Best Life Insurance Companies In Colorado For 2024

My research has shown that MassMutual is the best life insurance company in Colorado.

min read
Updated: 11 March 2024
Written by
Bob Phillips
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If you live in Colorado and are considering buying life insurance, you probably want to save time finding the best life insurance coverage at a price that won’t send you into sticker shock. My goal is to take care of the research for you, and assist you in finding and purchasing the very best policy for your situation, quickly and efficiently.

While I was conducting research on life insurance in Colorado, I discovered that the best life insurance within the state is MassMutual. This determination isn’t based on market share alone, but by virtue of this company delivering excellent coverage and service at the best price, as well. In my opinion, that’s a winning combination.

Taking a few minutes from your day to read the results of our research shown below will be a profitable investment of your time in the long run. If you don’t have adequate life insurance in place, your loved ones might not have the financial means to support the lifestyle you want them to have should you pass away suddenly. Having life insurance shows your commitment to your family.

Best Life Insurance Companies In Colorado, 2024

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 2024

Compare The Best Life Insurance Companies In Colorado

To help you evaluate the top life insurance companies in Colorado, the table shown below are our preferred companies across a few important criteria.

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

My approach to the research was in-depth. I took multiple factors into consideration, including such things as: customer service ratings, product offerings, price, and online user experience. In addition to those criteria, I used my personal experience in life insurance sales, as well as my experience interacting with agents from other insurance providers. That experience has furnished me with valuable insights into their products and services.

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

I believe that MassMutual deserved the title of Best Overall due to its many strong points. This company offers a wide selection of highest quality life insurance products, including term life, whole life, and universal life, all at competitive rates. MassMutual policies also offer a variety of riders that you can add to fit your circumstances.

The sales agents with MassMutual are expertly trained and well informed about life insurance. They’re sometimes called “career agents” and have had comprehensive training on the insurer’s life insurance who want to familiarize themselves with the various types of life insurance available.

MassMutual’s robust financial strength was another key factor in our selections. It has repeatedly received the highest rating possible from AM Best (A++ Superior) because of its sound financial strength along with its ability to pay claims.

Being chosen as the Best Overall reflects MassMutual’s commitment to offering a wide range of insurance products backed by an expert sales team, not just based on their rates. MassMutual might not have the level of brand recognition or market share as a few of its competitors in Colorado, but it’s  a well known and respected, reputable insurance provider within the state.

Benefits & Drawbacks

Benefits
  • Superior financial ratings
  • Diverse product portfolio with many riders
  • Cheapest rates in Colorado
Drawbacks
  • Must buy through MassMutual agents only
  • Lower J.D. Power rating than some competitors
  • Cannot buy whole life products online

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

For many years, Mutual of Omaha has been commended for its dedication to addressing the life insurance needs of senior citizens. Seniors believe in this company, not only because of their famous television show “Mutual of Omaha’s Wild Kingdom,” but also because of the extensive training their agents undergo on serving the insurance needs of the senior insurance market niche.

This insurance carrier is well established in its line-up of senior life insurance products, including two coverage products that have been specially designed for seniors with health issues. One of these is a guaranteed issue policy that doesn’t require a medical exam or questions about your health history, making it a great choice for seniors with serious medical issues such as cancer, heart attack or stroke.

The other is a simplified issue policy that does require medical history questions but does not require a medical exam, making it an optimal selection for seniors with minor medical problems such as high blood pressure or Type 2 Diabetes, who don’t want to have a medical examination.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in Colorado
  • The company is strong financially
  • Gives seniors peace of mind through well trained agents
Drawbacks
  • Fewer agents in Colorado than some other major insurers
  • Higher ratio of complaints than some insurers

Best Life Insurance Companies For Seniors In Colorado

Company Monthly Cost
MassMutual $38.36
State Farm $41.51
Nationwide $44.18
Mutual of Omaha $44.20
Progressive Life $69.15

*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 is aware of its own strong points, and one of these strong points is life insurance rates for young adults that are affordable. This company understands that numerous young people are careful with their finances, especially when it comes to purchasing life insurance. This is the reason Transamerica has priced its rates to be within reach of a younger, more budget-conscious demographic trying to maximize their benefit while staying within their budget.

In addition, the Transamerica website caters to younger aged buyers, since this market is familiar with conducting business online. This group wants clear, to-the-point information that’s easy to find and equally easy to understand.

