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How Much Life Insurance Do I Need?

How much life insurance do I need?

When it comes to shopping for life insurance, one of the most important questions that need to be answered is how much life insurance do I need?  Unfortunately, there’s no one size fits all answer because our needs and expenses vary from one person to the next. However, while there may not be a dollar amount that works for every person, there is an easy to utilize a formula to figure it out. As a general rule of thumb, you want enough life insurance to cover your obligations such as a mortgage, college for your children, and any other outstanding debts after you have died. To get a rough approximation of how much life insurance coverage you need, start by multiplying your income by 10. Next, if you have any children add $100,000 per child to cover their college costs. Finally, you can use what’s called the DIME method in the financial industry which stands for debt, income, mortgage, and education. By adding up the aforementioned obligations, you’ll get a big picture view of how much money you should get a life insurance policy for.

While it may be a morbid process, always make sure to involve your spouse or partner in these discussions to make sure that their input is included. This is particularly important if you are the sole earner or make significantly more money than your partner because your life insurance policy will need to provide a substantial windfall to address those shortcomings. 

At Aspen Gold Insurance Brokers in Broomfield, CO, we understand that shopping for life insurance can be complicated and that’s why we try to make the process as simple as possible. Give us a call today to learn about your options and we’ll help prepare a customized life insurance plan that will provide peace of mind and comfort to both you and those you provide for. 

Health Insurance Basics To Remember While You Research Different Policies

Health Insurance Basics

Based in Broomfield, CO, Aspen Gold Insurance Brokers assists the community by offering different types of insurance coverage. We are committed to helping our clients find the coverage that they need to protect what matters most. We will educate you on health insurance basics that you should be aware of. 

Health Insurance

Health insurance allows you to help take care of your body. The policy covers you as you undergo routine exams to make sure that everything is ok. You will also be covered in the event that you have to go to the emergency because you are not feeling well.

You have the option to choose a policy that is the right fit for your personal situation. You can choose doctors within a specified network, or you can choose to find your own doctors outside of the recommended choices. You will also have to take into account the number of times that you visit the doctor every year. That will likely impact the choice of which policy to take. In some cases, you can request a referral to visit a doctor outside of the network for a second opinion. You have the option to choose a short term coverage option or seek group coverage. Take some time to research all of the different coverage options.

Be sure to pay attention to the language in your policy regarding the enrollment period. During the enrollment period, you have the opportunity to amend your current policy. This is something that you may want to look into if you have children or a spouse. You can also amend your coverage during the enrollment season to add extra benefits.  

Aspen Gold Insurance Brokers Will Guide You Through The Process

If you are unsure of which health insurance policy is right for you, visit our website to learn more information. We strive to help residents in the Broomfield, CO community, as well as the surrounding areas, find the coverage that they need.

Why you need commercial insurance for your Colorado business

Colorado Commercial Insurance

Those that would like to own their own business should spend time carefully assessing locations to open their new company. When you are looking for a new place to start a company, you should consider coming to Colorado. Colorado is a great place to start and manage a company due to a strong population and continued support for local businesses. If you are going to start a business here, it is important to consider your commercial insurance needs. There are many reasons that you will need to have insurance. 

Insurance Required for Loan Compliance

One of the reasons that businesses will need commercial insurance here is to ensure they are in compliance with their loan agreements. If you need to take out a loan to start or grow your company, you need to know what your insurance requirements are. A lender will likely require that you carry commercial insurance as it can protect their collateral and ensure you remain solvent during some challenging situations.

Legal Requirement

For businesses that are in Colorado, having some commercial insurance can also be a legal requirement. The state today obligates that most employers have a commercial insurance policy that includes worker’s compensation insurance. This form of insurance provides protection for employees that are hurt while they are working on the job.

When you are looking for a commercial insurance policy in Colorado, you should speak with the team at Aspen Gold Insurance Brokers. When you call the team at the Aspen Gold Insurance Brokers, you are going to receive the guidance and support that you need to pick an insurance policy. This will help ensure you are able to get into a policy that helps you to meet your insurance obligations. Contact Aspen Gold Insurance Brokers today for a free insurance quote. Let us see if we can save you money and protect your business. 

Top 5 Boating Safety Tips in Colorado

Boating Safety Tips

If you want to get out on the water in a boat, it’s crucial you keep in mind boating safety tips. These 5 are surefire ways to protect yourself (and your loved ones) when you’re riding in a boat.

Life Jackets

Do your research and buy an appropriate life jacket. You also can borrow one, though if you plan on going out often it’s good to have your own. Try it on to make sure that it fits. Children who are 12 years of age or younger must be wearing a life jacket whenever they’re in a vessel on the water.

Boating Safety Courses

Boating courses usually are meant for people who are 14 or 15 so that they can operate a sailboat, motorboat, or personal watercraft. Such a course is open to anyone looking to start boating or those who want to learn more about safety methods.

Know How to Navigate

You may not think about how you’ll navigate a boat. You should know how to react when you’re in certain types of situations that can lead to danger such as collisions and other kinds of accidents.

