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Colorado Springs, CO 80907

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Life Insurance in Colorado

Types of Life Insurance in Colorado

Different kinds of life insurance will meet the needs of people in various life stages. An agent from AmPro Insurance LLC in Colorado Springs, CO can help you decide which life insurance policy is best for you.

  • Term Life Insurance: This is the simplest type of policy and doesn’t have any cash value. If an individual dies within the specific term laid out by the policy, then the beneficiary gets the death benefit. This policy can protect your family by giving money to replace your income or cover financial expenses at death. Premiums will need to be paid in order for the policy to not lapse. If an insured person is still alive at the end of the term, they won’t get their money back. These policies are significant for people who only need insurance for a specific period of time.
  • Whole Life Insurance: This type of policy will build cash value. If an insured person dies, there is a death benefit, but there is also a savings component that develops over time. The premium is fixed and won’t increase during the lifetime of the policy. The policy will pay upon the death of the insured person or when that person reaches a specific age, as stated in the policy.
  • Universal Life Insurance: This type of policy is similar to whole life insurance but will give you more control over premiums. It’s permanent life insurance that will be paid out when the insured dies. There is more flexibility since you can change the death benefit at certain times. There is also a cash value option.

How Much Insurance Should You Have in Colorado?

Determining how much insurance you need will depend on your personal circumstances. You may want to consider your family’s annual expenses, and the number of years financial dependents will need your support. Include future costs, such as education expenses. You also want to consider inflation costs.

Contact the offices of AmPro Insurance LLC in Colorado Springs, CO to get a quote on life insurance.

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What’s Important when choosing a Life Insurance policy?

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