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Colorado life insurance provides your loved ones with financial security when you can no longer provide it yourself. It becomes a nest egg when you die, enabling them to make wise decisions and prepare for a future without you.
The biggest issue your family has to face in the event of your death is lost income. Colorado life insurance gets them past the income gap by providing for living expenses, funeral expenses and other financial obligations such as estate taxes, mortgages, education and relocation.
When You Need It
You should buy Colorado life insurance if
How Much You Need
How much Colorado life insurance you need depends entirely on your family's situation.
Many experts recommend purchasing at least five times your annual take-home pay in Colorado life insurance. But this may or may not be accurate because no two families' needs are exactly alike.
If you can accurately identify your financial responsibilities and resources, it will be easier to make a wiser decision about how much Colorado life insurance to buy. However, make sure you buy at least enough Colorado life insurance to replace your lost income for a period following your death. This will guarantee your family an opportunity to get back on its feet financially during a challenging time of transition.
What You Can Get
Two main types of Colorado life insurance are available today:
The simplest and most affordable form of Colorado life insurance, term life provides temporary financial protection for a set number of years. It is usually recommended for individuals who need large amounts of coverage for a specific time period. However, once that period expires, this type of policy may or may not be renewable…and if you do decide to renew it, your premiums may increase.
Term life insurance provides good coverage for young Colorado families raising children or paying off mortgages. However, these policies represent only short term solutions because they do not build cash value.
If your resources are limited, term life provides you a way to purchase Colorado life insurance protection in a way you can afford.
If you're looking for a Colorado life insurance policy with long-term financial protection, permanent insurance is the way to go. This type of policy helps you aim more toward long-range financial goals, and often provides both a death benefit and cash savings.
Premiums for permanent Colorado life insurance run higher than those of term insurance. However, they remain steady and build equity over time, providing your family with financial resources they can borrow against, if needed.
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