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Life Insurance

How Life Insurance Can Help with Grieving Families

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Life insurance plans with Aspen Gold Insurance Brokers

Someday, you’ll pass away. Parents, friends, and siblings will eventually slip into the great beyond. When that day comes, everyone must be prepared. Otherwise, grieving families may struggle to cope. People living in Colorado should call Aspen Gold Insurance Brokers to discuss how life insurance can help.

One of the most effective ways to protect the family is to take out life insurance. While it’s crucial always to read the fine print, life insurance will often provide funds that can be used to pay down debts, cover funeral costs, and provide economic support. The latter is significant if a breadwinner passes away.

Planning Funerals is No Fun.

Planning for a funeral is often a must-do. Funerals allow friends, family, coworkers, and others to say their goodbyes. A well-put-together funeral also provides a proper and respectful send-off.

Regardless, coordinating a funeral can prove immensely difficult and stressful if a loved one has just died. Folks who’d rather not deal with the hassle can hire someone to design, set up, and manage a funeral, but often that requires a significant investment.

You may not currently have the funds to pay for such assistance. However, with life insurance, getting enough to cover funeral costs and more is frequently possible.

Cut Through the Noise and Focus

When someone passes away, winding down the estate can be extremely complex. Deciding who gets what can be difficult if there are multiple beneficiaries in the will. Sadly, in some cases, arguments will break out.

Whatever the case, it may be best to step back, relax, and reapproach any hang-ups (regarding inheritances). This could reduce strain and save money if you can forgo expensive legal cases and lawyers.

After someone passes away, there may be minimal breathing room, especially for grieving. Outsourcing funeral preparation gives folks more time to grapple with thorny issues. This might strengthen relationships and perhaps eliminate headaches.

I am interested in how life insurance could benefit your family. Folks living in Colorado should call Aspen Gold Insurance Brokers.

Reasons to Get Life Insurance

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Get Life Insurance

You may be wondering if you need life insurance or if it isn’t worth that cost. You may not want to put money aside for your life insurance, but that could be a mistake.

Here are some reasons why you should get life insurance.

You have a family to support. If you are the primary breadwinner (or even if your income helps to keep the family going), you are going to want to have life insurance. This will ensure that your family has the money to pay their bills while trying to figure out what their next step is.

Your family can count on this money. If your insurance policy is paid up, your family can get the money in one lump sum. They don’t have to worry about waiting for money when they need it the most.

Your family will get the money tax-free. Life insurance policies are usually tax-free, which means that your family will get the money that they expect, without having to worry about getting taxed.

If you aren’t sure about getting life insurance, think about your family. Not only are they going to be lost without you, but they may also have trouble keeping up with their bills while trying to put their lives back together. They can use this money to pay off your home so that they don’t have to worry about it as much. They can even get it tax-free, which means that they will get everything that they deserve, easily.

If you are unsure about whether or not you need insurance (or how much you need), don’t hesitate to contact us today at Aspen Gold Insurance Brokers in Colorado.

How Much Life Insurance Is Enough?

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Life Insurance

Procuring a life insurance policy in Colorado is a prudent move that ensures that financial difficulties do not overburden your family and loved ones. The amount of life insurance you require depends on your personal and financial situation and should account for your beneficiaries and daily living expenses. Generally, life insurance is essential coverage whose primary purpose is to provide financial backup upon your untimely demise. Are you among residents of Colorado who are confused about the amount they need? We can educate you on the parameters needed to gauge the amount of life insurance you need.

What the correct amount of life insurance?

Have you ever wondered what the correct amount of life insurance is good enough for you in Colorado? Possessing too little could expose your family and loved ones to not be self-sufficient in the event of your unfortunate demise as a breadwinner? The most demanding part of choosing sufficient life insurance is establishing your beneficiaries’ amount of money.

The minimum amount of coverage you need may be different from what someone else needs. Financial experts recommend buying ten to fifteen times your annual income in coverage, though your number may be higher or lower. It is also wise to consider the following factors for choosing the life insurance you need.

Debt

Life insured can be employed to clear outstanding debts, including mortgages, car loans, student loans, and personal loans. If, as a policyholder, you bear any of these loans, your policy must include enough coverage to pay all these outstanding arrears in full.

Income replacement

One of the most crucial factors to consider when determining your coverage is replacing your income. For resistance, if you are the sole breadwinner for your dependents, and you generate about $40,000 annually, you require a policy payout that is big enough to replace your income and a little extra to cushion against inflation.

Most insurers advocate for a reasonable amount for life insurance to be six to ten times the annual salary. Another formula for ascertaining the amount of life insurance you need in Broomfield, CO is multiplying your annual salary by the number of years left before retirement.

It’s crucial to ascertain the amount of life insurance one requires if you intend to buy this policy in Colorado. Please contact our charismatic agents at Aspen Gold Insurance Brokers for any queries and more information.

Three reasons for taking our life insurance.

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three main reasons why everyone should have life insurance.

Many financial experts in Broomfield, CO, recommend purchasing life insurance as part of sound personal financial planning. Life insurance usually pays out after a person has passed on, leaving a financial provision for their loved ones. Aspen Gold Insurance Brokers recommend three main reasons why everyone should have life insurance.

1. To provide for their loved ones after death.

If you are a breadwinner in your family and suddenly die, life insurance can provide your dependents with funds to replace your income. It will ensure that they are financially taken care of, especially if you have young children or parents who financially depend on you.

2. To use as collateral to secure a loan for the property.

When you take out a mortgage to finance a house, most banks will insist that you take out a life insurance policy to use as collateral if you pass on before the mortgage is paid off. The bank will use the insurance payout to settle your mortgage after your death.

3. To provide an emergency fund.

Some life insurance policies provide a cash value that can be withdrawn at the owner’s request. This cash can be used to cover unforeseen expenses, making your policy a sort of a ‘savings plan.’ It is a useful tool when you struggle to save money every month but are more likely to regularly pay your insurance policy premiums.

At Aspen Gold Insurance Brokers Colorado, we understand that choosing for life insurance policy can be daunting. You can call us today for help in choosing the appropriate life insurance cover for your circumstances. We want to make sure you have the best policy for your specific needs. Having a life insurance policy will provide peace of mind and comfort to both you and your loved ones. Protect those you love.

For more information, check out our other blogs on Life Insurance.

How Much Life Insurance Do I Need?

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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

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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

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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

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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?

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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

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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.