Many things in life are personal and life insurance is one of them. Everyone has different needs and wants when it comes to how much life insurance they consider to be enough. Life insurance comes in two different types, whole life, and term life. Both of them offer a death benefit and have a place in financial planning. At Parker Preferred Insurance in McKinney, TX, we have the experience to help you to make one of the most important decisions of your life.
Enough is a vague word, what is enough for one person won’t be enough for another. What you consider enough may be too much for someone else. When it comes to life insurance enough is a relative thing. It relates to your need to provide for those who count on you. If you have a lower income, there will be a much smaller need since they count on less than if your income is in the upper six figures.
When you don’t have dependents, you need enough life insurance to take care of any debt you may have. Things like a car loan or credit card debt. You also want to make sure you have enough to pay for whatever final expenses may be incurred. If you have a home and a mortgage, that is a larger debt that requires a larger amount of life insurance.
Once you have dependents, your need for life insurance rises. If you have a spouse and children as a responsible parent you want to make sure they can stay in the home they love and not have to skip going to college. This means thinking ahead to the amount of income you would have earned until they are grown. Only you can decide how much life insurance is enough.
Call Parker Preferred Insurance in McKinney, TX to discuss your life insurance needs.
Life insurance is something everyone needs and no one wants to think about. It is important to make sure that your loved ones are taken care of in the event of your passing. We offer auto, life, and umbrella policies at Parker Preferred Insurance in McKinney, TX. In addition to selecting the right policy, you will also need to select your beneficiary.
Understanding Your Options
You may not be aware of how many options you have when selecting a beneficiary. In addition to selecting a person, you can select your estate, a trust, a charitable entity, or a company. You can also choose more than one beneficiary.
The primary beneficiary, or beneficiaries if you select more than one, will receive your death benefit if they are alive when you pass. A secondary beneficiary will receive the benefit if the primary beneficiary passes before or at the same time that you do. You may also choose to name a final beneficiary, which will receive the benefit of both the primary and secondary beneficiaries have passed.
Choosing Multiple Beneficiaries and Changing Beneficiaries
You may choose multiple beneficiaries for both primary and secondary beneficiaries. When you choose multiple beneficiaries, you will choose a percentage that will go to each beneficiary. It’s common for a spouse and children to be named as primary beneficiaries. You can also name a charity, company, or your estate as a beneficiary alongside loved ones.
Most policies are revocable. This means that you can change the beneficiaries at any time. You may also choose irrevocable beneficiaries. Irrevocable beneficiaries can only be removed with the beneficiary’s consent.
Life Insurance at Parker Preferred Insurance
There are many things to consider when selecting a life insurance policy and beneficiaries. At Parker Preferred Insurance in McKinney, TX, we are happy to explain all your options so you can make the best decision for yourself and your loved ones.
Auto insurance is a must for anyone who drives in Texas. This insurance offers a number of different types of protection in case of accidents. If you need auto insurance, call us at Parker Preferred Insurance in McKinney, TX.
The law in Texas states that you have to be able to demonstrate that you can pay for any accidents that you cause. The most common way to do this is to buy auto liability insurance for the vehicle. This type of auto insurance pays for damage done to someone else’s car or property that you damage. It also pays for the other party’s medical bills if you are found to be at fault for it. However, the mandatory minimums required are often too low to pay for serious accidents and injuries. That’s why many people get a policy for more liability coverage to protect their financial futures.
Recommended Insurance Types
There are several types of auto insurance that are not required in Texas but are still a must to keep yourself and your vehicle covered. Comprehensive coverage pays for mishaps and catastrophes that can damage your car and that are not vehicle accidents. Collision insurance is a type that will pay for repairing or replacing your own vehicle after it has been damaged in an accident. Medical payments coverage is a type that pays the medical bills of both you and your passengers after an accident. It also protects you if you are hurt while riding in another person’s car or when you are hurt when biking or walking.
Make Your Appointment
If you want your car covered, call us at Parker Preferred Insurance in McKinney, TX to make an appointment with an insurance agent.
In the McKinney, TX area, you are going to be located within a reasonable drive of a wide range of state parks, major cities, and other attractions. For those that want to explore the rest of the country and Texas, getting an RV can be a great option. If you are looking for an RV, you should also consider your insurance needs. There are several reasons that you should get an RV insurance policy.
