Month: September 2024

Can You Have More Than One Life Insurance Policy?

Posted on by agentinsure

Understanding Changes and Multi-Policy Options in Life Insurance

Life insurance plays a crucial role in financial planning. After procuring a life insurance policy, you may want to modify it or purchase another one. What changes are allowed, and can one hold more than one life insurance policy? Let’s explore.

Changing a Life Insurance Policy

Life insurance policies come in different forms, including but not limited to term and whole life policies. Regardless of the policy type, you can always amend the policy’s beneficiary. Thus, if buying another policy merely to add a beneficiary is your goal, you don’t need an extra policy for this purpose. You can simply communicate with your Front Range Insurance Services insurance representative in Littleton, CO.

Is More Than One Life Insurance Policy Allowed?

Yes, you can legally have more than one life insurance policy. However, many insurance applications explicitly ask whether you already have insurance, and it’s important to answer this question honestly. Affirming this does not automatically disqualify you from obtaining a second or even third policy.

Why Have Multiple Life Insurance Policies?

Several valid reasons explain why one might choose to have more than one policy. For instance, you might want to carry both a term life and a whole life policy since their terms significantly differ. Major life events like family expansions may prompt you to consider an additional policy. Some insurance companies do not allow for increased benefits; thus, purchasing an extra policy may cater to increased needs.

At Front Range Insurance Services in Littleton, CO, we offer an assortment of life insurance policies to accommodate your current and future needs. Feel free to contact us today for more information.

Workers’ Compensation for Your Business

Posted on by Jessica Ceriani

Who Needs Workers’ Compensation?
Are you a business owner who hires employees? If so, you are legally required to carry workers’ compensation insurance in the state of Colorado. This is true whether you have just one employee or an entire team of workers. Employers who do not carry workers’ comp insurance can be fined up to $500 for every day they are uninsured. Offering health insurance is not a substitute and many health plans exclude injuries that may be covered under workers’ comp.

What Benefits Does Workers’ Compensation Provide?
Workers’ comp covers medical costs and lost wages for employees injured on the job, but it also helps protect your business. It covers unexpected costs and helps injured employees get back to work quickly, keeping your operations running smoothly. This is especially important for businesses that largely rely on their workforce: restaurants, retail stores, medical and professional offices. It also gives you legal protection as, in most cases, employees who receive workers’ comp benefits cannot sue their employer for additional compensation. If an employee is injured on the job and does sue their employer, workers’ comp can cover legal expenses and protect a business in the event of a lawsuit.

Whether it’s burns and cuts in a busy kitchen, Repetitive Strain Injuries from lifting heavy objects, or simple slips and falls, accidents happen and having the right workers’ comp coverage in place is crucial. It protects your employees, which, in turn, protects you and your business.

If you need workers’ comp insurance in the state of Colorado, please contact our office at
303-951-5982. We can assist with all your business insurance policies or just your workers’ comp.