Reader’s Question:

I just got a job here in Colorado, should I get a whole life insurance?

Victor

Boulder, CO

That’s a good question, Victor. It’s a wise move to get a whole life insurance especially because this is the type of insurance that gives you coverage for the rest of your life. On the other hand, a term life insurance will only give you a certain period of time. So I think it’s better to choose an option that is more comprehensive than a policy that limits you to just a few years.

With this type of life insurance, you will be able to have a fixed amount for your premiums. Which means you will always pay the same rates for your coverage every year. Whole life insurance also gives your beneficiaries the same benefits as with a term life insurance when you die. Although, there is a greater increase in your cash value with whole life insurance as time goes by. And this accumulated amount can be used, loaned, borrowed or withdrawn when you retire.

Aside from the fact that you are insured for the rest of your (hopefully) long life, people in Colorado are usually drawn to whole life insurance due to the high amounts of cash value that build up over the years. So if you’re planning on getting a life insurance, I suggest that you consider the policy that provides you and your family with benefits when you die and even while you are still alive! Get in touch with your insurance agent in Colorado to know more about whole life insurance and what options are there to suit you!