protected

Home Protection

When you have home insurance, it provides protection for your home itself. It protects the dwelling against a number of damaging events that can happen to it. When a damaging event does happen to your home, it can cost many thousands of dollars to get the necessary repairs done. When you have home insurance, the policy pays for those repairs so that you won’t have to. This saves you from financial trouble after there is damage to your home. 

Item Protection

Another way that home insurance protects you is by providing protection against damaging events that destroy your belongings. It isn’t just your home that needs to be protected- everything inside it does as well. With a home insurance policy, your insurance can pay for you to get your items replaced. This can come at a huge financial cost, so it’s always best to have this protection in place. 

Liability Protection

Home insurance also protects you against liability. When someone comes to your home and has an accident there that injures them, you are liable for the medical bills that result from it. Home insurance will pay for those bills so that you don’t have to worry about them. 

Get Home Insurance

If you don’t yet have home insurance, you’re leaving yourself financially vulnerable to a number of events that can be costly. To get yourself and your home covered, give us a call today at Adams Insurance & Financial in Northwest Arkansas.

Keep Your Family’s Future Safe With Financial Annuities

If you want to make sure you have enough security for retirement, there are a lot of options for investment vehicles. One of those is financial annuities. In Northwest Arkansas, Adams Insurance & Financial can help you with the annuities you’re looking for.

Financial Annuities: A Comprehensive Guide

These are good options to save for retirement, which can not only protect you but also keep your family secure, as well. You don’t have to settle for a high level of uncertainty when you can choose options that are more likely to increase your chances for stability.

As with any investment vehicle, it is possible for an annuity to lose some of its value over time. Fortunately, many people choose several methods of investing for their retirement needs. By doing that, they reduce the risk of having their family’s future protection damaged if one investment fails to give them the returns they were expecting.

When you work with annuities, you can focus on setting yourself and your family up for more security in your retirement years. Our knowledgeable agents can provide you with the options and information you need to choose the best annuities for your needs. Depending on how much you want to invest, the number of years until you retire, and other factors, some options may be better for you than others.

Contact Us Today

If you’re in the Northwest Arkansas area and looking for financial annuities to help protect your future, Adams Insurance & Financial can help. We know you have options, and we want to provide you with the best choices for proper coverage and enough security. Reach out to us today, and let us help you choose the annuities and insurance policies that can maximize your protection and give you peace of mind for the future.

How Much Life Insurance Do I Need?

Life insurance is an essential coverage and kudos for starting the process of getting it. However, you might be in a dilemma over how much life insurance you need. Here is a breakdown of how much life insurance you need as a resident of Northwest Arkansas by the insurance experts at Adams Insurance & Financial.

Calculating Your Life Insurance Need

The goal of life insurance is for you to protect your dependents financially in case you pass away. Your current financial and your current and future family situation will influence how much life insurance you need. Here are some easy-to-use formulae to use:

  • Multiply your annual income 10-fold

Multiplying your income 10-fold is the simplest way to calculate how much life insurance you need. For example, if you earn $75,000 annually, you multiply this by 10 to arrive at $750,000. Therefore, you should purchase a life insurance policy worth $750,000. However, this formula doesn’t give a detailed look at your family’s evolving needs and other factors like existing life insurance and savings.

  • Multiply your annual income by 10 and $100,000 for each child’s college expenses

This formula for calculating life insurance needs is an improvement to the one above as it considers the children’s college expenses. Let’s say you are a parent to 3 children whom you expect to go to college, and your annual income is $75,000. Your total life insurance need will be $750,000 plus $300,000 for your children’s college expenses, which adds up to $1.05 million.

  • Utilize the DIME formula

The DIME formula takes a detailed look at your finances and your family’s evolving needs. Your debts, income, mortgage, and children’s educational needs will be considered when figuring out how much life insurance you need using formula. Due to the complexity of the DIME formula, it’s best that you have an insurance agent help you with the calculations.

Give Us A Call

Contact Adams Insurance & Financial for assistance with life insurance need calculation in Northwest Arkansas.

Are annuities right for your retirement?

Residents in the Northwest Arkansas region who are nearing retirement can turn to Adams Insurance & Financial for answers to their insurance and financial questions. We are here to help you plan for retirement.

Benefits of annuities as a tool for retirement

Planning for retirement in today’s economy can feel like an impossible dream at times, but that doesn’t have to be the case. There are a number of different financial tools that are available that can help provide the financial security that you want during your retirement years.

