What Happens to Life Insurance Benefits If You Die Right After You Buy a Policy?

Buying a life insurance policy can be intimidating in Amarillo, TX. There are many questions to consider, such as deciding which policy is right for you, how much coverage you need, and what the policy terms should be. One of the most pressing questions we hear at Nest Insurance Agency is, "What happens if I die right after I buy a life insurance policy?" Fortunately, your family can still receive benefits. 

Life Insurance Payouts When You Die Right Away 

When you buy a traditional life insurance policy, like term or whole life coverage, your beneficiaries will receive benefits regardless of when during the term you pass away. Traditional policies are based primarily on death benefit payouts, not on accrued cash value like other insurance policies. As long as your premiums were paid up-to-date and your death falls within the term period, your beneficiaries will receive the total death benefit payout from your life insurance provider. 

No Waiting Period for Death Benefit Payouts 

Most life insurance policies do not have any waiting period before death benefit payouts can be made to beneficiaries following the insured person’s death. In other words, even if you die shortly after purchasing a policy, there won’t be any delay in receiving payments from the insurer—as long as all paperwork has been filled out correctly and premiums are up-to-date at the time of death. 

If you live in Amarillo, TX, and have questions about life insurance benefits, don’t hesitate to contact Nest Insurance Agency today! Our experienced agents would love to answer your questions about securing quality coverage for yourself or your loved ones. Get started building financial security with us today!

The Advantages of Investing in Commercial Insurance in Amarillo, TX

Whether you own a restaurant, run a manufacturing plant, or oversee an office building in Amarillo, TX, investing in commercial insurance protects your business from unexpected losses. Let’s look at some benefits of investing in commercial insurance and how Nest Insurance Agency can help you find the right coverage for your business. 

Protection From Unexpected Events 

Commercial insurance covers your business assets and helps protect you from unexpected events such as theft, fire, vandalism, and other property damage. It will also offer protection against lawsuits brought against your business by customers or employees. Having the right kind of insurance can help minimize financial losses that can occur due to these types of events. 

Flexible Coverage Options 

No two businesses are the same, and each has its own needs regarding commercial insurance. That’s why many different types of coverage are available for companies in Amarillo, TX. You can choose from liability coverage, property damage coverage, workers’ compensation coverage, and more, depending on what type of protection you need for your business.  

Peace Of Mind 

Having the right commercial insurance provides peace of mind knowing that you have taken steps to protect your business from potential losses. Investing in the correct type of insurance assures you that even if something unexpected happens, you will be covered financially and won’t have to worry about the burden falling on you and your business.  

Commercial insurance is an essential investment for businesses in Amarillo, TX—no matter their size or industry—as it protects them from unexpected events like theft or property damage and has flexible coverage options tailored to meet each business’s needs. For more information regarding commercial insurance options, please get in touch with Nest Insurance Agency today!

Why Child-free Couples Need Life Insurance: What You Need to Know Before Deciding

Deciding to have children is a huge decision, and it’s one that only some couples make. Childfree couples don’t have the exact financial needs of couples with children, so their life insurance needs can differ. While child-free couples don’t need to provide for a family, they still need financial security if something happens. This article from Nest Insurance Agency of Amarillo, TX will explain why life insurance is vital for child-free couples and how to decide which coverage is best for your situation.

You are protecting your spouse.

Life insurance can provide financial security for your spouse after you pass away. It can help replace lost income, cover expenses such as funeral costs or medical bills and pay off debt. It can also provide a lump sum of money that can be used to invest and create an income stream for the future.

You are protecting other dependents.

Other dependents besides a spouse or children who can rely on life insurance are parents, siblings, grandparents, grandchildren, and other relatives. They can use the payout to replace lost income, fund college tuition, and provide a source of retirement income. For business owners, life insurance can provide stability while the business transitions after your passing.

You are paying it forward.

One way to use a life insurance policy to benefit organizations vital to you is to name those organizations as the beneficiary of the policy. This means that, upon your death, the proceeds from the policy will be distributed to the designated beneficiary. This can effectively support charities, churches, schools, and hospitals that are important to you. For example, you could name a favorite charity as the beneficiary of your policy and ensure they continue receiving your support even after your death.

We specialize in life insurance at Nest Insurance Agency in Amarillo, TX. With us, you can be sure that you will provide for your loved ones in the event of your passing. Please reach out to us today to learn more!

How much auto insurance do I need?

Auto insurance is one of those things that everyone needs but no one wants to think about. It’s essential to figure out exactly how much insurance you need to protect yourself from accidents and other financial setbacks.

First of all, it’s vital to understand that there is a difference between liability coverage and collision/comprehensive coverage. Liability insurance is the minimum amount of coverage you legally have to have. It will help cover medical bills or any other expenses incurred due to an accident that was your fault. On the other hand, collision/comprehensive insurance covers damages done to your vehicle. It can also protect you in certain situations, like if your car is stolen or damaged in a fire.

