At Centennial State we offer life insurance for people in different stages of their lives. An individual who wants to purchase life insurance in Colorado has multiple options. Term life insurance involves the least expenses and is the simplest type of life insurance policy; it simply entails that a specific lump sum (the dollar value of the policy) is paid to a designated beneficiary upon the death of the insured individual. Whole life insurance protects dependents with a death benefit that is paid to them after the insured individual dies, the amount of which builds over time until the death. Universal life insurance allows the policyholder an increased amount of control over premiums and provides permanent protection for dependents as well. In this case, the policyholder can change the amount paid to the beneficiary at any time.