HOW CAN WE HELP YOU?

call-iconClick to Call

How Much Life Insurance Do I Need?

How much life insurance do I need?

When it comes to shopping for life insurance, one of the most important questions that need to be answered is how much life insurance do I need?  Unfortunately, there’s no one size fits all answer because our needs and expenses vary from one person to the next. However, while there may not be a dollar amount that works for every person, there is an easy to utilize a formula to figure it out. As a general rule of thumb, you want enough life insurance to cover your obligations such as a mortgage, college for your children, and any other outstanding debts after you have died. To get a rough approximation of how much life insurance coverage you need, start by multiplying your income by 10. Next, if you have any children add $100,000 per child to cover their college costs. Finally, you can use what’s called the DIME method in the financial industry which stands for debt, income, mortgage, and education. By adding up the aforementioned obligations, you’ll get a big picture view of how much money you should get a life insurance policy for.

While it may be a morbid process, always make sure to involve your spouse or partner in these discussions to make sure that their input is included. This is particularly important if you are the sole earner or make significantly more money than your partner because your life insurance policy will need to provide a substantial windfall to address those shortcomings. 

At Aspen Gold Insurance Brokers in Broomfield, CO, we understand that shopping for life insurance can be complicated and that’s why we try to make the process as simple as possible. Give us a call today to learn about your options and we’ll help prepare a customized life insurance plan that will provide peace of mind and comfort to both you and those you provide for. 

Life Insurance Benefits Beyond the Death Benefit

life insurance benefits

Discussing life insurance can often be a difficult topic of conversation. The team at Aspen Gold Insurance Brokers understands the importance of life insurance benefits and also respects the sensitive nature of its discussion. We have worked with residents in the greater Broomfield, CO area to help them to better understand their life insurance options and help them determine which policy type and coverage level is right for them and their families. If you would like to know more about this important financial tool, call or stop by our offices today.

Benefits of a Comprehensive Life Insurance Policy

In addition to a death benefit that can provide a significant amount of help to your family in the event of your untimely passing, there are other benefits that come with life insurance. Choosing a whole life or universal policy, for example, will ensure that your family receives additional benefits than just a death penalty. These comprehensive policies can allow you to borrow against their cash value while you are still alive. This benefit is a significant help when it comes to major life expenses like college tuition, weddings, retirement, medical or purchasing a home.

Depending on the type of policy that you choose, your family may be eligible to receive both a death benefit and financial benefits during your lifetime. There are many good reasons to include a robust life insurance policy in your overall financial planning, and our team of knowledgeable agents at Aspen Gold Insurance Brokers are here to help. Now is a perfect time to learn more about life insurance!

There are many different options when it comes to the policy types that are available to residents in the greater Broomfield, CO area. If you want to find out more about life insurance benefits, call or stop by or visit Aspen Gold Insurance Brokers today.

Life Insurance Myths

life insurance myths

Don’t fall for these five common life insurance myths.

1. Young, healthy adults don’t need it.

Actually, if you are young, life insurance makes a lot of sense. Most of the time, life insurance is relatively inexpensive for younger people. Additionally, young people usually either have children or will soon have children. This means that if something happens to you, your child’s other parent will be left with many years to pay the bills and care for the kids as they grow up. Life insurance can help care for your children if you are not around to do so.

2. Singles don’t need it.

Even if you are single, life insurance is still a good idea. If something happens to you, your closest relative will be saddled with the costs of funeral and burial expenses. Additionally, if you have any debts, life insurance can ensure that your family members are not stuck with trying to pay those off.  And wouldn’t it be nice, even if you don’t have children of your own, to leave a legacy for your nieces, nephews or other young people if you were to pass unexpectedly?

3. Stay at home parents don’t need it.

Think about all the work that is done by a stay at home parent. If something happens to you, your surviving spouse will be left trying to care for your children, keep the house clean, and manage all the tiny details of daily life that you do every day. Daycare costs alone can make insurance a necessity for stay at home parents. Additionally, having adequate life insurance from Aspen Gold Insurance Brokers can allow the surviving spouse to take time off of work to make the transition to single parenting.

4. Older people and those with health problems can’t get it.

While it’s true that the rates are cheaper for young people, life insurance policies do exist for older people.  Also, there are life insurance policies that are specifically for those who have health problems. Before you assume that life insurance is not available for you, ask your agent for more information.

If you have questions about life insurance myths in the Denver, CO area, contact Aspen Gold Insurance Brokers.

What to Consider When Choosing a Life Insurance Beneficiary

Life Insurance Beneficiary

Getting a life insurance policy from Aspen Gold Insurance Brokers in Broomfield, CO, is the first step toward providing loved ones with financial security after you’re gone. Naming one or more life insurance beneficiaries is equally as important as these are the individuals who will benefit from the proceeds of your policy. What factors should you consider when choosing a life insurance beneficiary?

