Life Insurance in Colorado
You likely don’t want to think about your own death. It’s important, however, to consider how the people who depend on you will continue to survive financially after you’re gone.
Purchasing life insurance is one way to help ensure that your loved ones will always be protected, even if you are not there to take care of them.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Colorado was ranked 8th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 80.21 years. With this in mind, people living in Colorado may want to consider their life insurance options.
Colorado life insurance specifics
Like most states, Colorado’s Department of Insurance relies on The State Insurance Code of Colorado to standardize life policies. The state uses this code to regulate claims and provide certain provisions to protect consumers, such as:
- Grace Period
A 30-day grace period must be given by all Colorado policies issued in the state of Colorado on late payments, and policyholders must be given that amount of time to bring their premiums current before the insurer can cancel the policy for non-payment. - Incontestability
According to the state code, all Colorado life insurance policies are considered incontestable after the policy has been in place for at least two years, except for in cases of non-payment of premiums.
Colorado life insurance state resources
Colorado Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Colorado life insurance industry.
www.dora.state.co.us/Insurance
Colorado Life and Health Insurance Protection Association
State guaranty associations are there to provide protection for life insurance coverage, even in the event that a company selling life products becomes insolvent.
www.colifega.org
Life Insurance Company Ratings From A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
