Questions To Ask Yourself When Shopping For Life Insurance

Getting life insurance is an important and serious step towards protecting your family. You might be wondering where you should start. In order to help you to make the right decision and find the perfect policy based on your needs, AmPro Insurance LLC, serving Colorado Springs, CO, has prepared the list of few questions you need to ask yourself: 

Why Do I Need Life Insurance?

People get life insurance for different reasons. The most common are paying off a car loan, paying off the mortgage, leaving money for your spouse, parents, children, and some others. It is important to know and understand your purpose in order to get the right coverage. 

How Healthy Am I? 

Your health condition and medical history affect your insurance cost. For example, if you are healthy, then you will have lower premiums, and you will be able to save money on life insurance. However, people with significant health issues will have to pay more for their life insurance. In order to find out how healthy you are, you should get a regular check-up and then discuss your options with an insurance agent. 

Who Are My Beneficiaries?

Beneficiaries are recipients of your death benefit if you pass away while your insurance policy is active. You should choose a policy depending on who your beneficiaries are. For example, if you are single and have no kids, then you can get an inexpensive policy that will cover your funeral expenses and some of your debts. However, you may need a policy with higher benefits if you are a married family person with kids. 

If you are a resident of Colorado Springs, CO, and you need some help in choosing the right life insurance policy that will address your needs and the needs of your family, AmPro Insurance LLC is ready to help. Visit our office, or give us a call to learn more about the options available. 

What’s the Difference Between Term and Permanent Life Insurance?

Life insurance can be a tremendous boon to your financial portfolio. Life benefits provide a financial buffer to keep your family going in the event of your untimely demise. At AmPro Insurance LLC in Colorado Spring, CO, we offer a variety of life insurance policies to meet your needs. By learning more about your life insurance options, you can choose the one that’s right for you.     

Term Life vs Permanent Life Insurance

Life policies are basically divided into two categories – term life and permanent life. Here’s the difference between the two:

Term Life

Term life insurance provides your family with basic financial protection in the form of death benefits upon your demise. It’s the most affordable type of life insurance for young, healthy adults as the premium is set for the duration of your policy.

Term life insurance is bought for a specific amount of time, such as 5, 10, 20 or 30 years. If you pass on during the term of your policy, your beneficiaries will receive the benefits specified on your policy. If you live past the term on your policy, you’ll have to purchase a new one if you want to continue receiving coverage.

Permanent Life

Permanent life differs from term life insurance in that it covers you for life, provided you keep up with premium payments. It also accrues cash value along with providing death benefits upon your demise.

Within the permanent life insurance category, there are numerous policies you can choose from to include whole life, universal life and variable universal life. Each of these comes with different benefits so you can pick and choose the coverage you need.  

To learn more about life insurance or to buy a life policy that provides the unique protection your family needs, contact AmPro Insurance LLC in Colorado Spring, CO. 

Should You Get Life Insurance for Your Child?

As a parent, you are always concerned about your kids. While getting life insurance in Colorado Springs, CO may not be on the top of your list for your children, it comes with a lot of benefits. An agent at AmPro Insurance LLC can help you get started with the right policy.

It can be harder to get life insurance as an adult in Colorado Spring, CO, which is why it can make sense to get life insurance for your child. A whole life insurance policy means that even if your child develops a medical condition, later on, he or she won’t lose coverage. It’s a great way to ensure a lifetime of financial security.

Life insurance premiums are based on your child’s health and age when you apply. This means that if you get life insurance when your child is healthy and young, you can lock in affordable rates. Even as an adult, your child will be paying the same amount.

Whole life insurance also builds cash value, which is money set aside with each payment made. The longer you have the policy, the more value the policy accumulates. It can be thought of as a small nest egg for the future. When your child turns 18, coverage can double at no additional cost. This means that he or she will have better protection and still be paying the same premiums as in childhood. When your child turns 21, there can be the option to keep the policy or get the available cash value in return. If you encounter any financial difficulties while your child is growing up, you can also borrow against the policy.

Life can be unpredictable. A life insurance policy can provide greater peace of mind and financial protection should the unthinkable happen.

Contact AmPro Insurance LLC to get a quote for life insurance.