RV Insurance Offers Asset Protection
The main reason that a lot of people will get RV insurance is that it can protect their assets. If you are going to buy an RV, you need to remember that it is a big asset that you should do your best to protect. With an RV insurance policy, you will have the protection that you need as long as you get collision and comprehensive coverage. This will ensure you are covered if your RV is damaged, stolen, or even vandalized.
RV Insurance Will Give Liability Protection
You should also get an RV insurance policy because it will provide you with liability protection. The liability risks that come with owning an RV are unique. In a way, you have many of the liability risks that come with both owning a home and a vehicle. With an RV insurance policy, you can receive the proper coverage to offset this risk.
Those that are going to get an RV in the McKinney, TX area need to spend time carefully assessing their insurance needs. When shopping for RV insurance, you should reach out to the team at Parker Preferred Insurance. When you do call Parker Preferred Insurance, you can learn a lot more about all of your options. This will ensure you are able to select a policy that is right for you.
You love the enjoyment of heading out onto the open road on your motorcycle and to protect the investment you have made, you need to have the right motorcycle insurance policy for you and your situation.
There are several coverage options to choose from when it comes to motorcycle insurance policies. In Texas, all motorcycle riders are required to at least have a liability insurance policy in place. This will cover injuries or property damage caused by you in the event of an accident. Medical payments and uninsured and underinsured motorist coverages are not required but a good idea to have in the event you are involved in an accident with a motorist who has no insurance coverage at all or not enough to cover your injuries, your passenger’s injuries, and damage to your bike.
This type of insurance pays to repair your bike and a vehicle or object you become involved in an accident with if it is deemed to be your fault. For example, if you hit the wrong gear and run into your friend’s garage door, this part of your policy will cover any damages to your bike and to the garage door.
Comprehensive insurance will help you pay for repairs to your bike or to replace it if it is damaged or destroyed by a fire, vandalism, or a natural disaster, such as a tornado or hurricane. This type of coverage will also pay to replace your motorcycle if it is stolen.
To create the best motorcycle insurance to protect your investment in your beloved bike, you need to enlist the assistance of an experienced motorcycle insurance agent. The agents at Parker Preferred Insurance in McKinney, TX are ready to work with you to design the correct policy for you and your motorcycle. Call for an appointment today.
Although boat insurance is not required in Texas, it is still an essential item if you are looking to protect the investment you’ve made in a watercraft. Whether it’s a new Jet Ski, boat, or any other type of seaworthy vessel, having insurance provides peace of mind and helps protect you in the event that the watercraft is damaged due to a storm, an accident with another boat, or leads to an injury to you, a passenger or a third party.
Boats are a major investment and a single accident can lead to thousands in damages and potentially the loss of the entire vessel. Boat insurance protects you from the unprotected by offering monetary coverage to repair or replace the vessel. One of the most important benefits of boat insurance is liability coverage. Typically, liability coverage includes damage to another person’s property whether that is another boat, marina, or home and bodily injury if someone is injured either on your vessel or on another because of your accident or negligence. Boat insurance typically consists of three options – replacement cost, actual cash value, and agreed amount – with the ability to customize your policy depending on your specific needs.
Working with a reputable and trustworthy insurance agency is imperative when selecting boat insurance to ensure that you find the right coverage for your needs. At Parker Preferred Insurance in McKinney, TX, we take the time to know our customers so that we can provide them the best possible recommendations. For our team of knowledgeable professionals, insurance is more than just a hobby, it’s our job and we strive to deliver the best possible service. Give us a call today to learn about your boat insurance options.
Is umbrella insurance something that you need? At Parker Preferred Insurance, we are happy to offer umbrella policies for those in the McKinney, TX area, but we understand that you may not know if umbrella insurance is right for your situation, or worth the cost. Our brief guide can help you decide!
The Purpose of Umbrella Insurance
Umbrella insurance is designed to extend liability limits from other types of insurance – usually auto insurance and home insurance. This offers extra protection for potential lawsuits. That can be very important if you are sued for an amount that far exceeds the current limits on your auto or home insurance (for example, in Texas auto insurance requires a minimum of $20,000 injury liability for any individual).
Umbrella insurance can help cover such lawsuits so that you aren’t in danger of losing assets like your house or car.