Check Your Boat’s Equipment

When you take out a recreational boat there are specific pieces of equipment that are required by the U.S. Coast Guard. For instance, you may need flags if you plan to go water-skiing and muffling devices. Such equipment may be covered in a policy from Aspen Gold Insurance Brokers, serving Broomfield, CO and beyond.

Safety Inspections

Have your boat ready at all times in case you get a safety inspection. Boat rangers conduct these inspections on Colorado waters. Be aware of the requirements for rafts, canoes, sailboats, personal watercraft, kayaks, and motorized vessels.

There are other things that are important to know when you’re thinking about boating safety tips. Be cautious and know the area where you’re taking your watercraft. For your boat insurance reach out to Aspen Gold Insurance Brokers of the greater Broomfield, CO area today.

What are the benefits of home insurance in Colorado?

benefits of home insurance

The Broomfield, CO area can be a great place to live. When you are here, there are plenty of great job opportunities and fun outdoor recreational options. If you do decide to move to this area, owning a property is a great option. If you are going to purchase a home in this area of Colorado, you should consider getting a home insurance policy. There are several benefits that are received when you get home insurance here.

Covers Dwelling

One of the main reasons to get a home insurance policy here is that it can provide you with protection for your home and other important assets. One of the biggest investments that you will ever own is your property. With a home insurance property, you are going to receive coverage if your home is damaged by a fire, weather, or other casualties. You can also receive coverage for your personal belongings and assets.

Gives Liability Coverage

You should also get a home insurance policy because you will receive liability coverage. When you own a property and have a guest over, you are going to be taking on some personal liability risk. When you get a home insurance policy, you are going to receive coverage to mitigate this risk. If you are sued for liability, this insurance will prove to be incredibly valuable. 

As you are shopping for home insurance in the Broomfield, CO area, you should contact the team at Aspen Gold Insurance Brokers. With Aspen Gold Insurance Brokers, you can be assured that all of your questions and concerns that come with buying a home and getting insurance are addressed. This will help you to choose a policy that provides you and your property with the appropriate level of insurance coverage.  Aspen Gold Insurance Brokers can also bundle your home and auto insurance, saving you money. 

Understanding Auto Insurance

auto insurance

To have the best auto insurance on the market today, you better have a good understanding of the coverage needed. Usually, that equates to what is and isn’t in the agreed policy. In addition, it’s wise to educate yourself on the different types of coverage available. The good people of Aspen Gold Insurance Brokers of Broomfield, CO will have a better understanding of the state minimum requirements expected on a standard auto insurance policy. 

Standard automobile insurance coverage provides financial protection against a vehicle accident that causes damage to you and another person’s car or personal property. But the wording inside the agreement may not pay for all of the repairs sustained in an auto wreck. Thus, you may need to consider having a more complete insurance policy to gain full coverage on your vehicle. 

Mandatory Auto Insurance Coverage

The state of Colorado requires all automobile owners to carry a mandatory amount of auto liability insurance. The law stipulates the following minimums of $15,000-per-accident for property damage, $25,000-per-person for bodily injury, and 50,000-per-accident for bodily injury.

The coverage pays for all costs associated with the injuries and possible death caused by the crash. That includes all medical expenses for you, the other driver, and passengers. Plus, all parties will receive payment for lost wages and other accident-related expenses. Finally, auto liability insurance will reimburse those individuals who suffered damage to their personal property from the accident. 

Optional Auto Insurance Coverage

A standard automobile insurance policy will assist with covering the cost of the damage sustained to your automobile in a road accident. But that doesn’t necessarily mean all of the repairs will be fully covered. This is when optional auto insurance coverage such as collision and comprehensive comes in very handy.

Collision insurance will reimburse you for the damage done to your vehicle as a result of an accident with another car or object on the road. Comprehensive insurance helps to protect against theft or damage is done (fire, flood, vandalism, fallen rock, or tree) from something other than another automobile.

It’s important to understand auto insurance before agreeing to the conditions of a policy. Speak with a professional from Aspen Gold Insurance Brokers of Broomfield, CO to get a better grasp of the coverage needed to protect your car. We can create an automobile insurance policy that fits your needs. 

Is Umbrella Insurance Recommended For Vacation Cottages?

umbrella insurance costs

Renting out vacation cottages can create additional risks for liability by guests who are renting the property, or even others who are visiting the site. Of course, rentals are required to have special liability insurance, but there are some instances where having umbrella coverage can protect against potential losses. 

Umbrella Coverage For Rentals

If there is an instance where there is potential for liability claims that exceed the limits of the current insurance policy that is in place, it would be wise to obtain umbrella insurance coverage. For example, there may be water near the rental or even craft at the residence. This protection can give the owner of the property additional security in the event of an accident or other covered incident.

