How much life insurance is enough

Life insurance is one of those things that most people don’t like thinking about. It is, however, something that is important not only to understand but to get while you are still young. Even if you are no longer young, it is never too late to get life insurance. In McKinney, TX, Parker Preferred Insurance has a team that can help you to understand how much coverage you may need and what type works best for you.

In order to determine how much life insurance is enough, you have to think about your situation.

  • Who depends on your income?
  • Do you have a spouse, partner, or dependent children?
  • Are you helping your parents monetarily?

These are important factors to consider.

  • How long will they need to be provided for if you died tomorrow? 
  • Do you have any debt?
  • Have you made arrangements for your final expenses?

You need to have enough money to take care of all of these so that your family is not left holding the bag. 

Do you have assets?

If you have a lot of savings or investments, it may be that your loved ones will not be left destitute by your passing, but you need to make sure that any gaps left between your assets and your liabilities if filled with life insurance. 

Once you have decided on the amount of money you need to provide for your loved ones, you can start thinking about how much life insurance you need. Start by talking to our experienced staff at Parker Preferred Insurance. They know the questions to ask to come up with a figure for both the coverage and the premium that will work for you. If you are in or near McKinney, TX, give our office a call or stop by and let us make sure that you have peace of mind.

At What Age Should People Think About Purchasing Life Insurance?

Most people don’t like to think about or talk about life insurance. However, it can be one of the most effective tools for protecting those loved ones left behind after someone passes. Preparing for the future is important and those who have loved ones to consider should begin the process of learning about life insurance and when it is time to purchase a policy. 

Purchasing Life Insurance

Those who have loved ones depending on them financially should begin their search for a policy that will cover needs and potential expenses for the future. Calculating the current and future needs should be the first step. In general, it is recommended that the policy amount reflects the financial need of the beneficiary for the next 10 years. That would include recurring bills, tuition, and living expenses. Once the information is obtained, find a licensed insurance agent who can work closely with the client to determine options that would best suit the situation. Age 30 is the recommended age to begin covering a person with life insurance. This figure is general, however, but anyone with financial responsibility, or those with substantial personal assets, should start looking immediately.

Working With an Agent

Licensed life insurance agents can help clients navigate the world of life insurance. There are a few different types and not all policies are ideal in every situation. An agent can help sort through all the different options and isolate those that would be most beneficial to the loved ones left behind, and the current situation of the policyholder. Those who want coverage in the McKinney, TX area should check out Parker Preferred Insurance for great, personal service and quality insurance products. 

Get the protection loved ones need right now by purchasing top quality life insurance from an insurance agency that understands the ins and outs of coverage. The agents at Parker Preferred Insurance, serving Dallas and McKinney, TX area, want to help clients discover options that offer peace of mind. 

Do’s and Don’ts When Traveling Alone by RV

Traveling alone by RV is a great way to make the most of your destinations. You get to choose the places you want to visit, stop for the day whenever and wherever you choose and you get to save money on the costs of hotels and restaurants. There are many adventures awaiting you; however, when traveling alone there are also do’s and don’ts that you need to keep in mind. Parker Preferred Insurance has put together some important dos and don’ts for the residents of Dallas or McKinney, TX who are traveling alone by RV.

Don’t Invite Strangers In

When traveling alone by RV, you will meet a lot of fun and interesting people, but it’s important that you use precautions as well. You should never invite a stranger into your RV and never give out any of your personal information to a stranger, including the fact that you are traveling alone or where you are going next.

Do Know Your Next Destination

Although it’s fun to let your instincts guide you on where to go next, it is also important that once you have a general idea of your next location you have a stopping point in mind. As soon as possible, make sure you choose a campground and call ahead for reservations. Once you know where you will be parking, be sure to enter the directions into your GPS right away. If at all possible, avoid stopping for the night at isolated campgrounds and you should not park overnight in shopping center parking lots. The safest place to park is at reputable campgrounds.

Do Let Family Know Your Plans

Be sure to update your family and friends about your plans. You should let someone know where you will be going, the route you plan to take and when your expected arrival date is. This is especially important if you will be traveling during inclement weather or to a location that you are unfamiliar with.

The most important thing is to “don’t forget to have fun” but it’s equally important that you travel safely, so always keep your cell phone handy and learn how to do simple repairs, such as changing a blown tire.

To learn more information about RV insurance, residents of Dallas and McKinney, TX should contact Parker Preferred Insurance.

What you need to know about motorcycle insurance

The state of Texas is well known for its vast amount of space and wide open roads. Because of this, it is an excellent place for somebody from McKinney, TX to get a motorcycle and enjoy the great weather. When you purchase a motorcycle in this area, it is vital that you get all the necessary insurance coverage in place. There is a lot that you need to know about motorcycle insurance before you get on your bike for the first time.