Of course, not every tool is right for everyone’s different needs, but there are likely a few that can help you reach your financial goals. If you are interested in learning more about annuities, here are a few benefits to think about when considering this financial tool:

  • Guaranteed payments – choosing an annuity from a reputable insurance carrier can ensure that you receive your payout. 
  • Immediate fixed annuities – investing a lump sum in certain annuity types can provide you with monthly payouts that begin immediately.
  • Payouts for the policyholder’s entire lifespan – unlike other investments that can run out if you outlive them, there are annuity options that provide monthly payouts for life, no matter how long that may be.

Not all annuities are created the same, so it’s important to work with an advisor that you trust when choosing any personal financial investment. If you are wondering if annuities might be an effective tool for your retirement, now is a great time to find out more!

We can help with your retirement planning

Adams Insurance & Financial has the knowledge necessary to help Northwest Arkansas area residents effectively plan for their retirement. Give us a call today and schedule your retirement planning consultation.

Should I File An Auto Insurance Claim?

If you’ve been in a minor car accident, you have likely wondered if you should report the damage to your auto insurance company or pay for it yourself. If the accident does not involve any other vehicles or someone else’s property, check to see if the repair estimate is less than your deductible. Let’s say you back into the basketball home in your driveway and it causes $800 of damage to your vehicle. You check your insurance policy and learn that your deductible is higher than the damage estimate at $1000. In this scenario, filing a claim may hurt you because the insurance company will not contribute any money to this incident, but your rates may also increase at renewal time. However, if you are involved in a vehicle with another person or hit someone else’s property, you should contact your insurance immediately. Your liability coverage can help pay for any property damage or injuries you are at fault for and your legal defense costs if you are sued up to your policy limits. 

Additionally, if you choose not to report the accident to your insurance company and any other party involved decides to make a claim for accident related injuries or damages, your insurer may deny coverage. Consequently, as a general rule of thumb, you’ll want to involve your insurance company if a third-party is involved in the accident to ensure that your best interests are protected.

Whether you are shopping for your first auto insurance policy or are up for renewal, the Adams Insurance & Financial team is ready to assist. Proudly serving Northwest Arkansas, we are happy to offer no-obligation consultations for any interested customers to learn about our insurance services.

What type of life insurance is right for me?

People that live in the Northwest Arkansas area are going to always have different personal insurance needs. An important type of coverage that all people need to consider getting is life insurance. With this type of insurance, you can provide financial support to those that you care about and receive other financial benefits. As you are looking for coverage, you can find there are various options to consider. The two most common are whole and term life and understanding the benefits of each will help decide which is right for your situation.

Term Life Insurance

A form of life insurance protection that all people should think about pursuing is term life insurance. This type of coverage will provide life insurance support for a specific period of time. It is ideal for many as the premiums tend to be more affordable and you can personalize a plan that will provide you with the right type and level of coverage. 

Whole Life Coverage

You should also consider getting a whole life insurance plan. This type of insurance will offer life insurance protection for the rest of your life if you continue to make payments each month. An added benefit is that it can be used as a conservative investment tool as some of your payments each month will accrue in an account and grow with interest. In the future, you will be able to take money out of this account. 

Getting a life insurance plan is a big decision for anyone that is in the Northwest Arkansas area. As you are assessing your personal insurance needs in this area, you should call the team with Adams Insurance & Financial. There are a lot of important choices to make and Adams Insurance & Financial can help you build a plan that will provide the ideal coverage. 

What commercial insurance is required in Arkansas?

When you own a business, you realize very quickly that you are surrounded by risks. Any one of these risks can be the demise of your business if you don’t have the financial ability to survive it. That is where commercial insurance comes in; it provides the protection you need against the risks that surround you. At Adams Insurance & Financial in Northwest Arkansas, we give our clients the tools they need to decide what type of commercial insurance they need to carry. We offer them a variety of carriers to choose from, which helps keep costs reasonable. 

Arkansas’ law requires that businesses carry two types of commercial insurance: workers’ compensation and commercial auto insurance. Any business that has three or more employees must protect them with workers’ compensation coverage which pays medical expenses and lost time for employees injured on the job. If your business owners any vehicles, they need to have the required amount of commercial auto insurance, which is 25/50/25 ($25,000 for one person in a vehicle accident, $50,000 for a total accident, and $25,000 for property damage). 

When you own a business, there are other types of commercial insurance that are a good idea to have to protect yourself. Almost every business can benefit from commercial property and liability coverage. Commercial property insurance protects not just a building but also all the things you need to do business. It covers machinery, tools, inventory, electronics, and office equipment, just to name a few things. Commercial liability protects your business from legal suits against you. It pays for a judgment if you are sued, and also for the legal fees associated with it. It is one of the most necessary types of commercial insurance. 

Contact Adams Insurance & Financial in Northwest Arkansas to get the insurance products and advice you need to protect your business. 

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