Best Life Insurance Companies In Colorado For 2023

Extensive research points to MassMutual as the top life insurance company in Colorado.

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Bob Phillips

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If you’re a Colorado resident, you’re likely hunting for the best life insurance whilst also trying to save money. I’m here to simplify your search by helping you to choose the ideal policy for you, as efficiently as possible.

MassMutual is the standout pick for life insurance in Colorado, not just because it’s a market leader, but also because of its excellent coverage and service, all at an affordable price – a real win-win.

In my assessment, I found other impressive companies too: Mutual of Omaha tops the list for seniors, Transamerica is perfect for young adults, State Farm excels in customer service, and Nationwide gets praise for catering to smokers. Plus, MassMutual also earns honors for having the most affordable life insurance in Colorado.

Spending a few moments to review the information below can make all the difference. Remember, the right life insurance ensures your loved ones can maintain their lifestyle, in case of an unexpected event. It’s a clear sign of your commitment to those who matter most.

Best Life Insurance Companies In Colorado, 2023

mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, Colorado 2023

Comparison Of The Best Life Insurance Companies In Colorado

To help you evaluate the top life insurance providers in Colorado, we've put together a table featuring our recommended companies, considering several important factor

Overall Rating A.M. Best Rating Best For Online Experience J.D. Power Rating Get A Quote
Mutual of Omaha
4.6

A+

Seniors

9.7

801

Instant Quote
MassMutual
4.8

A++

Best Overall

9.7

780

Instant Quote
Transamerica
4.7

A

Young Adults

9.8

740

Instant Quote
State Farm
4.8

A++

Best For Customer Service

9.5

839

Instant Quote
MassMutual
4.8

A++

Best For Cheapest Life Insurance

9.7

780

Instant Quote
Nationwide
4.6

A+

Best For Smokers

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

Our approach to selecting the top life insurance companies was thorough and comprehensive. We took into account various factors, such as customer service ratings, product options, pricing, and online user-friendliness. Additionally, my experience in selling life insurance and interacting with agents from other insurers has provided valuable insights into their offerings and practices. Our choice of companies was not solely focused on offering the most budget-friendly life insurance, except in the "Best for Cheapest Life Insurance" category. We firmly believe that each of these companies excels in its specific market segment, and price should not be the sole factor when deciding on a life insurance policy or provider.

31

Quotes Analyzed

15+

Years of experience

15

Brands reviewed

32+

Research hours

Reviews Of The Best Life Insurance Companies In Colorado


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

MassMutual earns our top spot as the Best Overall choice, and it’s a well-deserved honor. They offer a wide range of high-quality life insurance options, including term, whole, and universal policies, all at very competitive rates. What’s more, their policies come with a variety of riders for extra customization.

The dedicated sales agents at MassMutual, known as “career agents,” are highly trained and deeply knowledgeable about the company’s life insurance offerings. Their exclusive focus on MassMutual products is a significant advantage for anyone looking to explore the different options in-depth.

MassMutual’s strong financial stability was also a key factor in our assessment. With an impressive AM Best rating of A++ (Superior), the company demonstrates exceptional financial strength and a solid track record of meeting claims obligations.

Being named the Best Overall reflects MassMutual’s dedication to providing a diverse product range supported by a skilled sales team, emphasizing quality over just having the lowest prices. While MassMutual may not have the same level of nationwide recognition or market dominance as some rivals in Colorado, it holds a strong reputation within the state’s borders.

Benefits & Drawbacks

Benefits
  • Impressive financial ratings
  • Extensive product range with a variety of riders
  • Highly competitive rates in Colorado
Drawbacks
  • Inability to purchase whole life products online
  • Slightly lower J.D. Power rating compared to certain major competitors
  • Exclusive availability through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has built a strong reputation for its expertise in catering to the insurance needs of seniors. Over the years, seniors have trusted the company not only because of the famous show “Mutual of Omaha’s Wild Kingdom” but also because of the extensive training provided to their agents in serving the senior demographic.

This insurance provider is well-known for its senior life insurance options, which include two distinct types of products tailored specifically for seniors with health considerations. One is a guaranteed-issue policy that eliminates the need for a medical exam or health history questions, making it an excellent choice for seniors dealing with significant medical challenges like cancer, stroke, or heart conditions.

The other option is a simplified-issue policy that requires answering some medical history questions but skips the full medical examination. This makes it an appealing choice for seniors with minor health issues like high blood pressure or type 2 diabetes, who prefer to avoid the hassle of a medical exam.

Seniors often contend with higher life insurance costs, and Mutual of Omaha has earned their trust for good reasons. With a long history in the insurance industry, Mutual of Omaha has built a strong reputation, especially for its insurance options tailored to seniors, including Medicare supplements and life insurance. Baby Boomers and their parents are well-acquainted with and trust the company, thanks to its presence in their lives since childhood.

Moreover, Mutual of Omaha holds a prominent and respected position in the realm of senior insurance products, thanks in large part to its robust direct mail program aimed at the senior demographic and the thorough training provided to its agents regarding their product lineup.

