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Arkansas Insurance Blog

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. 

Filing A Homeowner’s Insurance Claim After Tornado Damage: What You Need To Know

Tornadoes are terrifying, and the aftermath can be devastating. If you live in a high-tornado area, it’s important that you have a homeowner’s insurance policy that can help you rebuild in the event that your home and/or belongings are damaged by a tornado. Here, we’ll take a look at what you need to know about filing a claim after your home has been damaged by a tornado. 

Reach Out To Your Insurance Agent As Soon As Possible

When you go through a traumatic event such as a tornado, it can be difficult to know where to begin when it comes to putting your life back together. One of the first things you’ll want to do is reach out to your insurance agent directly to discuss the next steps in filing your claim. They’ll be able to guide you through the claims process, one step at a time.

Discuss Emergency Work And/Or Accommodations

If you’re not able to safely live in your home due to damages caused by the tornado, talk with your insurance agent about arranging for emergency payouts for work to make your home habitable once again. If it’s not possible for you to live in your home while the work is being done, your insurance policy may pay for your to stay in a hotel until you’re able to move back into your home. 

Live In A High-Tornado Area? Adams Insurance & Financial, Serving Northwest Arkansas, Can Help 

Adams Insurance & Financial, Serving Northwest Arkansas, is here to help families stay protected despite unpredictable weather. Reach out or stop in today to talk about whether your homeowner’s insurance policy provides adequate protection against tornado damage.

Facts about financial annuities insurance

If you are looking for a second income stream or you want a break from your taxes, you might want to look into getting a financial annuity plan up and running. It might appear complicated, but we can make this as easy for you as possible. We outline some facts about financial annuities so you can decide whether it is the right option for you.

Adams Insurance & Financial in Northwest Arkansas offers financial annuity options. Please don’t hesitate to get in touch to discuss options that work best for you and your lifestyle.

What is a financial annuity?

An annuity is a type of investment where you pay a larger sum of money that is paid out in installments like a regular type of income. People might want to do this as an investment opportunity as their money can become worth more over time. You can choose to receive fixed payments immediately after purchasing the annuity or you can wait to receive payments at a later date, for example, when you retire. 

An annuity allows you to receive money right away.

There are two main types of annuity you can pick between. If you get a deferred annuity, this means you will be paid out at a later date, while in the case of an immediate annuity, you get access to your payments immediately. 

An annuity can help with taxes.

Because an annuity is a type of insurance, you might qualify for some tax breaks or deductions. Therefore, a financial annuity can be a great way to get some relief from your taxes!

If you want to discuss financial annuities in more depth with us, you can call Adams Insurance & Financial in Northwest Arkansas or you can compare quotes via our website. 

New Parent’s Guide to Life Insurance

A new life coming into yours will make you reevaluate your priorities and plans. Adams Insurance & Financial serving northwest Arkansas has a quick primer on life insurance and how it can help your family now and later.

Term versus Permanent Life

Term life insurance lasts for a set amount of time and tends to have few benefits other than the potential payout. Permanent life insurance is more expensive, but it has benefits that make it more attractive, notably the ability to lock in premium prices and avoid policy renegotiations that are a part of term life policies.

Life Insurance Incentives

As you pay into a permanent whole life insurance policy, it might accrue an actual cash value. Universal life insurance policies will earn interest on this amount, which means it makes money for you. The indexed universal version provides a return based on an index like the S&P 500. Variable universal policies will let you choose some of the investments for your cash value. Some policies allow you to take out loans against the value or withdraw the funds.

The exact details of each policy type will vary between providers and situations, but that should give you a general idea of their benefits.

Life Insurance Options for Your Child

A permanent life insurance policy for your child can also be a wise investment. Since children are generally at lower risk and have no dependents, companies may offer even more incentives if you purchase a permanent policy. You have likely seen long-running advertisements for a whole life insurance policy for children that doubles the benefits once they reach maturity. You can grant the policy to them then, helping to protect any future grandchildren.

Sort Out Your Life Insurance Options

There is more to learn about life insurance, so new parents in northwest Arkansas should contact Adams Insurance & Financial to get a better picture of their available options.

Auto Insurance for Multiple Vehicles

Do you have multiple drivers in your family, and you want to work with us at Adams Insurance & Financial to protect your Northwest Arkansas vehicles? Then, you need to learn more about insuring multiple vehicles at the same time to give yourself the insight that you need here. 

You Can Insure Multiple Cars 

If you want to bundle multiple cars onto the same insurance policy or with the same company, they usually provide you with a few different options and will even cut you a deal on your premiums and other costs. The number of cars you can bundle will vary based on a few factors. 

The Maximum Number of Bundled Cars 

Most insurance companies will let you bundle at least four cars and four drivers on one policy. However, that may vary according to the policy and the company. Some may take on fewer while others take on more. Check with your provider to learn more here. 

Insuring With Multiple Companies 

In some situations, it might be more financially beneficial to insure multiple vehicles with a few different companies. This option is a good choice if you get a great deal with one provider over another. That said, you usually save more if you bundle with one company. 

Different Insurance Coverage is Available 

You don’t have to get the same policies for each vehicle that you insure. For example, if you have one car you rarely use, you might want to give it the bare minimum of coverage to save yourself a little money. Or you can create a comprehensive package with the same level of protection.

Protect Yourself and Your Family 

Finding a great insurance policy for multiple vehicles doesn’t have to be a complex process. By working with us at Adams Insurance & Financial in Northwest Arkansas, you can get the incredible protection that you need. 

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