Are you looking to protect your family with life insurance in Colorado Springs? We want to help explain life insurance for people in the Springs to make it easier to understand once you go into your insurance agent’s office. Learn the different types and what exactly does it cover.
What is Life Insurance
It is a contract between you and an insurance company, which you pay a certain amount that upon your death the insurance company will pay the people you leave behind a certain amount of money. Most people use their life insurance plan to help with paying for funeral expenses, inheritance, higher education costs or to protect against loss of income.
The cost for life insurance varies on your health, your age, and others factors. As well as the amount of money you want to leave behind for your loved ones, the higher payout you want the higher the monthly rate.
Life Insurance Policies in Colorado Springs
Each insurance company in the Springs offers slightly different plans for life insurance however they all use the same terminology. See the different policies below.
Term life insurance
Term life insurance is a coverage for a certain period. So if your death is to happen during these policies your family will get the money from your insurance company. You can stop paying into the term life policy at any time but then your life insurance will be terminated. Think of it as renting a policy for a certain number of years. This is usually the most affordable option but is doesn’t offer the best coverage long term.
Permanent Life Insurance
Is protection which last for as long as you live. As long as you keep paying your premium then you will continuously be covered. Some of these policies will also be able to turn into cash value accounts as well. (Ask your local agent how the cash backs work). These are usually more expensive options then term life but are guaranteed.
Each insurance company / agent works slightly different call an agent or check out one of the following companies to see exactly what type of life insurance options they offer in Colorado Springs, Colorado!
Major Life INsurance Providers in Colorado Springs
- State Farm
- American Family