en espanol DORA State of Colorado


Protect Your Loved Ones With Life Insurance

 

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Consumers can choose from three main categories of life insurance:term life, whole life and universal life, with options within each category.

  • Term life insurance, the least expensive type of policy, has no cash value. It pays a specific lump sum to the beneficiary upon the death of the insured person.
  • Whole life insurance provides protection for dependents while building cash value.
  • Universal life insurance gives the policyholder more control over premiums and provides protection for dependents.
Do you need life insurance? The answer is yes if there are people who count on you.

To calculate how much you need, multiply your family’s annual expenses, allowing for inflation, by the number of years in the future you believe your dependents will need support. Remember to include future costs like college tuition. Some advisors recommend a policy that exceeds two to six times the policyholder’s annual income.

Additional Information on Life Insurance

Your resource:
Division of Insurance
Tel: 303-894-7490  

Toll free: 800-930-3745  (outside Denver)
Consumer Protection