Category: Life Insurance

There are two principal types of life insurance: whole life and term life. Term life policies are less expensive but don’t build up a cash value. However, whole life policies can, which is an important benefit of this type of life insurance. When you need life insurance, whether it’s whole life or term life, give us a call at Westco Insurance LLC in Colorado Springs, CO.

What Is a Cash Value?

A life insurance policy’s main value is the death benefit paid to beneficiaries when the policyholder dies. However, that isn’t the only value of a whole life insurance policy. These policies also build up a cash value, which is money that the policyholder can use while they’re still alive. The cash value is an amount that builds up slowly in the policy over time. The amount can eventually become enough to help with financial difficulties if they arise. The cash value can be borrowed against and then paid back like any other loan. This can give the policyholder peace of mind because they have this amount available should they ever need it. 

How Cash Value Grows

The policyholder pays the premiums regularly. Over time, the insurance company uses this amount to invest. As they make a profit on that investment, a small portion of that profit goes into the policy’s cash value. It can take years for a whole life policy to grow a substantial cash value, but this type of life insurance is a helpful benefit. 

Get a Whole Life Insurance Policy

If you’re interested in helping your loved ones financially when you’re no longer here, you need life insurance. Call us at Westco Insurance LLC in Colorado Springs, CO to get started.

One of the reasons more families in the Colorado Springs, CO, area are choosing Westco Insurance LLC is that they know they can get answers. They can get answers to simple, straightforward, and complex questions. Many questions relate to the difference between term insurance and whole life or permanent insurance.

Whole life insurance provides lifelong coverage and frequently builds value. This provides one of the most significant advantages of whole life insurance: flexibility.

Because permanent insurance builds cash value, it can be used to secure a low-interest loan against its value in the future. The cash value can be used to make premium payments should you experience lean times in the future. A whole life insurance policy can even be cashed in at some future date to help you through a challenge or take advantage of an opportunity. Some even use the cash-building feature of a permanent life insurance policy to use as a savings account, perhaps helping with college costs.

Your policy accumulates value all the time and provides valuable life insurance protection. A whole life insurance policy may also have other flexible benefits, like a premium waiver, accidental death benefit, guaranteed insurability, and more.

Before choosing life insurance programs based on price alone, learn more about the benefits and flexibility of whole life insurance.

Contact Us for a Quote Today

To learn more about term and whole life insurance and to get a quote for each to compare, contact Westco Insurance LLC of Colorado Springs, CO. We can show you the differences after you answer just a few questions. Contact us today and get the peace of mind you deserve with life insurance from Westco Insurance LLC.

When shopping for a life insurance plan, you must first consider which one is right for you. There are so many that you can choose from. However, the most common ones people tend to go for are term and whole life insurance. Our insurance professionals at Westco Insurance LLC, serving Colorado Springs, CO, are here to help you choose which life insurance plan is best for your needs.

Term Life is Best if You Need Insurance for a Short Period

If you only need life insurance for a short period, term life insurance might fit your situation. The costs are typically much lower than other insurance plans and are easier to understand. Term life insurance is usually necessary if you have young, minor children. It normally ends when your children are grown. However, unlike most policies, term life doesn’t come with any wealth-building investments or the ability to save on taxes. Plans usually last between 10–30 years.

Whole Life Insurance Provides Plenty of Benefits

While term life insurance has many benefits, so does whole life or permanent life insurance. Unlink term life, it doesn’t expire as long as you keep making the premiums. It provides some cash value as well as a death benefit. Whole life insurance does come with other benefits, such as the ability to withdraw from your policy for financial needs. This makes this plan more flexible than a term life plan. 

However, the two plans are more expensive. Also, if you have any outstanding loans, this could reduce your death benefit. But if you’re looking for a life insurance policy that’ll be good for the rest of your life, a whole life policy might be a good option.

Contact our Office Today

Trying to decide if a term or whole life policy is best for you could be challenging. But we can make things easier for you. Contact our office at Westco Insurance LLC to find the right plan just for you.

In and around the Colorado Springs, CO area, life insurance is often misunderstood as a benefit solely for the deceased. However, the true purpose of life insurance lies in providing financial security for the living. 

A Safety Net for Dependents

One of the primary reasons for obtaining life insurance is to protect loved ones who depend on the policyholder. In the event of the policyholder’s untimely death, life insurance provides a financial safety net for the beneficiaries. This ensures that dependents, such as spouses, children, or elderly parents, can continue to meet their financial obligations.

Sustaining Financial Stability

Life insurance is crucial in replacing lost income due to the policyholder’s death. For families heavily reliant on the policyholder’s earnings, the sudden loss of income can create financial hardship. Life insurance benefits provide ongoing financial support, covering daily living expenses, mortgage payments, educational costs, and more. 

Relieving Financial Burdens

Upon the policyholder’s death, debts and expenses can burden the surviving family members. Life insurance benefits can be used to pay off outstanding debts, such as mortgages, loans, or credit card balances, preventing the accumulation of additional financial burdens. Life insurance funds can also cover funeral expenses and other end-of-life costs, alleviating the financial strain on loved ones during a challenging time.

Leaving a Legacy

Life insurance also offers the opportunity to leave a legacy. Policyholders can designate beneficiaries, such as children, grandchildren, or charitable organizations, to receive the benefits. This allows policyholders to make a lasting impact by providing financial support for educational pursuits, charitable endeavors, or other meaningful causes.