When Umbrella Insurance is a Good Idea
Umbrella insurance isn’t for everyone, but it can be very important in the right circumstances. If you have assets worth significantly more than your insurance, you may be at a higher risk for lawsuits and umbrella insurance may be a good idea. This is also true of public figures, those who engage in a lot of sports (including boating, surfing, etc.) or entertainment events, coaches, and those in a variety of other occupations. If you aren’t sure if you need umbrella insurance, talk to an insurance agent about
If you have any further questions, contact Parker Preferred Insurance, serving the McKinney, TX area, and we can discuss limits, costs, and what will work best for you!
If you own a condo, chances are you know that your condo association or HOA has its own insurance policy. You may wonder if that insurance is enough coverage for you. Parker Preferred Insurance specializes in condo insurance for the McKinney, TX area, and we’re here to tell you how these policies work, and why your association policy might not be enough to protect your personal assets.
What’s the difference between a condo association policy and individual liability insurance?
The insurance your HOA or association has will typically cover the building itself. This includes exterior building structures or common areas. We know this as a "master policy". It rarely covers interior, private units. This means that your belongings – anything inside your unit – do not fall under the policy’s coverage parameters.
Condo insurance for individuals is a version of homeowner’s insurance that covers your belongings within your condo unit. This is also known as an HO6 policy. While the specific items covered can vary from policy to policy, condo insurance usually covers the contents of your condo and your liability for damages, such as when someone is injured inside your unit. In short, your condo association’s insurance covers everything outside your condo – you are generally responsible for the contents within.
The insurance you may need will depend on what is or is not covered by your HOA policy. This is where professionals can help. Parker Preferred Insurance can make sense of condo insurance and work with you to find the right policy for your needs. If you live in the McKinney, TX area, give us a call or use our quote tool to discover what our condo insurance policies can do for you.
There are tips that just about every driver in McKinney, TX knows when it comes to driving safe: give yourself more time to brake on wet roads, practice regular auto maintenance, stay off your phone while driving. So we’re not going to go over those ones again. Instead, here are some tips you might not know:
- Keep your car out of the side-view mirrors. You can minimize your blindspot by adjusting your side-view mirrors until no part of your car is visible in them. This gives you as wide a look at the road as possible.
- Listen to the right music. Aggressive, fast-paced music has been shown to make people worse drivers in studies, being twice as likely to miss red lights. Listening to calmer music, or no music at all can make you a more attentive driver.
- Keep your vision clear. You don’t want to decorate your car with a bunch of things dangling from the rearview mirror, you don’t need that many bobbleheads, and certainly none on the driver’s side. Even a simple beaded necklace dangling from the rearview mirror can be a big distraction.
- Keep your headlights on. Not just when it’s dark, not just when it’s overcast. Headlights improve your car’s visibility from miles away, making it less likely that someone else will fail to spot you.
- Always use the parking brake. Your brake uses a steel cable, which is more likely to rust without regular use, and you don’t want it to snap in two the first time you actually use it while parked on a hill.
If you’re shopping for car insurance in McKinney, TX, give Parker Preferred Insurance a call or go to the Parker Preferred Insurance website to see what they can do for you.
Those that are in the McKinney, TX area will have a lot of different insurance needs. One form of insurance that someone will need to have is life insurance. This is a very important form of insurance that can protect the financial future of your dependants. There are several tips to follow that can help you to pick a life insurance policy.
Consider Coverage Amount
The most important factor to consider is the amount of coverage that you need. If you are going to get a life insurance policy, you should consider all of the future expenses that your dependants will have. This will need to include the costs of living, higher education, and general spending money. This will help to ensure that your dependents do not have to worry about finances if you were to pass away.
Pick the Right Option
Beyond knowing the amount of coverage you should get, it is important to also understand your plan options. The two most common options are whole and term life insurance. With a whole life policy, you will have coverage for the rest of your life. Further, a portion of your policies will accumulate in an account and can be liquidated later as an investment. With a term life policy, you will only have coverage for the length of your term, but your monthly payments tend to be much lower.
Picking a life insurance policy in the McKinney, TX area is very important. To ensure that you are considering all of your important factors and options, you should call Parker Preferred Insurance as soon as you can. The team at Parker Preferred Insurance can provide you with a lot of insight that can assist you in picking a quality life insurance policy. This will ensure you get the right coverage and have peace of mind.