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life insurance agent in colorado springsProtecting Your Family:

By preparing in advance, you'll have the peace of mind that comes from  knowing you're protecting your family's financial future. And since Life  insurance benefits are generally not taxable at the federal level**, your  loved ones can use the benefits to help take care of their living expenses  in a variety of ways. The first step is to learn more and know your options. 

Life insurance can be used to cover many costs such as final expenses, burial costs and estate taxes. Funds for a readjustment period, to finance a move, or to provide time for family members to find a job.Ongoing financial needs, such as monthly bills and expenses, daycare costs,  college tuition or retirement.

How Much Life Insurance Do I Need?


There's no doubt that Life insurance provides a sense of financial security. "If all else fails," you think, "at least I'm covered." But determining the amount of Life insurance you need depends on a number of variables: your marital status, current income, (projected) future income, number of dependents, value of your assets, and your preferred lifestyle in general.

A common rule of thumb is that your Life insurance benefit should equal 5-10 times your current income. But there's no one answer: if you're older, and your mortgage is paid off, you may not need as much Life insurance as a new homeowner. On the other hand, if you're single and have no children, you may not need a policy in addition to the one available at your job.

Keep in mind that until that Life insurance benefit is paid out, you are paying a monthly premium. That's why it's important to research your options and talk to an insurance agent who can help you determine the best policy options for your situation. Farmers® offers a wide variety of term and permanent Life insurance coverage, with a range of premium levels to choose from.

What kind of Life Insurance do I need?

Term Life Insurance:

Term Life insurance provides the greatest amount of coverage for the lowest initial cost so it is a good choice if your needs are temporary or your funds are limited. Since term insurance provides coverage for a specific period of time (the "term"), you will have to choose the number of years you will need coverage. The Company pays a death benefit only if you die during that term. Some term insurance policies can be renewed at the end of the term. Premium rates may increase at each renewal date. Term insurance is useful as coverage for responsibilities that will diminish or end over time, such as mortgages or car loans. Farmers offers several Term Life Insurance options to choose from.*

Permanent Life Insurance:

Permanent Life insurance coverage is useful when you anticipate a long-term need and value the option of income-tax-favored accumulation for future needs.** The accumulated value can be borrowed against and, in some cases, withdrawn to help meet future goals. (Of course, accessing your accumulated value may reduce your death benefit). As long as you pay the necessary premiums, there is no time limit (or term) restriction on the availability of your death benefit.

 

 

 

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Insurance Types

At Farmers Insurance, we offer a full line of insurance products and services.

  • Auto Insurance
  • Home Insurance
  • Life Insurance
  • Business Insurance
  • Renters Insurance
  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance

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