Generally, it’s wise to get at least as much collision/comprehensive coverage as you have liability coverage. This will help protect you from any financial setbacks if you’re involved in an accident, another person, or a natural disaster destroy your vehicle. And, of course, you should always be sure to talk to your insurance provider about the specifics of what types and levels of coverage are available so that you can determine exactly how much insurance is right for your particular needs.

So, when deciding how much auto insurance coverage you need, it’s important to remember that it’s a balance between protecting yourself financially and keeping your monthly premiums as low as possible. And remember to always consult with your insurance provider to ensure you’re getting the best coverage for your needs at an affordable rate.

If you have any questions, please call us at our Amarillo, TX area Nest Insurance Agency office today.

The Many Policy Types that Comprise Commercial Insurance

When you open your business, you know you need insurance, but what type of commercial insurance do you need? Let Nest Insurance Agency answer that. Contact our office for a commercial insurance consultation on your Amarillo, TX business, and we’ll help you determine which of the more than 20 types of commercial policies your business needs.

Starting with a BOP

Many businesses start with a business owners policy (BOP) and build onto it with various options specific to their own business. These policies vary by the type of business or the structure from which the business operates.

For example, you buy a building with plate glass windows. Your insurance agent would likely recommend glass insurance to specifically insure the windows.

More Than 20 Types of Policies

You’ll have more than 20 types from which to choose when building this policy, so your agent will help by pointing out the policies that make the most sense for your business type.

For example, a home-based business needs a policy designed specifically for that business type, while a doctor’s office would need malpractice insurance.

Choosing the right policies means knowing the typical risks of the business. The major types of commercial policies include the following:

  • liability insurance
  • boiler insurance/mechanical breakdown coverage
  • glass insurance
  • debris removal insurance
  • builder’s risk insurance
  • inland marine insurance
  • errors and omissions insurance
  • business interruption insurance
  • ordinance or law insurance
  • tenant’s insurance
  • crime insurance
  • fidelity bonds

You can also add umbrella insurance to any policy that already has a liability policy.

Contact Nest Insurance Agency

Contact Nest Insurance Agency serving Amarillo, TX today for more information or to make an appointment for a consultation.

Policies That Let You Add Umbrella Insurance

Nest Insurance Agency offers umbrella insurance policies, so you can add extra liability coverage to help protect your financial security. You can only purchase umbrella insurance, a secondary type of insurance after you purchase a primary policy.

What Qualifies as a Primary Policy?

You can add umbrella coverage to the policy that protects your Amarillo, TX home or business, whether you need a homeowner’s policy, renters’ insurance, dwelling policy, or if you require coverage for a commercial business.

In fact, any policy that includes a liability can qualify as a primary policy. That means you can add it to the following insurance policies:

  • Home,
  • Auto,
  • Commercial,
  • Construction,
  • Boat/Other Watercraft,
  • Motorcycle,
  • RV.

If the policy you own contains a liability component, it can serve as the primary policy.

Why Add Umbrella Coverage?

Individuals already own the maximum liability coverage available on their primary policy turn to an umbrella to increase it. For example, you might insure your vehicle for $250,000/$500,000/$250,000 because you drive frequently or as part of your business. An umbrella policy lets you add to your policy’s maximum liability coverage.

Certain lifestyles or careers create a need for this. That includes those who travel each weekend or drive for Uber or Lyft. Perhaps you carpool or drive your child’s sports team everywhere.

Because you use your vehicle more often, you increase the likelihood of an accident. The added liability coverage that the umbrella provides covers your needs.

Contact Nest Insurance Agency

Let Nest Insurance Agency help you protect your financial security by adding umbrella insurance to your commercial, auto, boat, motorcycle, or home insurance. Let us help you protect your finances if you incur liability from an accident in Amarillo, TX or while on a road trip.

Common Life Insurance Questions Answered

Many people avoid getting life insurance because they think it is too expensive or don’t understand how it works.

However, life insurance can be a vital part of your financial security, and you must understand what it entails. At Nest Insurance Agency in Amarillo, TX, we help you get answers to everyday life insurance questions.

What is life insurance?

Life insurance is an agreement or contract between the policyholder and the insurance company. The contract states that you’ll need to pay premiums to the insurance company so that they pay your beneficiaries a sum of money when you die. The money is known as death benefits and is usually paid in a lump sum upon death. 

What are the different types of life insurance?

There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a period of 10-30 years. Whole life insurance covers the policyholder for their entire life.

Do I need life insurance?

You should consider getting life insurance if you have dependents who need your financial support. Life insurance can be a crucial safety net if you are the breadwinner of your family and your death will cause financial hardship for your loved ones.

How much life insurance do I need?

The life insurance you need depends on factors such as your income, debts, dependents, and lifestyle. A life insurance calculator can give you an estimate of how much coverage you might need.