Required By Law

The first thing to consider when you are getting motorcycle insurance is what the state requirements are. Similar to when you were driving a car in Texas, you are going to be required by law to carry motorcycle insurance at all times. Specifically, you need to make sure that you have liability insurance coverage whenever you are on the road. However, you need to keep in mind that this minimum level of coverage will not provide you with any protection for your bike.

Additional Coverage Options

Since liability coverage will not provide you with any protection for your motorcycle, you should look into additional types of coverage as well. This can include getting a full collision and comprehensive insurance policy. When you have this type of coverage, you will be covered for a wide variety of situations that could cause a loss for you.

As you are considering your motorcycle insurance needs, you should reach out to the team at Parker Preferred Insurance. The insurance professionals at Parker Preferred Insurance can help a McKinney, TX motorcycle owner choose a policy that gives the right type and level of coverage. This will help to ensure that you are covered and that you have a professional giving you sound advice.

Why is getting boat insurance beneficial?

People that live in the McKinney, TX area know very well how hot and uncomfortable the summer months can be. To enjoy this time of the year as much as possible, getting a boat can be a great option. When you have a boat in Texas, you will also need to think about whether or not to get boat insurance. There are several reasons why this insurance coverage can be very beneficial for you.

Covers Your Boat

When you buy a new or used boat, you are going to be making a big purchase and investment. If your boat happens to be involved in an accident, you could incur major repair bills. When you have boat insurance in place, you will have coverage for damage caused in an accident, theft, vandalism, and weather damage. This could prove to be a great investment in certain situations.

Protects for Liability

While operating a boat is a lot of fun, it is also a responsibility that you need to take seriously. If you are in an accident and cause damage to another boat or hurt another person, your liability costs can be significant. When you have boat insurance in place, you will have coverage for these situations and will receive additional support from the insurance provider as well during the stressful time. 

Those that have a boat in the McKinney, TX area should reach out to Parker Preferred Insurance to discuss all of the boat insurance options available. When you are looking for boat insurance, Parker Preferred Insurance will be able to take a detailed look at your situation to figure out what you need out of a policy. They can then help you get into a policy that is right for your situation. 

Is an umbrella policy right for you?

Before you consider an umbrella policy, it is important to understand what an umbrella policy is. When thinking about an umbrella, the visual is that it protects you from the rain. If you consider all the things that can happen in life to your home or vehicle in the rain, then you understand that the umbrella policy helps to keep you safe and dry. If you live in the McKinney, TX area, Parker Preferred Insurance has an experienced staff who will be happy to share their years of experience helping customers with you. 

What an umbrella policy is about is giving you protection above and beyond the amount of your home or auto insurance. This is additional liability insurance, not more coverage to replace your home or car. If someone is injured on your property or by your vehicle or pet, they may decide to file a legal action against you. The legal costs for such an action can be staggering and they can put your current assets and even your future assets in jeopardy. An umbrella policy covers you and all the members of your household. Your home or auto insurance will pay up to the amounts of its liability limits and then your umbrella policy will go into force. 

How much of an umbrella policy you need depends on what your assets are. Typically they can be from one to five million dollars. If you have assets, an umbrella policy is right for you. 

When you are thinking about whether an umbrella policy is right for you, there are many things to consider. Why not call or stop by the office of Parker Preferred Insurance in McKinney, TX and let us help you to determine the correct coverage for you and your assets. Visit our website for additional information. 

Condo Insurance When You Own Pets

Condos are a big deal in much of McKinney, TX, particularly for those who own pets. However, a condo is a small area for a dog or a cat and may cause issues that affect your condo insurance. These problems worry us at Parker Preferred Insurance, which is why we provided you with this guide through them.

Dog Damage is Not Covered

If your dog or cat causes damage to your condo, you shouldn’t expect your policy to repair this damage for you. Simply put, pet damage is considered an accepted risk that you take when you buy an animal. As a result, your insurance will deny you this coverage. By contrast, dog damage to other people’s property may be covered if you have the proper personal property damage coverage.

Pet Bites are Covered

The small nature of most condos means that your dog may be exposed to many people every day. And while friendly dogs shouldn’t run into any problems with biting, your dog may still bite somebody. When this happens, your liability insurance will cover medical bills and punitive costs that occur after your dog injuries somebody. About 15 percent of all condo claims are of this type. 

Umbrella Policies Help 

If your pet causes a severe problem – such as a severe injury to another person – and your standard condo policy maxes out, you’ll need to pay for the rest of the costs out of your pocket. However, if you add an umbrella policy to your regular plan, you can avoid this problem by expanding the range of your coverage and ensuring that everything gets paid. 

