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9235 N Union Blvd., Ste. 150 #385
Colorado Springs, CO 80920

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Flexibility of Owning Whole Life Insurance

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.

Term or Whole Life Insurance – Which One is Best for your Needs?

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.

Life Insurance is Not for the Deceased, but For the Living

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

How Can Someone Claim a Life Insurance Benefit as a Beneficiary?

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!

How much life insurance is enough?

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. 

Why should you get life insurance in Colorado?

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. 

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

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. 

The Basics of Life Insurance

It’s an unfortunate fact of life that death is never too far away. It can happen at any moment, to anyone, and it doesn’t care if you have a family or not. Sudden death can leave a family without its primary breadwinner, and the secondary losses can be devastating. This is why it’s important to have a life insurance policy.

A life insurance policy is a contract between an insurance company and the owner of that policy. It states that in exchange for receiving a certain amount of money known as the premium, the insurance company will pay out a death benefit to your family upon your death.

However, it’s not always that simple. There are many different kinds of life insurance policies, and learning the basics can help you make a more informed decision when choosing a policy that is right for your family.

There are two main kinds of life insurance policies, term and whole life.

Term Life Insurance

A term life insurance policy covers you for a period known as the "term." This means that if you die within the term of your policy, your family will receive the death benefit. But if you live past the term, your family won’t receive any benefits.

Term life insurance is the cheapest life insurance, but it does not build any cash value. Therefore, term life insurance premiums are usually considerably more inexpensive than whole life policies.

Whole Life Insurance

As the name implies, a whole life insurance policy covers you for your entire lifetime. The premiums are higher than a term life insurance policy, but a significant difference is that these policies accumulate a cash value over time. You can borrow against this cash value or withdraw a part of it. However, you should be careful because the death benefit will become smaller and smaller if you withdraw too much cash from a whole life policy. It will make it more difficult for your beneficiaries to collect on your life insurance when the time comes.

Life Insurance in Colorado Springs, CO

Life insurance is an important financial tool that can be used to protect your family in the event of your death. However, every person’s situation is different, so there is no one-size-fits-all solution. Contact Westco Insurance LLC for more information about life insurance and how it can work with your unique situation.

Everything you need to know about life insurance beneficiaries

Life insurance is often a complicated topic for many people in Colorado Springs, CO.  Of course, no one wants to talk about death, fights among beneficiaries, or the emotional and financial trauma associated with losing a breadwinner. However, it’s always prudent to be prepared financially in case of these unfortunate events.  At Westco Insurance LLC, we recommend learning about life insurance, including beneficiaries, to get the most out of your policy.  Here is what you need to know about a life insurance beneficiary.

What is a beneficiary?

A life insurance beneficiary is any person or entity you choose to receive money from your insurance company as a death benefit when you pass away. You can name one person or several people (up to 10). It can be your spouse, parent, stranger, charity, trustee, a business in Colorado Springs CO, or anyone you want to benefit from your money.

Types of beneficiaries

Life insurance beneficiaries come in two types or “levels”—primary and contingent beneficiaries. The primary beneficiary gets the death benefit if they are available after your death. The contingent beneficiary can only receive the death benefit if the primary beneficiary cannot be found. You should provide clear information to avoid disputes after your death. For instance, if you have named your child the primary beneficiary, indicate whether they are the firstborn and include their exact name, age, and other relevant information.

Revocable and irrevocable life insurance beneficiary

If you choose a revocable beneficiary, it means you don’t need any consent from the current beneficiary to change their name. On the other hand, if you choose an irrevocable beneficiary, you’ll need to seek their permission before changing their name as the beneficiary.

Don’t forget to let your chosen beneficiary have all the information they’ll need to file a claim after your death. If you have any questions or need to learn more about life insurance beneficiaries, feel free to contact Westco Insurance LLC anytime.

Life Insurance: Your Final Gift to Your Loved Ones

Life insurance is like a seatbelt. You know you need it, but hope you never have to use it. It’s not easy to think about one’s own mortality. But rather than thinking about what it means to you, think about what it could mean to your loved ones.

The Gift That Keeps Giving

Purchasing life insurance is actually one of the most important things you can do to protect your family’s future. By purchasing the right kind of life insurance from Westco Insurance LLC in Colorado Springs, CO, you can rest assured that, if something were to happen to take you out of your family’s picture, they will be taken care of.

How Much Life Insurance Should I Get?

The main question that runs through people’s minds is how much insurance is needed? One insurance agent suggested calculating the value of your home plus any unpaid properties such as cars, boats, or other assets, then add around 50,000 just for life’s unexpected events. 

This amount is a good estimate for many people to help them decide how much insurance they should carry, but this will vary from person to person.

The Purpose of Life Insurance

The purpose of life insurance is to have enough money set aside in a policy to allow all of your unpaid debts to be paid off and then an additional amount to allow your loved ones to continue their lives as they knew it when you were alive. 

In essence, getting the right life insurance coverage is the best final gift you could give to your loved ones. It says you care and want them to feel secure and not worry about money.

Beyond Final Expenses

Insurance covers final expenses. Yes. But it also covers all of the other things that your loved ones might lose had it not been for your planning and wise choices regarding life insurance.

To get a quote and discuss your own insurance needs with an expert, check out Westco Insurance LLC, serving the Colorado Springs, CO area. 

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