Life insurance is a contract between you, the policyholder, and your insurance provider in which your insurer will pay a death benefit to your beneficiary after your death in exchange for premiums you pay during your lifetime.
You are assured that your loved ones will be financially secure after your death. Besides living expenses, it can pay for outstanding debts, children’s education expenses, and end-of-life medical and funeral costs.
Laws about life insurance in Colorado are mentioned under Title 10 of the Colorado Revised Statutes. They include:
Several types of life insurance coverages are available for you to choose from. They include:
While buying life insurance for children and a spouse is recommended, priority should be on purchasing the coverage for the earning member of the family.
Mortgage protection term insurance covers the period of your mortgage repayment term in which the face amount decreases along with the decrease in your outstanding mortgage balance.
If you already have adequate life insurance coverage, there may be better options than credit insurance as it is more expensive than other term life insurance policies.