Getting Quality Umbrella Coverage

An insurance agent can help assess the need for umbrella insurance and then offer common-sense suggestions for coverage options. This will help prevent any gaps and potential losses if there is an issue with guests at a rental cabin or home. Having quality insurance in place is always the best way to cover a property, which is why having a skilled agent to work with you through the selection process is highly recommended. Rental owners who are located near the Broomfield CO area should consult with Aspen Gold Insurance Brokers before choosing an umbrella policy.

Protect yourself and your investment with high-quality umbrella insurance. People who are currently searching for insurance policies to protect rentals near Broomfield, CO should schedule a consultation with one of the agents at Aspen Gold Insurance Brokers to get a better understanding of how they can add an additional layer of protection to the insurance that is already in place. 

3 Ways to Prevent Motorcycle Theft

Motorcycle Insurance

Whether you love the open road or just have an appreciation for well-made bikes, it’s likely that your motorcycle is your favorite vehicle in the garage. But many motorcycle owners might be surprised at just how vulnerable it is to theft. To prevent motorcycle theft in Colorado starts with taking a few more precautions. Aspen Gold Insurance Brokers wants you to understand more about what it means to keep one of your most prized possessions safe from harm.  

1) Watch Where You Park 

The very nature of a motorcycle makes it prone to theft, especially given just how light they are compared to a normal vehicle. If you park it out of the way, a motivated thief can easily carry it off without having to do much of anything at all. 

2) Buy an Anti-Theft Device 

Tracking devices may only help so much if the motorcycle has been dismantled, but they do give you (and law enforcement) some leeway. Plus, the very presence of a good anti-theft device can inspire a criminal to just keep moving. 

3) Always Lock the Ignition 

It might seem obvious, but most thefts occur when the ignition isn’t locked. As convenient as it may seem to just turn it off when you’re popping into a store for a minute, make the extra effort to turn it off so there’s no trouble later on. 

A good insurance policy may not be able to prevent theft, but it can help you replace your motorcycle if something does happen to it. Aspen Gold Insurance Brokers is here to help the people of Broomfield, CO stay safe no matter where life happens to take them. Give us a call today if you’re looking for coverage or a quote that will protect the drive.

Read more information on motorcycle insurance.

Life Insurance Benefits Beyond the Death Benefit

life insurance benefits

Discussing life insurance can often be a difficult topic of conversation. The team at Aspen Gold Insurance Brokers understands the importance of life insurance benefits and also respects the sensitive nature of its discussion. We have worked with residents in the greater Broomfield, CO area to help them to better understand their life insurance options and help them determine which policy type and coverage level is right for them and their families. If you would like to know more about this important financial tool, call or stop by our offices today.

Benefits of a Comprehensive Life Insurance Policy

In addition to a death benefit that can provide a significant amount of help to your family in the event of your untimely passing, there are other benefits that come with life insurance. Choosing a whole life or universal policy, for example, will ensure that your family receives additional benefits than just a death penalty. These comprehensive policies can allow you to borrow against their cash value while you are still alive. This benefit is a significant help when it comes to major life expenses like college tuition, weddings, retirement, medical or purchasing a home.

Depending on the type of policy that you choose, your family may be eligible to receive both a death benefit and financial benefits during your lifetime. There are many good reasons to include a robust life insurance policy in your overall financial planning, and our team of knowledgeable agents at Aspen Gold Insurance Brokers are here to help. Now is a perfect time to learn more about life insurance!

There are many different options when it comes to the policy types that are available to residents in the greater Broomfield, CO area. If you want to find out more about life insurance benefits, call or stop by or visit Aspen Gold Insurance Brokers today.

3 Tips for Buying Health Insurance in Colorado

cheap health insurance

Health insurance always seems to be a hot topic. But the fact is, you need it. Not only does buying health insurance protect you and your family in the event of an illness or injury, but it also saves you money in the long run by covering a portion of any medical expenses incurred. If you don’t have health insurance, the team at Aspen Gold Insurance Brokers first and foremost wants you to know that health insurance really is affordable. In fact, we’ve put together three quick tips you can follow to help you find the right policy and save time and money along the away.

1. Work with a Reputable Agent

Health insurance quotes contain a lot of detail, and you’ll need a reputable, knowledgeable insurance agent to help you sift through it all. These professionals are available to answer all your questions, look for ways to save you money, and help you secure the right policy for your needs and budget in a timely manner.

2. Bundle Your Health Insurance

Adding your new health insurance policy in Colorado under one carrier along with your other policies will save you money on your premiums. A reputable insurance agent can help you bundle your policies with the right carrier for maximum savings.

3. Compare Many Insurance Quotes

It’s recommended to compare several health insurance quotes to find the right one for you and your family. Each quote will have differences in coverage and cost that you need to be aware of. It’s also important to check and see if your current providers are in network and be prepared to change providers if you go with a plan where they are out of network. Again, a reputable insurance agent will be able to quickly point these differences out.

Don’t go another day without buying health insurance. Instead, contact the Aspen Gold Insurance Brokers to work with one of our reputable agents, serving the Broomfield, CO area.