Top Life insurance in Lakewood, CO

How does life insurance Lakewood work?

Life insurance in Lakewood, CO works by providing a death benefit to the named beneficiaries in the event of the insured's passing. Generally, the insured pays premiums and upon death, their designated recipients receive the benefit as a lump sum or possibly over time. In return, the insurance company enables the policy owners to maintain financial stability for their family should anything happen to them. Life insurance can help protect you and your family's standard of living and provide you with a great sense of security as you plan for the future.

Can life insurance policies be transferred or sold with life insurance companies in Lakewood?

In Lakewood, CO, life insurance policies can theoretically be transferred or sold. However, there are some stipulations that should be taken into consideration before engaging in such an action. Generally speaking, the policy’s beneficiary must agree to any attempt to transfer or sell the policy itself. If the policy is not clearly assigned to a particular owner, then the insurance company may not honor the terms of the agreement. Additionally, the life insurance company may choose not to transfer the policy if they believe it was acquired through fraud or misrepresentation.

Can I cancel my life insurance policy Lakewood?

In Lakewood, CO, you may be able to cancel your life insurance policy. However, it is important to review your policy details to determine if you meet the criteria for cancellation and what consequences you may face, as an early termination fee may be imposed. Contact your life insurance provider to find out your options and to ensure you cancel the policy properly, per the agreement you signed when you obtained the policy.

How do insurance companies assess risk with life insurance near Lakewood?

Insurance companies assess risk when issuing a policy in Lakewood, CO by taking into consideration factors such as an individual's medical history, credit score, type of job, and driving record. They may also request additional information or require applicants to complete a risk survey that asks questions about certain risky activities, such as thrill seeking, water sports, and sky diving. Insurance companies use these pieces of information to calculate and determine the amount of risk involve and what type of coverage they are comfortable providing.

Do I need a medical exam to contact a life insurance company Lakewood?

In Lakewood, CO, whether or not you need a medical exam to get life insurance will depend on the type of insurance you are interested in. If you are seeking a term life insurance policy, you may not need an exam. However, if you are applying for a permanent policy, such as whole life or variable life insurance, then a medical exam may be required in order to accurately evaluate the risks associated with insuring you. Companies typically use the results of the medical exam in order to better understand an applicant’s health, ultimately helping them to more accurately assign a policy premium.

With Lakewood life insurance companies, can I name more than one beneficiary?

Absolutely! Some life insurance policies in Lakewood, CO allow the policyholder to designate more than one beneficiary. After all, you may have people who are dependent on your income and would be significantly impacted in the event that something happened to you. Naming multiple beneficiaries ensures that loved ones are taken care of and given the financial security they need. Additionally, since life insurance benefits are paid to the beneficiary directly, having multiple beneficiaries ensures that the funds will be dispersed appropriately and efficiently.

With life insurance policies near Lakewood, what should I do if my claim is denied?

If your life insurance claim has been denied in Lakewood, CO, it's important to reach out to a qualified life insurance lawyer as soon as possible. It's important to understand that the insurance company is not obligated to approve your claim and you may need legal help to assess the situation, review the policy's fine print, and approach all necessary parties before you take the matter to court. Your lawyer will guide you through the appeals process and also provide you with expert advice on how to navigate this difficult situation.

What is a life insurance rider, and what types of life insurance in Lakewood are available?

A life insurance rider is an additional benefit you can add to a life insurance policy that provides additional coverage beyond the standard. In Lakewood, Colorado, riders are available that provide benefits such as coverage for long-term care expenses or other options like accelerated death benefit riders for terminal illness or accidental death benefit riders for accidental deaths. These riders can also be tailored to provide added coverage for dependents, such as paying college tuition for named beneficiaries in the event of the policy holder's death.

What is an accidental death and dismemberment Lakewood life insurance policy?

An Accidental Death and Dismemberment (AD&D) insurance policy is a form of insurance coverage offered to Lakewood, Colorado residents to provide financial protection in the event of accidental death or injury leading to dismemberment, paralysis, or sight loss. This type of policy covers injury or death caused by accidents, and is designed to help the insured person's loved ones financially cope with the steep costs that are associated with accidental deaths or permanent injuries.

How do I compare life insurance quotes from a Lakewood life insurance company?

Comparing life insurance quotes in Lakewood, CO is easy and effective all you need to do is contact a reputable and experienced local agent to learn about different policies and the associated costs. Your agent can assess how much coverage you need and how much you can pay for premiums based on your age, health, lifestyle, and other factors. Once you know what kind of policy option is suited to your needs and budget, you can then compare different life insurance quotes to make sure you get the best deal in Lakewood.