Colorado Life Insurance Coverage
Colorado Farm Bureau Insurance agents are expertly trained to make sure your family is protected financially if the worst case scenario happens. Get the peace of mind you deserve with a life insurance policy.
Understanding Life Insurance
Life insurance can be the foundation of financial security for you and your family or business. Coverage can help protect you against the uncertainties of life.
What Happens Upon Your Death
Proceeds (death benefit) from your life insurance policy can be paid to your loved ones, known as beneficiaries, through income payment options for:
- Final expenses (funeral, medical, federal/state estate taxes, settlement costs)
- Income for spouse
- Mortgage or rent
- Daycare expenses for children or adults
- Outstanding debt (installment and auto loans, credit cards, and other bills)
What Happens While You’re Living
A permanent life insurance policy allows you to accumulate cash value on a tax-deferred basis. Accumulated cash can be accessed through policy loans or withdrawals for:
- Education costs
- Business expansion or transition expenses
- Emergency fund (unexpected major repairs or purchases)
- Supplemental retirement income
In addition, many insurance policies allow a terminally ill person to collect a portion of the policy’s death benefit while still living to be used as necessary.
What Type of Coverage Is Best for You?
No matter what stage of life you find yourself in, we can customize a plan that’s tailored for your individual needs and budget. We also offer Retirement Planning and Estate Planning services.
Types of Life Insurance
Whole (Permanent) Life Insurance provides coverage for the insured’s lifetime. Premiums are usually level, and set for the life of the policy. Whole Life policies build cash value that the policy owner can borrow against during the insured’s lifetime.
There are different types of policies to meet your needs:
- Protection is a lifelong or to a certain age, as long as premium payments are current.
- Premiums will remain the same for life (or a certain number of years), or may be flexible in timing and amount.
- Policy accumulates cash value on a tax-deferred basis (dividends aren’t guaranteed with cash value).
Term Life Insurance is a good option for those who only need coverage for a select term of years. These policies provide the most coverage for your dollar, but only payout death benefits within a set number of years. However, many of these Term Life Insurance polices are renewable or convertible to Permanent coverage.
- Protection is for a specific period of time.
- If the term policy is renewable, premiums may increase based upon your age at renewal.
- Policy does not provide a cash value.
- May have a conversion period where you can exchange your term policy for a permanent policy without a medical exam.
Protect Your Business
If you’re a business owner or have business partners, it’s vital to prepare for the unexpected. We offer life insurance products designed to help the beneficiaries of a life insurance policy pay for estate taxes, and more importantly sustain the business during a change or loss to a critical member of the business. Your local agent can help you understand the value of protecting your business and family further with life insurance.