Finding a Great Policy Option 

So if you own a condo in McKinney, TX and have a pet as well, you should contact us at Parker Preferred Insurance to learn more. Our experts will work hard to find a policy option that works for you and which will protect your condo and your pocketbook at the same time. 

When Is Whole Life Insurance A Better Choice?

When you have the choice between whole life and term life insurance, you need to take a few important factors into consideration. While term life has its benefits, there are times when having a whole life policy is the better choice. The agents at Parker Preferred Insurance offer McKinney, TX residents both types of life insurance and are always ready to answer questions about either of the two policies.

Protecting Your Family

The biggest advantage of whole life insurance is that it will provide the long-term, financial support to your family if something happens to you. No matter how much you have paid into it, your beneficiaries will receive the full payout if you pass away. This allows your family to maintain their lifestyle for at least a short period of time after you pass away. In some cases, a portion of the proceeds can be placed in a trust for minor children that can be used for their education when it comes time for college.

A Long-Term Investment

A whole life policy is a long-term investment. Unlike a term policy that is set up for a specific number of years, a whole life policy will be in place for your whole life. In return, the payout on your policy may be much higher than that of a term policy.

No one wants to think of their own mortality but residents who live in McKinney, TX can make sure their loved ones are taken care of by making a simple phone call. Call the agents of Parker Preferred Insurance today to make sure your family is fully protected and will have everything they need if the unthinkable happens. Call and set an appointment today!


3 Reasons to Purchase Rental Insurance ASAP

While the average person may not be concerned with purchasing insurance for the property they are renting, not doing so could be to one’s own detriment. Indeed, no matter how lavish your home may be or how safe your neighborhood is, there is always the potential for unforeseen accidents to occur. That said, the following is an overview of 3 reasons to purchase rental insurance as soon as possible.

Legal Costs

One of the top benefits of rental insurance is that it can help you cover legal costs. For instance, if someone has a slip and fall on your property and become injured, you could be on the hook for hundreds, multiple thousands, or even millions of dollars. However, by purchasing a rental insurance policy, you could be protected against such lawsuits.

Dog Bites

On the other hand, if you have a dog, it might be in your best interest to purchase a rental insurance policy. While none of us want to believe that our dog is capable of brutally attacking a human or another animal, these things happen all the time. By purchasing a rental insurance policy, you will be protecting yourself against the unthinkable.

Protect Your Belongings

Last but not least, rental insurance can protect your belongings. With coverage that can protect against everything from floods and fires to theft, purchasing a rental insurance policy is one of the best methods of ensuring your belongings are protected at all times.

Overall, for those who live in McKinney, TX, Parker Preferred Insurance is an excellent option to purchase a rental insurance policy. No matter if you need a little coverage or a lot, one of our highly qualified independent representatives will be there to assist you. Simply call, email, or stop by our McKinney, TX office today. Let Parker Preferred Insurance be your preferred insurance company.

Using Life Insurance For Cash Flow Banking

If you need to supplement college expenses or help to pay off your McKinney, TX mortgage, taking out a loan from the cash value you’ve built up in your life insurance policy can be a smart way of handling your limited cash flow. Using the value built into your whole life insurance policy, also called cash flow banking, can be an advantageous method of financing necessities or paying off bills. If you have good financial restraint, the lack of financial restrictions on how your whole life insurance cash value can be used is a definite perk for permanent life insurance policyholders. Here are some tips from Parker Preferred Insurance to help you understand what cash flow banking is. 

Life insurance is designed to protect your loved ones in the event that you die. But, whole life policies can also be helpful in other financial situations, as long as you are wise about how you use that value. For example, life insurance dividends should not be used for: 

Covering a short-term cash shortfall – You may not be able to pay back your loan or continue paying the premiums and lapse on your policy. 

Covering a short-term loss of income – If you become unemployed, it’s better to find a new job than rely on the cash value of your life insurance policy – but, it could be preferable to taking out a home equity on your McKinney, TX home or getting a personal loan, depending on the interest rates.  

Benefits of Life Insurance Cash Value 

The cash value of your whole life insurance policy is guaranteed to continue increasing over time, as long as you keep up with the premiums, and your earnings will grow as tax-deferred income as long as you live. 

As a whole life policy owner, you’re eligible to receive dividends, which can be used to grow cash value or increase the size of your death benefit. By taking a loan against your cash value, you can benefit from generally more competitive rates than you’d get from a typical personal loan from a bank, making them an attractive source of cash or credit, especially when interest rates are low.  

For more information about how to utilize your whole life insurance policy as a source of personal cash flow banking, contact the experts at Parker Preferred Insurance today.