Where can I get a life insurance plan?

You can get life insurance through an insurance agent, financial planner, or directly from an insurance company.

Get the most secured life insurance plan from Nest Insurance Agency, serving the residents of Amarillo, TX. We offer life insurance plans that will suit your needs and budget. Visit us today to get started.

When should you insure an older vehicle with full coverage?

Your new vehicle needs full coverage from Nest Insurance Agency since any peril-caused damage or single-vehicle accident would go uncovered otherwise. That would mean purchasing a car out of your pocket.

When your vehicle ages, though, does it stop making sense to cover it fully? It depends on the age of the vehicle and its type.

At ten years old, the average used vehicle costs about $7,990. According to Value Penguin, the cost of full coverage and its deductibles equals about half the vehicle’s value. At 15 years of age, total coverage premiums exceed the value of the typical used car. That means that once your vehicle reaches the age of 15, you’ll pay more than its value yearly in premiums.

That’s in reference to the average vehicle. What about when you own an exotic vehicle or a luxury vehicle? That changes everything!

That Corvette or BMW that you cruise around Lubbock or Amarillo, TX driving may increase in value as it ages. Many luxury vehicles do this. Check the Kelley Blue Book for the value of your vehicle. Full coverage makes sense if it continues to appreciate in value rather than depreciate in value or holds its own in value.

A vehicle that appreciates in value or holds its value would cost the same or more than the price for which you purchased it to replace. That means your 10-year-old Chevy Corvette might cost more for you to replace if you incurred a single-vehicle accident and weren’t carrying full coverage. That would mean replacing it out of pocket.

At Nest Insurance Agency, we serve the Lubbock and Amarillo, TX area with the auto insurance its residents need to protect their automotive investments. Call us today to purchase an auto policy that appropriately protects your investment.

How To Compare Commercial Insurance Rates and Find The Best Deal

There are various ways to compare commercial insurance rates, whether you’re shopping for coverage for your business or buying commercial insurance for a business. You can go online, talk to a broker, or visit your nearest insurance agent. In most cases, you can also compare commercial insurance rates using a software program or a website. For guidance in Amarillo, TX, seek help from Nest Insurance Agency.

Best Deal for Commercial Insurance Rates 

Most insurance companies will provide a rate estimate over the phone, but receiving that estimate via an online broker will give you a much clearer picture of what different policies cost. Certain types of businesses are much more likely to experience a claim than others, such as food service establishments, bars, gyms, and hotels. 

The best way to get the best commercial insurance rates is to compare rates from different companies. You can do this by looking at online brokerages or by visiting your local insurance agency and asking for a quote. You can also try contacting different companies to see if they offer discounts for buying through a specific agency. 

Another way to get the best commercial insurance rates is by purchasing a policy through the government. Most people won’t be able to get the same government rate as you, but it is worth a try. When purchasing commercial insurance, comparing rates across different carriers is crucial to find the best fit for your business. 

You should also ask about discounts for bundling and multi-line policies. If your business is new, it may be hard to get coverage for high-risk ventures like restaurants or construction firms. However, by paying attention to the details of your application, you may still be able to find an insurer willing to take on your business.

Bottom Line 

Use online resources like Yelp or Angie’s List to research before you sign anything with a new company. Before signing up with a specific insurer, you should also check with your state’s Department of Insurance and any independent rating services that evaluate companies’ financial strength, claims handling procedures, and customer satisfaction rates. Discuss with Nest Insurance Agency if having inquiries in Amarillo, TX.

Umbrella insurance for Texas business owners

If you are a business owner in Lubbock or Amarillo, TX, and have questions about commercial and umbrella insurance, give the folks at Nest Insurance Agency a call today. We help our business community with all of their insurance needs. We look forward to working with you!

Umbrella insurance for Texas business owners

Having an umbrella insurance policy in place can help business owners fill any gaps in coverage that they might experience. This can occur if a significant, catastrophic loss exhausts their primary policy.

In the event that a primary policy’s maximum payout levels are reached, an umbrella policy will fill those gaps in liability coverage. When this coverage is in place, the company will benefit from having supplemental coverage in place exactly when they need it.

There is no reason not to expand your insurance protection as your company grows. With increased growth and success, your firm will likely also encounter an increase in risk and a higher probability of liability exposure. Building a stronger wall of protection around your assets is another key reason for an umbrella policy.

If you want to make sure that your company has the commercial insurance that will provide protection now and in the future, it’s time for a comprehensive review of your current insurance holdings. This can give you a clearer picture of your current level of protection and also shed light on any areas where there may be gaps in coverage. 

Find out more today

Lubbock and Amarillo, TX area business owners can rely on the folks at Nest Insurance Agency for all of their commercial insurance needs. If it’s time to add an umbrella policy to your commercial insurance portfolio, call our office today and schedule an appointment. We are here to serve your insurance needs.