Best Life Insurance Companies in Aurora, CO

FAQs

• How can bundling life insurance with other policies be advantageous for consumers in Aurora?

  Consumers in Aurora can save up to 40% of the total cost if they buy policies for life, business, and umbrella insurance from the same insurer. Before buying a policy, they should shop around for insurance companies that offer multi-line discounts such as this. Most major insurers offer multi-policy contracts. In addition to savings costs, consumers can enjoy benefits like renewal convenience and streamlined customer service.

• Which type of life insurance in Aurora offers the most flexibility?

  Universal life insurance offers the most flexibility in the payment of the premiums. Through this type of insurance, the policyholder in Aurora can increase or lower the payment amount or stop payments temporarily. These policyholders have to watch out for the cash value of their insurance when choosing to lower the amount or skip payments. The insurance costs charged by insurers must not exceed the cash value for the coverage to be effective.

• Can annuities be beneficial for a retiree in Aurora?

  Annuities can provide supplemental income for retirees in Aurora. These products function as both insurance and retirement accounts and enable policyholders to grow their money without being taxed. Retirees can then enjoy regular payouts, guaranteed returns, and death benefits. However, they have to bear in mind some disadvantages of annuities, and these include lower returns than other financial products and higher administrative fees.

• Can you protect your life insurance in Aurora from creditors?

  Yes. You have to name beneficiaries so that your life insurance benefits go directly to them. If you do not do so, the benefits will go to your estate in Aurora, which creditors may then go after. Remember to always include a secondary beneficiary who can receive the benefits if the primary beneficiary cannot. This will save the funds from undergoing probate.

• How can you obtain a death certificate in Aurora for an insurance claim?

  If the death happened in Arapahoe County, you can schedule an in-person appointment with the Vital Records Office at Willow 6162 S. Willow Dr., Suite 100 Greenwood Village, CO 80111. The office can also be of service for deaths in Aurora that happened in Adams or Douglas County. Alternatively, you can obtain death certificates online through the VitalChek or Go Certificates website and by sending an email to VitalRecords@arapahoegov.com.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.