The Transamerica site is informative and user friendly, so its customers are able to navigate through their options easily and find the information they need. Transamerica has a firm belief that everybody—regardless of their age or budget—deserves the protection, security, and peace of mind that life insurance provides.

Life insurance providers face a challenging market with younger-age consumers. This is probably because many younger adults haven’t yet seen the necessity of having life insurance. They’re a demographic that tends to marry later and postpone buying life insurance until after marriage or having children. Companies such as Transamerica put their focus on offering life insurance to this age group because they have lower mortality rates, which means higher profits.

Transamerica received the lowest score in customer service of all the companies I reviewed. This could be because of their dependence on utilizing independent insurance agents for sales and service. Some independent agents working alone with no supervision from a company probably need to improve in both of those areas.

Benefits & Drawbacks

Benefits
  • Policy face amounts go to as much as $10 million
  • You can purchase term life insurance online
  • No medical examination for up to $2 million for qualifying applicants
Drawbacks
  • Has a lower customer service satisfaction rating than some competitors
  • $25,000 is the minimum term life insurance face amount you can buy

Best Life Insurance Companies For Young Adults In Colorado

Company Monthly Cost
Transamerica $15.50
MassMutual $17.40
Mutual of Omaha $17.70
Nationwide $21.02
Progressive Life $25.52

*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, Colorado’s top life insurance provider, is a financially strong leader with competitive rates. While there are several insurance companies that offer low cost term life insurance, MassMutual’s rates are the most favorable.

While it isn’t advisable to base your life insurance purchase on price alone, the truth is that cost is a major factor among the majority of life insurance buyers. MassMutual offers the lowest rates for those looking for life insurance in Colorado, even though as a general rule this company is typically known for its professionalism instead of its affordability. MassMutual is committed to the expansion of its market share in Colorado, and is employing aggressive pricing strategies to achieve this goal.

Benefits & Drawbacks

Benefits
  • Least expensive of any I evaluated for Colorado life insurance
  • A wide network of well-trained agents sell MassMutual policies
  • Offers a full portfolio of life insurance products
Drawbacks
  • Doesn't allow online applications for life insurance
  • You can only purchase through a MassMutual agent

Cheapest Life Insurance Companies In Colorado

Company Average Monthly Cost
Transamerica $8.62
MassMutual $10.46
Nationwide $11.58
Mutual of Omaha $11.86
State Farm $18.29

*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

Well known company with numerous local offices for sales as well as service. Their famous slogan: “Nationwide is on your side,” is certainly true for smokers in Colorado who are shopping for life insurance.

Although Nationwide’s rates for smokers are slightly higher than its main competitors, I concluded it’s the overall best choice for smokers because of its competitive rates, superlative customer service, and easy access to agents.

Benefits & Drawbacks

Benefits
  • Offers a full range of life insurance products
  • Has numerous offices located throughout Colorado
  • An extensive network of trained agents sells and service Nationwide policies
Drawbacks
  • No online applications for life insurance products
  • Can only buy through a Nationwide agent

Best Life Insurance Companies In Colorado For Smokers

Company Average Monthly Cost
MassMutual $95.25
Transamerica $104.14
Mutual of Omaha $104.95
Nationwide $105.94
State Farm $126.37

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

If you’re a smoker in search of life insurance, you’ll find out that your rates will be considerably higher than the rates of a non-smoker. However, it’s possible to lower your rates comparable to those of a non-smoker if you can show that you haven’t smoked for the past one to two years, depending on the policies of the insurance company. You should know that you’ll have to undergo a paramedical exam along with a blood test to prove that you don’t have any nicotine in your bloodstream.


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

For many years, J.D. Powers has consistently recognized State Farm as a life insurance company with excellent customer satisfaction ratings, which are a reflection of the company’s dedication to outstanding policyholder service. This comes as no surprise, as State Farm has more agents in the field than any other insurance company in the U.S.

State Farm is acclaimed for its commitment to superb customer service, which is much appreciated by its policyholders. The company is unique in having numerous local neighborhood offices where its policyholders are able to meet with their local agent in person, to get the sales assistance or policyholder service they need.

State Farm is well known for above average customer service along with a prompt claims process, which is an important factor in the life insurance market, and even more so when a family is mourning and dependent on its life insurer for fast, compassionate assistance.

