If you are in process of choosing life insurance in Colorado Springs, we can help. We at Mikeal Taylor Insurance Agency ;are proud to help hundreds of families take care of their future with term, whole life, and universal life insurance.
Life insurance protects you and your family when you lose a loved one. Preparing to lose someone is smart, although no one wants to think about the death of someone they love. However, the last thing you need to worry about after losing someone is how to pay the bills. Life insurance protects you in this scenario.
The first step is to contact us at Mikeal Taylor Insurance Agency for a free quote. There is no cost or obligation to learn your options and benefits.
Learn More: What Is Life Insurance?
‘Life’ is a type of insurance that protects you should you lose someone due to death. It provides money to pay for a funeral, pay off debts or to maintain a lifestyle.
Types of Life Insurance:
There are two main types of life insurance. What type you choose depends on your age, financial status and whether or not you have dependents. We at Mikeal Taylor Insurance Agency help you figure out what type of policy will work best for you.
Term Life Insurance:
This type of policy is good if your funds are limited. The following are the benefits:
- Premiums are set for a certain amount of time. This is usually in increments of 10, 20 or 30 years.
- It provides the highest amount of coverage with the least cost up front.
- Usually less expensive than other types of life insurance.
- Provides coverage for a set period of time.
Permanent Life Insurance:
This type of policy is the best option for anyone who wants to leave an income for their spouse, take care of end-of-life expenses or leave an inheritance for their children. The following lists the benefits:
- Builds cash value. This is an amount that you can borrow from to use on other things. The cash value will be sent to you if you cancel your policy.
- Premiums don’t usually increase over time.
- Policy can remain active for your entire life.
Within the category of permanent life are two main types. These are whole and
universal life insurance. The following is an explanation showing the difference between the two:
- Whole Life Insurance: The cost of this policy typically doesn’t increase over the years. It is also one of the most popular types of life insurance. Whole life guarantees cash value that accumulates. You can borrow against this cash value.
- Universal Life Insurance: This type of policy can be altered to best fit your needs. The premiums do change on this policy. You can build cash value that you can borrow against.
The Benefits of Each Type of Coverage:
There are benefits of each type of life insurance. Because there are many options, you are sure to find a policy that fits your needs. The following is an explanation of the benefits of each type:
- This can change from flexible to permanent.
- It can give you temporary coverage for your business and personal needs.
- It offers cost effective coverage.
- Creates cash value that builds over time.
- Ideal for families who want life insurance but need to save for their future.
- Perfect for younger people who have just taken out their first life insurance policy.
- Allows you to alter your coverage for your personal needs.
- Gives you options on timing and gives you a method of making payments.
- Provides flexible coverage.
Who Needs Life Insurance?
Everyone needs life insurance. However, what type you need and how much varies based on your specific needs. For example, if you have several dependents and you are the main bread winner, you need more coverage. Even if someone doesn’t work but instead provides child care, like a stay-at-home mom, insurance can still be beneficial.
What Does Life Insurance Cover?
Life insurance provides the means to take care of your needs if you lose a loved one. Money paid to the beneficiary can be used for a variety of needs after a death. Most often, it is used to pay debts and funeral costs. With some policies, you can also borrow against it for other things.
How Much Coverage Do You Need?
This depends on your age and dependents. Our team at Mikeal Taylor Insurance Agency are happy to talk to you. We give you a good idea of how much coverage you need.
What Does Life Insurance Cost?
Your cost depends on several factors, such as whether or not you’re a smoker, what type of policy you get and the like. The average cost of a whole life policy for a 35-year-old non smoker would be around $731.57 annually. The annual cost of term life insurance for a 35-year-old non smoker would be $61 a month for a 20 year policy.
How Do You Get Life Insurance?
Call us at Mikeal Taylor Insurance Agency. Just like with all of our Colorado Springs insurance, we get you set up with the right policy.