How Westco Insurance LLC Can Help You

At Westco Insurance LLC, we can answer all your questions concerning life insurance coverage. We assist the Colorado Springs, CO region. Contact us today. 

At Westco Insurance LLC in Colorado Springs, CO, we’re here for all life’s ups and downs. Losing a loved one is one of the most challenging things we can go through. In the haze of grief, figuring out funeral arrangements, execution of an estate, and claiming life insurance benefits can feel overwhelming. That is why we want to make claiming a life insurance benefit as a beneficiary as smooth as we can.

How to claim a life insurance benefit as a beneficiary

When talking about life insurance benefits, they usually refer to the lump sum payment provided to the beneficiary after the policyholder dies. This payment is also known as a "death benefit." To receive the death benefit, a beneficiary should contact the insurance agent working with the life insurance policyholder. Since beneficiaries might not always have this information handy after the policyholder’s death, a call to the insurance company should also be able to get the ball rolling on this process. 

Before contacting the insurance company or agent, getting all the appropriate files in order is best. As an insurance company, we need a copy of the policyholder’s death certificate. We’ll also need to verify your identity as the beneficiary. Once we have gone through all the steps to verify the death and beneficiary details on our end, we can pay out the death benefit according to the life insurance policy terms. 

To submit a claim as a beneficiary or discover how our life insurance policies can be a parting gift for your loved ones after you pass on, call our office at Westco Insurance LLC in Colorado Springs, CO today!

Life insurance is not the same for any two people. How much life insurance is right for you will not be suitable for someone else. Your life and dependents will determine the amount of life insurance right for you. We are here to offer our expertise at Westco Insurance LLC in Colorado Springs, CO. As independent insurance agents, we work for our customers, not the insurance companies. 

Several different things factor into how much life insurance you need. All of them are important. 

How many dependents do you have?

The number of people who depend on you to provide for them is important when determining how much life insurance you will need. Do you provide for elderly parents or a dependent sibling? Do you have a spouse or partner, and do you have children? It costs more to care for multiple people than it does for only one person. 

How many years will you need to provide for?

If you are supporting elderly parents or a sibling, how many years will that be? Do you have a spouse or partner, and are they employed? Do you have children, and what are their ages? Young children will require longer care. 

What is your annual income?

Your yearly earnings will significantly determine how much life insurance you need. 

Once you have the answer to the above questions, you will know where to begin your calculations. For instance, if you have young children, you may need to provide for them for 15 years, and if your income is $100,000, that means 1.5 million in life insurance. This is a rough estimate; consider your current lifestyle and what it would cost to maintain. 

Contact Westco Insurance LLC in Colorado Springs, CO when you are ready to discuss your life insurance needs. 

All people must spend time properly assessing their insurance needs in the Colorado Springs, CO area. Most people will have coverage for their homes and vehicles, but there are other valuable types of coverage to get as well. A type of insurance all people here need to have is life insurance. There are various reasons why the average person in this state should get life insurance. 

Provide Financial Support to Dependents

An important reason for all people to obtain a life insurance plan in Colorado is so they can provide financial support for their dependents. If you have dependents, it is imperative that they are covered in the future. The best way to ensure they have financial resources if you were to pass away is by getting a life insurance plan and naming them as beneficiaries of the policy. 

Invest for Future

You can also use a life insurance plan to invest and save for the future. Whole life insurance is increasingly considered an excellent addition to an investment plan. Not only will you have life insurance protection, but a portion of your payment will build into an account that grows in value over the years. This investment comes with low risk and can be used as part of any diversified strategy. 

When you want life insurance in the Colorado Springs, CO area, it would be a good idea to speak with someone you can trust. A great company to speak with when looking for insurance is Westco Insurance LLC. There are a lot of choices to make as you are looking for insurance, and Westco Insurance LLC will help you build your next plan. This can give you the support you need to build a new insurance policy. 

At Westco Insurance LLC, serving the greater Colorado Springs, CO area, one of the questions that we are frequently asked about in relation to life insurance is whether you can purchase a life insurance policy if you have a pre-existing health condition. Many people do not start thinking about their death until they are faced with a health condition, so this is a question that is often asked. Here is some information you need to know if you are considering buying life insurance with a pre-existing health condition. 

Can You Purchase Life Insurance If You Have a Pre-Existing Health Condition? 

Most life insurance companies ask you if you have any pre-existing health conditions on the insurance application. While some companies deny you for having pre-existing health conditions, many will issue you a policy. However, the amount you pay will likely be much higher than someone else with no health conditions. 

Should You Disclose a Pre-Existing Health Condition? 

If you have a pre-existing health condition, you may think about omitting the information to get approved for a life insurance policy. This is something that should never be done. If the insurance company finds out you lied, and they can subpoena your insurance records, they can cancel your policy and refuse to pay out on the policy if you pass away. You must always be truthful and disclose pre-existing health conditions if a life insurance company asks. 

While it may be more challenging and costly to purchase a life insurance policy if you have a pre-existing health condition, many insurers will allow you to buy one as long as you disclose the condition. If you are in this position, Westco Insurance LLC, serving the greater Colorado Springs, CO area, can help you find the best policy for your needs. Call or email us to learn more.