Colorado Life Insurance
Life Insurance is a form of insurance that pays a beneficiary in the event of the death
Life Insurance is a form of insurance that pays a beneficiary in the event of the death of the insured person. When a policy is purchased, a specific death benefit is chosen.
Life insurance is a contract between the policy owner and the insurance company:
the policy owner (or policy payer) agrees to pay a defined amount called a premium
the insurance company agrees to pay a sum of money upon the death of the insured person.
the beneficiary - the person or persons named by the policy owner - will receive policy proceeds (benefit) upon the death of the insured person.
Do You Need Life Insurance?
If you provide financial support, or provide such services as child care, cooking, and cleaning for your family, life insurance can help replace those contributions to the family if you should die. Older couples also may consider life insurance to protect a surviving spouse against the possibility of the couple's retirement savings being depleted by unexpected medical costs.
If there are people who depend on you financially (including children, a spouse, a business partner, disabled or elderly relatives), having a life insurance policy will protect them when they can no longer count on your earnings.
If you have a mortgage or other financial obligations, a life insurance policy can help pay off debts and provide living expenses to the people you name as beneficiaries.
Are there people who depend on me financially? If so, life insurance can provide for their needs if you should die?
For most people, the need for life insurance will be highest after starting a family and will decrease over time as children grow up and become independent.
Life insurance can help make sure future needs are met and that your family maintains its standard of living, no matter what life brings.