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Life Insurance

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What is Life Insurance?

Life insurance is designed to reassure you that your dependants, such as your children or a partner, will be financially looked after in the event of your death. The insurance company promises to provide the specified amount of money to your beneficiary to cover medical bills, credit card debts, funeral costs, etc.  At Quote Genius we provide FREE life insurance quotes to Denver, Aurora, Colorado Springs, Boulder and surrounding Colorado areas. 

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How to Get Life Insurance

While the life insurance process in Denver, Aurora, Colorado Springs, Boulder, CO and surrounding areas may vary slightly from life insurance company to company, there are five main steps that you can typically expect when applying for life insurance:

  • Submit Application: In order to obtain life insurance, you must qualify by submitting an initial application that covers general information (e.g. proof of identity, contact information, proof of financial situation), your personal and familial medical history (e.g. surgical history, medical diagnoses), and your lifestyle (e.g. smoking habits, hazard level of your occupation).

  • Phone Screening: After your initial life insurance application is reviewed, often times you will receive a phone call to confirm that the provided information is correct and discuss more questions related to your health and lifestyle. 

  • Medical Exam: While not required by all life insurance policies in Denver, Aurora, Colorado Springs and Boulder, CO, many life insurance companies require an additional medical exams. This can include the basics of weight and height to blood tests and drug tests. 

  • Background History: The life insurance company will also likely perform a soft credit check, pull your motor vehicle report, and check your prescription history. This information will be used in the life insurance policy underwriting process to determine your final rating. 

  • Confirm and Sign: If your application is approved, the last step is to confirm and sign your new life insurance policy. Get Your Free Quote Now!

***Important Note: once you finalize how much life insurance you need and your rate, you must keep paying your premium to keep the coverage in place, otherwise your policy will be cancelled,

What Does Life Insurance Cover?

Most causes of death can be covered by your life insurance policy. This includes natural causes, accidents, and illnesses. Fraud is the most common reason for denial of life insurance claims. See what is and is not typically covered by life insurance in Denver, Aurora, Colorado Springs, Boulder and the state of Colorado below.

Life Insurance Covers:

  • Accidental death (car accidents, falling, choking, etc.)

  • Terminal illness (cancer, dementia, Parkinson's, etc.)

  • Death by natural causes (stroke, heart attack, etc.)

Typically Does Not Cover:

  • Suicide within two years of the policy being issued.

  • Murder of the policyholder by a beneficiary.

  • War, work or lifestyle related exclusions.

You may be concerned about being denied life insurance coverage in Denver, Aurora, Colorado Springs, Boulder, CO and nearby cities due to pre-existing conditions. While there are many health conditions that can impact your chances of getting coverage, individuals with pre-existing conditions can still find coverage in most cases. Coverage availability and limits for higher-risk individuals will differ from life company to company. If you have a pre-existing condition, the best thing you can do is to shop around to see what type of life insurance coverage you are eligible forGet Your Free Quote Now!

Types of Life Insurance

Something to consider is what life insurance options are best for you and your family. The two main differences between life insurance policies are the length of coverage over your lifetime and the potential to increase your death benefit over time via cash value. Use Quote Genius to get the best life insurance quotes from the top insurance companies in the Denver, Aurora, Boulder and Colorado Springs, CO areas.

Permanent Life Insurance

A permanent life insurance policy remains in effect for your entire life (or at least as long as your premiums are paid). It provides a death benefit and cash value. The death benefit is money that will be paid to your beneficiaries when you pass away. With cash value life insurance, a percentage of every premium payment you make is diverted as tax-deferred cash value that accrues interest at the rate specified on your policy. 

Whole life insurance

Whole life insurance is a form of permanent life insurance that covers you for the duration of your life. However, with permanent coverage comes a lifetime of payments, and these payments can be much higher on average than those for term life insurance. Whole life insurance policies offer tax-deferred savings that are great for those wanting to increase their retirement funds. These policies often allow the withdrawal of funds soon after retirement, helping to supplement income.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance divided into two components: death protection and cash value.  The cash value is contingent on the performance of the insurance company’s investment portfolio. The accrued cash value can be used to pay toward premiums, but there is more risk involved as returns can fluctuate. policyowners may increase or decrease the death benefit and premium amounts. 

