The state of Colorado does not require employers to provide life insurance for employees. Therefore, if you live in the Centennial State, you will have to purchase a private life insurance policy to care for your dependents in the event of a sudden demise. But buying a life insurance policy isn’t as easy as it sounds; it’s a complex process where a lot of considerations have to be made.
Types of Coverage
The good news is that there are a lot of carriers offering this product in the state. McDonald Insurance Group of Colorado is one of them. Some of the types of life insurance policy offered by the McDonald Insurance group include:
- Whole Life Policy- If you have a whole life insurance policy, you will pay regular premiums until your demise, and the corpus is paid to the dependents. The validity of the coverage is undefined, which means that you get to enjoy coverage throughout your life.
- Term Insurance- A term plan is the most basic form of life insurance. Financial coverage is only provided for a specific duration. In this type of life coverage, there’s no profit or savings component. The sum assured — a fixed amount of money — is paid to the dependent if the policyholder passes on during the term of the policy. There’s no pay-out if he/she survives.
- Endowment Plan- An endowment plan differs from a term plan in one crucial aspect, that is maturity benefit. While a term policy pays the sum assured only in the case of death, an endowment plan pays the sum assured under both scenarios: survival or death.
The McDonald Insurance Group of Colorado provides various types of life insurance policies in Colorado. You get to choose the coverage that best suits your current situation. Give us a call if you are looking for a life insurance policy and speak to one of our agents.