No one likes to think about life insurance - and certainly no one likes to pay the monthly premiums - but for most adults in Colorado, life insurance is a responsible necessity.
Finding the policy that's both right for you and your family and that's affordable is the real trick.
To start with you need to understand the difference between whole life insurance and term life insurance.
Whole life insurance lasts as long as you pay your monthly premiums, no matter how long you live, and the premium rate in effect at the time you sign up for the policy is the premium you pay until your death.
Term life insurance is good for a specified number of years and then you must buy a new policy at a higher age-based premium.
The premium on whole life insurance is almost always higher than the premium you will pay for a term life policy. The advantage to the whole life insurance is that the premium will not increase as you get older, while term premiums increase at the end of each policy term.
Another advantage to whole life insurance is that generally a portion of your monthly premium goes into a built-in savings account. Over time this "cash value" aspect of your insurance policy can become quite substantial and can even be borrowed against.
Which is better for you and your family? Only you and your insurance agent can answer that question, but regardless of your choice there are things you can do to help keep costs in line.
The main factors which determine the cost of life insurance in Colorado are your age, your gender, your health, and your occupation. Not surprisingly, the younger you are, the healthier you are, and the safer your job the lower your premiums will be. Females pay lower premiums than males since females live longer on average.
Shop around. Costs vary between companies and the internet is a great place to make side-by-side comparisons.
Get insurance now. Each birthday that passes increases the premiums you will pay.
If you smoke, stop; smokers always pay higher premiums. If you drive a (risky) high-performance sports car, consider trading it in.
Life insurance is designed to protect those who are left behind after a death, but paying the premiums during your lifetime doesn't have to drive you to an early grave.
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