Benefits & Drawbacks

Benefits
  • Competitive rates benefit seniors in Colorado.
  • Well-trained agents offer peace of mind to seniors.
  • The company maintains a strong financial position.
Drawbacks
  • The company experiences a higher ratio of complaints when compared to select competitors.
  • Colorado has fewer agents available compared to many other major insurers.

Best Life Insurance Companies For Seniors In Colorado

Company Monthly Cost
MassMutual $37
Mutual of Omaha $42
Nationwide $43
State Farm $52
Progressive Life $70

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica takes pride in its strengths, and one of them is its ability to offer affordable life insurance rates specifically tailored for young adults. They understand that many young individuals are careful with their finances, especially when it comes to life insurance. That’s why Transamerica has designed its policies to be accessible to budget-conscious younger customers who want to get the most coverage without straining their wallets.

Moreover, Transamerica’s website is thoughtfully crafted with younger buyers in mind. This demographic values clarity and easy access to information. By ensuring that the site is informative and user-friendly, customers can explore their options effortlessly. Transamerica firmly believes that everyone, regardless of their age or financial situation, should have access to the protection and peace of mind that life insurance provides.

Life insurance companies face a distinct challenge when dealing with younger buyers. Often, many young adults don’t perceive an immediate need for life insurance, often delaying it until marriage or having children. Nonetheless, companies like Transamerica remain committed to serving this demographic because they typically have lower mortality rates, which leads to better financial outcomes.

In our evaluation of different companies, it’s important to mention that Transamerica received the lowest score for customer service. This might be due to their reliance on independent insurance agents for both sales and service. Some of these independent agents operate individually and may require improvement in this aspect.

Benefits & Drawbacks

Benefits
  • Online availability for purchasing term life insurance is offered.
  • Policy face amounts can reach up to $10 million.
  • Eligible applicants can obtain coverage of up to $2 million without undergoing a medical examination.
Drawbacks
  • The minimum face amount required for term life insurance initiation is $25,000.
  • The company ranks lower in customer service satisfaction when compared to its competitors.

Best Life Insurance Companies For Young Adults In Colorado

Company Monthly Cost
Mutual of Omaha $13
MassMutual $16
Transamerica $14
Nationwide $17
Progressive Life $23

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, recognized as Colorado’s premier life insurance provider, also shines as a financial leader offering highly competitive rates throughout the state. Despite the availability of numerous budget-friendly term insurance options in Colorado, MassMutual consistently provides the most favorable rates.

While we don’t advise making your life insurance decision solely based on price, it remains a crucial consideration for buyers. MassMutual excels in offering the best rates for those seeking life insurance in Colorado, even though it’s often associated with professionalism rather than affordability. Nevertheless, MassMutual is committed to expanding its presence in Colorado and employs aggressive pricing strategies to achieve this goal.

In the current economic environment, the price of life insurance is a crucial factor. MassMutual stands out as a great choice because it offers a blend of reasonable premiums and substantial coverage. While their whole and universal life policies might not be as budget-friendly, MassMutual consistently delivers ample coverage for term life insurance, as permanent life insurance options tend to come with higher costs.

Benefits & Drawbacks

Benefits
  • Boasts an extensive network of highly-trained agents specializing in MassMutual policy sales.
  • Presents a comprehensive array of life insurance products.
  • Ranks as the most cost-effective option in our evaluation of life insurance rates in Colorado.
Drawbacks
  • Lacks support for online applications when seeking life insurance products.
  • The exclusive method of purchase is through a MassMutual agent.

Cheapest Life Insurance Companies In Colorado

Company Average Monthly Cost
MassMutual $9
Mutual of Omaha $11
Nationwide $14
Transamerica $15
State Farm $20

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a highly regarded company with many local offices handling both sales and service. Their motto, “Nationwide is on your side,” rings true for smokers in Colorado looking for life insurance. While Nationwide’s rates for smokers might be a bit higher compared to top competitors, our evaluation has found it to be the best option for smokers because of its competitive pricing, easily accessible agents, and exceptional customer service.

If you’re a smoker looking for life insurance, you’ll probably encounter higher premiums than non-smokers. However, there’s a way to potentially lower your rates to a level similar to non-smokers by showing that you’ve quit smoking for 12-24 months, depending on the insurer’s rules. Usually, this involves having a paramedical exam and a blood test to confirm that there’s no nicotine in your system.

Benefits & Drawbacks

Benefits
  • Nationwide policies can be obtained through an extensive network of skilled agents.
  • A diverse selection of life insurance products is available.
  • Nationwide has numerous offices throughout Colorado.
Drawbacks
  • The option for online applications when seeking life insurance products is unavailable.
  • The exclusive method of purchasing is through a Nationwide agent.

Best Life Insurance Companies In Colorado For smokers

Company Average Monthly Cost
MassMutual $105
State Farm $106
Nationwide $106
Transamerica $112
Mutual of Omaha $112

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers has consistently honored State Farm for its long-standing high customer satisfaction ratings in the field of life insurance. This recognition highlights the company’s steadfast commitment to delivering top-tier service to policyholders. This comes as no surprise, considering that State Farm boasts the largest number of field agents across the nation compared to any other insurance provider.

