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Life insurance, sometimes called Life Assurance is a contract between two parties. This contract is usually between the policy holder and the insurer. In return for the policy holder paying a monthly or annual premium the insurer guarantees a specified monetary payout upon the death of the policy holder.
Each policy has its own terms and these can vary widely from insurer to insurer. A standard among all policies is that the insured cannot commit suicide or the policy will not payout. Also most policies will not accept new members if they have a terminal illness.
Costs involved with Colorado Life insurance vary from provider to provider. These costs are based on things like age, sex and whether the person has ever smoked or has a history of family illness. Most all insurance companies put policy holders in one of four categories. These categories include Preferred Best, Preferred, Standard and Tobacco.
There are many types of life insurance. These types include but are not limited to Temporary or (Term), Whole Life Coverage, Universal Life Coverage, Permanent, Limited-Pay, Accidental Death and Endowments. Each insurance type has it benefits and drawbacks. Be sure to consult a qualified Colorado Insurance Specialist before signing any paperwork for coverage.
Life insurance policies are for the most part are not taxable income. So any payout made to the beneficiary should not be taxed by state or federal government. This may however not be the case if the policy is somehow tied to an estate.
Insurance companies are not required to provide health of life insurance and can deny anyone for any reason they want.
Remember always consult a certified Colorado Insurance Specialist for any questions you have.
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