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Colorado Life Insurance

It is often said that life insurance isn’t for the dead; it’s for the grieving family left behind. It can help pay the bills, cover final expenses and provide for your children after you are gone. Most people don’t like to consider the possibility of their own death, so they neglect this important coverage. However, it’s vital for anyone with a family, business or other assets, even if you live in the healthy Centennial State of Colorado. Here is what you should know about Colorado life insurance.

Mortality Rates
Ranked 12th out of all 50 states and Washington, D.C., residents of Colorado have an average life expectancy of 78.2 years. Only about 800 out of every 100,000 residents ages 55 to 64 will die in the state. People who are between 65 and 74 have a slightly higher mortality rate of 1800, and the number rises to over 5,000 for people between the ages of 75 and 84. These rates are low compared to other states, but people in Colorado life insurance is still a wise investment.

State Insurance Laws
Colorado does not have heavy regulations in place for the insurance industry, but they do have a few laws in place to protect consumers and the insurance companies. Death benefits on Colorado life insurance policies must be processed within 30 days. Insurance companies are required to pay interest on death benefits, and that rate increases on the 31st day if the company is slow to pay.

The state has also instituted a grace period if a payment is missed. Before an insurer is allowed to terminate your coverage, they must allow you thirty days to make the payment. Finally, an insurer can cancel a policy if they find inaccuracies on the application during a two-year window. Discrepancies related to medical conditions, tobacco use or dangerous lifestyles might result in termination of the policy.

The Benefits of Colorado Life Insurance Policies
The funds from life insurance are not currently taxable, so your heirs will receive the full benefit amount plus any applicable interest. The money can be used to pay for college educations for your children, pay off a mortgage or other bills. If your children are younger, the money can prove invaluable to cover the high expense of daycare. If you are partner of a business, it can help keep the business going while the remaining partners search for someone who can fill your shoes. Colorado life insurance is a final gift to your family.

Life insurance is not as expensive as people often think it is. You can submit your information for free quotes, allowing you to choose the best company and the most attractive rates. The rates will go up with age, so now is the best time to apply for life insurance. Protect your family and your assets by investing in Colorado life insurance today.