Your Financial Obligations

When choosing a life insurance beneficiary, consider your financial obligations. Do you have a student loan co-signed by your parents that needs to be repaid, even after you’re gone? If so, your parents may need help in fulfilling this obligation. Did you buy a house with a significant other? He or she may need help in paying the mortgage. Did you commit to helping a younger sibling through college? Life benefits can help you fulfill this commitment. By dividing life proceeds between multiple beneficiaries, you can help those who need it most after you’re gone.  

Financial Help for Your Immediate Family

You should also consider how your sudden demise will affect your immediate family, i.e. spouse and children. Do you have savings that can help them carry on? Can your spouse’s income cover for the loss of income from your part? Would your spouse be held responsible for outstanding debts? Will your kids have money for college? If your demise would leave your family in financial difficulties, they may take priority in your choice as beneficiaries.

Minor Children

If you’re considering naming minor children as beneficiaries, set up a trust that gives a trustworthy adult authority to manage these finances on behalf of your children until they become adults. This way your children will have their needs met as they grow and funds could be set aside for college.

To learn more about choosing a beneficiary or for information on life insurance options and costs, contact Aspen Gold Insurance Brokers in Broomfield, CO.

Do I need life insurance at 60 years old?

life insurance at 60

The lingering question on the minds of many seniors is whether or not it’s worthwhile to have life insurance at 60 years old and beyond. Actually, the question is more difficult than it sounds. When we are younger, we feel obligated to protect our families from any unforeseen happening. But as we get older, our kids become grownups and we begin wondering whether it’s necessary to continue servicing our life insurance policies.

Aspen Gold Insurance Brokers is an experienced provider of life insurance policies to Broomfield, CO residents and will seek to answer this question comprehensively.

Life is Priceless

Life insurance is never about attaching value to your life. The purpose of this kind of coverage is to provide financial assistance to your dependents when you pass on or when you can’t work and provide for them. If you’re married, it’s still important for both of you to take life insurance policies. So, in case one of you passes away, the other parent can use the proceeds from the coverage to take care of the kids.

Why You Might Need Life Insurance at Over 60

In general, it’s advisable to keep your life insurance coverage until you’re 65 years old, then you can begin living on your pension and savings. However, some situations may necessitate having life insurance in your 60s. They include:

You Have Kids Who Are Your Dependents

Sometimes you may have kids that are dependent on you in your 60s. One example is if you had kids late in your life and they’re probably still in high-school or college. Your kids could be grownups but are suffering from physical or mental disability hence the need to leave them some financial help when you pass on. Additionally, you could be raising your grandchildren since their parents passed on or abandoned them.

Need to Leave a Financial Legacy

Some parents choose to keep their life insurance policies in order to leave some inheritance for their kids. If you took up a permanent life insurance policy, the cash value must have significantly grown and you’d want to stick with it to the end.

Complicated Marriages or Relationships

Marital situations might force you to take a life insurance policy at the age of 60. For instance, if your partner is not eligible to receive your pension when you pass on, you may want to keep your life insurance coverage to protect your spouse from financial hardships when you pass on.

The decision on whether or not to keep your life insurance beyond 60 years can sometimes be a complicated endeavor that may require professional support. Aspen Gold Insurance Brokers are experienced in providing various life insurance coverage options in Broomfield, CO. Contact us today for a quote or for any inquiries about life insurance.

Why Your Entire Family Needs Life Insurance

Entire Family Needs Life Insurance

When it comes to life insurance, many people find it difficult to have a conversation about it. Life insurance is a sensitive topic because it forces you to face the idea that you are a mortal being. No one really wants to consider the idea of their death, but it’s a necessary conversation. In fact, your entire family should have a conversation about why everyone needs life insurance.

Primary Breadwinners Must Have Life Insurance

If you are the primary breadwinner in your household, then it’s obvious why you need life insurance—to replace your income in the event of your death. If your family can’t rely on your income, then they may not be able to sustain themselves financially. By purchasing a substantial life insurance policy, you ensure they can make ends meet in your absence.

Spouses that Don’t Work Need Life Insurance Too

Typically, many families only consider purchasing life insurance for the breadwinner, but stay at home moms, and dads need life insurance as well. If the stay at home mom or dad becomes deathly ill, some life insurance policies will help cover the cost of medical bills. This feature is called the accelerated death benefit, and many chronically ill people who have life insurance find it helpful to cover the cost of medical expenses.

Children Should Have Life Insurance as Well

Although your children may not be in the forefront of your mind when it comes to purchasing life insurance, you should purchase coverage for them as well. Life insurance is cheaper when you purchase it young, which can save money years down the road. Additionally, life insurance policies for children are often convertible, allowing them to maintain the coverage you purchased for them after they’ve started their families.

At Aspen Gold Insurance Brokers, in Broomfield, CO, we offer life insurance products for your entire family. To find out more about the life insurance policies we offer, we recommend that you visit our website today.