Everyone is talking about where to buy insurance, how to purchase insurance, benefits of insurance, things to keep in mind before buying insurance, etc. But have you ever wonder how much life insurance do you need? Now, this is the question of the hour.
Colorado insurance brokers answers this by life insurance rates for:
- A single person
- For a family
So let us take a look in detail of these two points
1. Life Insurance Rates For A Single Person
$50,000 or even $25,000 may be enough for a single person who has no dependents as they probably only need a small life insurance policy.
Though there is no one else who will rely on the income, it’s clear of having enough insurance to pay for final expenses.
Life insurance agency Colorado suggests, as the amount of coverage is relatively small, a single person can go with a whole life policy. It will serve them best by getting a permanent policy with a fixed annual premium. And these things term life insurance doesn’t offer.
2. Life Insurance Rates for a Family
When you have very young children, your need for life insurance is probably higher than it would be at any other time in your life.
A $500,000 life insurance policy might be the absolute minimum. If you die suddenly, sufficient funds must be available. This will not only cover your final expenses but will also provide adequate financial support for your children until they reach adulthood.
Furthermore, you will want to make some provision to pay for their college educations. Suppose it would provide $20,000 for the final expenses, $300,000 to provide $20,000 a year for support for the next 15 years, and the remaining $180,000 to be used for their further education.
You can see, it will be much more expensive to have a more substantial amount of life insurance coverage. In this situation, the young family should go with term life insurance.
Also Read: What Is The Typical Cost Of Health Insurance in The USA?
Cohealth Brokers - Colorado Health Insurance Brokers 