Term life insurance

A term life insurance policy only covers you for a set number of years and is considered to be the most basic level of life insurance coverage on the market. If you are still alive once the term policy expires, you must renew it to keep the coverage in place and ensure that your beneficiary gets your death benefits once you do pass away. Term life insurance policies tend to be the cheapest type of life insurance available. Most group life insurance plans include term life policies.

Frequently Asked Questions

How does cash value life insurance work?: Cash value life insurance is a policy that contains an account that builds value (“cash value”) over time. It works by taking a part of your premium payment and transferring it into to the account. Depending on the policy type, the cash value can make investment gains based on a fixed percentage increase, on stock market gains or other methods. You can make withdrawals or loans against the cash value. You can use the money for anything, such as bills, college tuition or supplemental income. Get a FREE Life Insurance Quote from the top Life insurance companies in Denver, Aurora, Colorado Springs and Boulder, Colorado areas with Quote Genius.

Can you cash out a life insurance policy?: If you have a life insurance policy with cash value, you can “cash it out.” Cashing out terminates the policy. However, cashing out your life insurance doesn’t mean you’ll receive 100% of the cash value. You will typically receive the cash minus a surrender charge, if there is one, you will receive what’s known as the “surrender value.” Cash value life insurance in Denver, Aurora, Colorado Springs, Boulder, CO and surrounding areas often has a “surrender period,” such as 10 years. After that there will be zero surrender charge for cashing out. 

What are the consequences of cashing in a life insurance policy?: If you cash out your life insurance policy, any investment gains you receive will be taxed as ordinary income. The portion you receive that is based on premiums you paid in is not taxable, only the investment gain portion. If the cash value stays in the policy and doesn’t ever pass into your hands, it’s not taxable.


How much can I borrow against my life insurance policy?: You can typically borrow whatever amount is in the cash value account of a life insurance policy. You can repay the loan any time. If you repay it, the insurance company will also charge you interest. If you don’t pay the loan back before you die, the loan amount and interest is deducted from the death benefit, and your beneficiaries will then receive a lesser payout.

How do I calculate how much life insurance I need?:

STEP 1: you will need to add up the financial obligations you want to be covered by your life insurance. This often includes:

  • Amount of Income you Want to Replace: Calculate this by multiplying your salary by the number of years you want to replace it. For example, if you make $70,000 and want your family to have the same income for 10 years, that would be $700,000.

  • Mortgage: Add the balance of your mortgage.

  • Debts: Add any large debts others would have to pay, such as large credit card debt.

  • College Tuition/Expenses: Add anticipated college expenses for children.

  • End of Life Costs: Add the cost of a funeral.

STEP 2: Then subtract the existing assets your family could use for these expenses, such as savings, life insurance you already have, and 529 college-savings plans. (Some life insurance formulas include retirement savings among the assets to subtract. However, that could mean a spouse has to gut retirement savings to pay for daily living expenses, so we're not including it.)

STEP 3:The total is your estimated life insurance need.

Where do I get life insurance quotes?: The answer is simple. You can get a FREE Life Insurance Quote from multiple providers through Quote Genius. Simply fill out the insurance quote form below to get started!

What are the Pros & Cons of Life Insurance?

Universal Life Insurance


  • Provides lifetime coverage

  • Offers flexibility in premium payments and death benefits

  • More control over cash value returns


  • More expensive than term life insurance

  • Premiums can increase if cash value is insufficient

  • Can be more complex and may have policy fees

  • Requires ongoing management & monitoring

Whole Life Insurance


  • Provides lifetime coverage

  • Simple policy structure

  • Cash value accumulation

  • Security offered by fixed premiums and predictable investment components


  • More expensive than term life insurance

  • Limited flexibility in adjusting coverage or premiums

  • May not be necessary for everyone's needs

  • Return rate is much lower than other investment options

Term Life Insurance


  • Affordable premiums

  • Simple and straightforward

  • Provides coverage for a specific term

  • Can be converted to permanent life insurance later

  • Allows you to pursue investments with a higher return than a cash value policy offers


  • No cash value accumulation

  • Coverage ends after the term expires

  • Premiums may increase upon renewal

Life Insurance Quote
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