Benefits & Drawbacks

Benefits
  • Has fewer customer complaints than the industry average
  • More agents to provide service than any other insurer
  • Carries top financial ratings for claims-paying ability
Drawbacks
  • A limited number of riders are offered
  • Can only purchase policies through State Farm agents

How To Find The Best Life Insurance Company For You

If you’re in the market for life insurance in Colorado, keep in mind that there isn’t a one-size-fits-all coverage. Insuranceopedia recognizes that everyone’s situation is unique based on their needs. With this in mind, I have evaluated numerous insurance providers and awards for the various categories. To find the best life insurance that suits your  circumstances, I advise you to follow these 3 steps:

  1. Determine how much coverage you need. Many insurance companies offer “life insurance calculators” on their websites that will help you calculate the amount of coverage that is best for you.
  2. Choose 3 companies for comparisons. Comparing insurance carriers is wise, and don’t only compare their rates, but their financial stability and strength, as well. Low rates are important, but they would be less than worthless if your insurance company wasn’t able to pay your claim.
  3. When you’ve narrowed your choices down to just oNE insurer, make an application for coverage. Many potential buyers don’t go on to finish the purchase process to secure life insurance. It’s important not to procrastinate because once you need life insurance, it will be too late to get it. Your family’s financial well being is at stake, so it’s vitally important to act quickly.

Largest Life Insurance Companies In Colorado

There are numerous life insurance companies doing business in Colorado. These are the 5 largest as measured by market share:

Company Market Share
New York Life 4.67%
State Farm 4.50%
Northwestern Mutual 13.24%
Primerica 4.17%
Southern Farm Bureau Life Insurance 3.55%

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 $12.02 $21.01
MassMutual $11.01 $20.02
Nationwide $10.02 $19.98
Transamerica $9.02 $20.01
State Farm $18.99 $39.02

*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 $10.02 $24.03
Nationwide $11.99 $26.02
Mutual of Omaha $13.01 $27.01
Transamerica $9.98 $23.03
State Farm $17.99 $38.98

**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

The cost of life insurance in Colorado is influenced by a variety of criteria, including:

  • Age
  • Your life insurance company
  • Gender
  • Smoking habits
  • Health status
  • Riders added to your policy
  • Credit score

It’s not extraordinary for males to have higher life insurance premiums than females simply because historically, men have shorter life spans. This works the same way with smokers: male and female smokers incur higher life insurance rates because they, too, have lower life expectancies than the rest of the population in general.

In Colorado, insurance carriers might look at other factors, also, such as your credit score, when determining your insurance rates. In addition, if you add riders to your policy, like child riders  or a disability waiver of premium, you will be charged higher rates.

How Much Life Insurance Do You Need In Colorado?

The amount of life insurance you need will depend on your situation. For instance, if you’re a homeowner, you’ll probably need more coverage than people who rent their homes. Those with dependents, such as children, may need more coverage, also.

Life insurance agents will typically advise you to obtain coverage of 10-20 times your yearly wages to make sure there is adequate protection for your loved ones. For example, if your annual income is $75,000, you might need coverage ranging from $750,000 to $1.5 million.

Colorado Life Insurance Laws To Know

If you’re ready to purchase life insurance in Colorado, you may find it helpful to familiarize yourself with the state’s guidelines that were put in place as protection for you as an insurance policyholder. These laws include:

Contestable Period

Life insurance companies in Colorado can deny paying a claim if they find that the policyholder gave false or misleading information on their application within 2 years of the policy’s effective date. However, after 2 years have passed, the insurance provider can’t contest the application based on any discrepancies or errors.

Free Look Period

After receiving your life insurance policy from the company or agent, you’ll have ten days to review it. Should you decide that you don’t want to keep the  policy during this 10 day time period, you may return it without a penalty and receive a full refund of any premiums you’ve paid to the insurer.

Grace Period For Missed Payments

If you miss a payment, Colorado law allows for a thirty-day day grace period during which time you can still make the payment, without losing your insurance coverage.

Time Allowable To Settle A Claim

For beneficiaries to receive payment of life insurance policy benefits, they are required to file a claim with the insurance provider. Once the claim has been submitted, all life insurance companies in Colorado are required to settle that claim within thirty days.

FAQs

Is life insurance more expensive in Colorado?

Life insurance costs in Colorado are on par with other states. Insurers who charge higher rates sometimes do so because they’ve paid out more in claims than they anticipated.

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

Our research showed that MassMutual has the most economical rates for a 10 year term life policy of $1 million in Colorado, with a monthly premium of about $27.

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

The life insurance rates for a 30 year old man in Colorado might be as low as $10.00 a month for $250,000 of coverage. The same amount of coverage for a 30 old woman in Colorado will cost about $9.00 per month.

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