Take Care of Your Loved Ones After You’re Gone
If you were to pass away, would your family be able to take care of themselves in your absence? Many Colorado families would struggle to pay the mortgage, their children’s school tuition, and other expenses with a significant loss in income.
Fortunately, life insurance was created to provide for the loved ones of someone who is deceased, so they can continue living as they did before without worry. You can purchase life insurance anytime, but many people are prompted by major life milestones such as these to make sure their families are protected:
What Are the Most Common Types of Life Insurance?
One reason many people put off buying life insurance is that it can be confusing to know what type of life insurance is best. We can certainly help you select the right type of coverage, but it helps to know a little about your options.
Term life insurance
This is life insurance purchased for a set period (term). You can often convert term life insurance to permanent insurance.
Index universal life insurance
This is a type of permanent life insurance that lasts your entire life and builds cash value through an equity index account (a grouping of various stocks). As the cash value grows, your premiums become more flexible.
Second-to-die life insurance
This policy is for couples. It pays out only when the second partner in the relationship has passed away. It’s also sometimes called survivorship life insurance.
Key man life insurance
Also known as key person life insurance, this type of policy is purchased by a business and covers it in the event the founder, CEO, partner, or key employee should pass away.
This is a plan for how shares are to be divided up after a business partner dies. Typically, all affected partners in the business have a policy, and each dictates that shares revert to the company or the deceased’s partners.
Let Us Tailor a Life Insurance Policy to Your Unique Needs
We’re happy to answer all your questions about life insurance at MAC Insurance & Financial Services, Inc. We can help you find the right type of policy for your unique situation, so you get the peace of mind of knowing your family or Colorado business will be cared for once you’re gone.
Our independent agents have many options for you because we work with all the major carriers, as well as many you may not know about. We offer stellar personalized service too and are licensed in 30 states. Give us a call at 303-368-3000 or get a quote to start a policy today.