Colorado Life Insurance

Imagining how your loved ones will take care of themselves in the event of your death inspires many people to look for Colorado life insurance. While the search for a good life insurance policy is important to many CO residents, there is also a lot of confusion surrounding what it offers and how much you really need. Take a minute to review some basic Colorado life insurance facts so that you can make the best decision for the people you love.

What Colorado Life Insurance Can Help Provide For 

• Mortgage payments
• Child care
• Car Payments
• Lost Income
• Things like child care, maid service or home maintenance if your spouse used to do these things and you now have to hire someone to do them
• Funeral expenses
• Credit card debt
• Estate taxes and lawyer fees
• College funds

How Much Colorado Life Insurance You Need 

Your premiums will always be highest after starting a family, and will taper off over time as your family grows up and your needs change. Some insurance agents will tell you to take out a policy 2 to 6 times your annual salary at the very absolute minimum.

What you really need to consider (either alone or along with that) are things such as:

• your family’s expenses
• the number of dependants you have
• how long your children are going to be at home and will need to be cared for
• any college expenses
• any special needs (disabilities) that have to be provided for
• circumstances that are unique to your family
• a mortgage or vehicle payment that you want paid off at the time of your death

 Don’t forget to adjust this number for future inflation. 

Different Types Of Colorado Life Insurance 

Term Life Insurance – Term life insurance has no cash value and is only worth the policy amount when you die.  It is also the simplest form of life insurance and the least expensive to buy.  Term policies can usually be bought in 10, 20 and 30 year increments.

Whole Life Insurance – Whole life insurance is more expensive than term life insurance, but it does more for you.  This policy provides protection while building some cash value.  This is part life insurance and part savings account.  It has both a death benefit and a cash value.  If the policy is surrendered you get the cash that it has accumulated and pays when the policy holder dies or has reached the age stated in the policy.

Universal Life Insurance – Universal life insurance is the most flexible of options.  It works much like whole life insurance in accumulating cash and allowing you to take loans out against it, but it also allows you to change the amount of the policy at different times, change payment schedules and amounts of premiums.  A variation of the universal life is the variable life insurance policy that allows you to control how your money is invested.

Factors That Affect Your Colorado Life Insurance Rates 

Depending on your age and the policy you want, you may be required to undergo a medical exam to help in the underwriting process and determine your insurability.  This will affect both your premium and any exclusions that you add.  In addition, your policy will be affected by even further by

• Your age and general health in the event that you do not have to undergo a medical exam.  If you are over 65 you will not be able to purchase a term policy and will be required to purchase a whole life policy.  Health conditions like asthma, type 2 diabetes, heart disease, cancer, sleep apnea, high blood pressure or cholesterol and depression automatically raise your premiums.
• The type of policy you want, remember that term life insurance normally costs much less than whole life or universal life.
• The amount of coverage you want or need.
• Your hobbies and occupation.

Colorado Life Insurance Companies

Some Colorado providers that have good reputations you may want to consider are listed below. Just remember, a good reputation doesn’t guarantee that they are the best choice for you. Look at the policy options closely. 

• Prudential Life Insurance
• Mutual of Omaha
• American Family
• John Hancock Life Insurance
• Nationwide
• State Farm
• AIG/American General
• Lincoln Financial
• Banner Life 

Your Search For Colorado Life Insurance Starts Here 

If you are in the market for Colorado life insurance, go no further.  We have provided an easy to use tool right here on our website that will get you started in finding free Colorado life insurance quotes from multiple companies. Why not do it now?