State Farm’s stellar reputation for exceptional customer service is well-deserved, and policyholders genuinely appreciate it. What sets the company apart is its extensive network of local neighborhood offices, which seem to be everywhere. These offices allow policyholders to have in-person meetings with their local agents for sales assistance or to address any policy-related needs.

State Farm is renowned for its outstanding customer service and speedy claims processing, a critical factor in the life insurance industry. This is particularly important during challenging times when grieving families depend on their life insurance provider for prompt and compassionate assistance.

Benefits & Drawbacks

Benefits
  • Demonstrates a notably reduced quantity of customer complaints in comparison to the industry norm.
  • Upholds exceptional financial ratings for its ability to settle claims.
  • Boasts the most extensive agent network among all insurance providers.
Drawbacks
  • The exclusive method for acquiring policies is through State Farm agents.
  • Provides a restricted range of riders for policy customization.

How To Find The Best Life Insurance Company For You

When you’re in the market for life insurance in Colorado, it’s important to understand that there’s no one-size-fits-all solution. At Insuranceopedia, we recognize that everyone’s situation is unique. That’s why we evaluate multiple insurers and provide awards in different categories. To find the perfect life insurance for your specific needs, we recommend following these three straightforward steps:

  1. Assess your coverage needs: Many life insurance companies offer “life insurance calculators” on their websites to help you determine the right coverage amount.
  2. Choose three companies to compare: It’s a smart move to compare insurance companies, considering not just their rates but also their financial stability. Low rates are important, but they don’t matter if your insurer can’t fulfill your claim.
  3. Begin the application process: Many life insurance shoppers tend to postpone their purchases, but it’s crucial not to procrastinate. Your family’s financial security is on the line, so taking prompt action is essential.

Largest Life Insurance Companies In Colorado

Several life insurance companies are active in Colorado, and we’ve listed the top five based on their market share:

Company Market Share
New York Life 9.77%
State Farm 7.58%
Northwestern Mutual 6.80%
Primerica 3.85%
Southern Farm Bureau Life Insurance 3.68%

Average Cost Of Life Insurance In Colorado

Best Cheap Life Insurance Companies In Colorado For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12 $19
MassMutual $11 $20
Nationwide $10 $21
Transamerica $9 $21
State Farm $17 $33

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Best Cheap Life Insurance Companies In Colorado For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $9 $14
Nationwide $10 $15
Mutual of Omaha $11 $16
Transamerica $15 $27
State Farm $16 $31

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Colorado

Determining the price of life insurance in Colorado relies on several key factors, which include:

• Your selected life insurance provider

• Your age

• Gender

• Health condition

• Smoking habits

• Credit score

• Any additional riders integrated into your policy

It’s important to note that men typically face higher insurance premiums compared to women due to their shorter lifespans. Similarly, smokers encounter increased costs due to their reduced life expectancies. In Colorado, insurance companies may also take your credit score into consideration when calculating your insurance rate. Furthermore, including riders such as disability waiver of premium or child riders can elevate the overall expense of your insurance policy.

How Much Life Insurance Do You Need In Colorado?

The need for life insurance varies from person to person. Homeowners typically require more coverage than renters. Those with dependents, such as children, might also need higher levels of protection.

To ensure your loved ones are adequately covered, life insurance advisors often recommend getting coverage that’s 10 to 20 times your annual income. For example, if you earn $75,000 per year, you might need coverage ranging from $750,000 to $1.5 million.

Colorado Life Insurance Laws To Know

When looking into life insurance in Colorado, it’s crucial to be aware of the state’s specific regulations that protect policyholders. These regulations include:

Contestable Period

According to Colorado law, life insurance companies can challenge a claim if they discover that the policyholder provided false or misleading information on their application within two years of the policy’s start date. However, after this two-year period, the insurance company cannot dispute the application due to any inaccuracies.

Free Look Period

After receiving your life insurance policy from the company or agent, you have a 10-day window to review it. If you decide you don’t want the policy within this timeframe, you can return it without penalties and receive a full refund of any premiums already paid to the issuing insurance company.

Grace Period For Missed Payments

Colorado law allows for a 30-day grace period if you miss a payment. During this time, you can still make the payment without losing your coverage.

Settlement Time For Claims

To receive benefits, beneficiaries must file a claim with the insurer. Upon making a claim, all life insurance companies in Colorado are required to settle it within 30 days.

FAQs

Is life insurance more expensive in Colorado?  

The price of life insurance in Colorado is on par with rates in other states. Insurance companies may charge higher premiums when they’ve had to pay out more claims than they initially anticipated.

What is the average monthly cost of life insurance in Colorado?

The usual monthly cost for life insurance in Colorado for a 30-year-old man can begin at $9 for $250,000 in coverage, whereas a woman of the same age may come across rates as low as $9.

How much per month is a million-dollar life insurance policy in Colorado?  

Based on our research, MassMutual offers the most favorable rate for a $1 million, 10-year term life policy in Colorado, with a monthly premium of $27.

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