Best Life Insurance Rates in Colorado

Get competitive quotes from top companies.

See Your Rates

Compare Life Insurance Quotes in Colorado

Colorado sits at the intersection of the Great Plains and the Rocky Mountains, leading some to call it “the best of both worlds.” Historically, Colorado is the birthplace of the cheeseburger, the rodeo, and Chipotle Mexican Grill. Nowadays, Colorado boasts some of the lowest rates of heart disease and cancer in the nation. Because these diseases are America’s top two killers, this has a significant impact on life insurance rates in Colorado.

Colorado Life Insurance Quotes

Finding affordable life insurance shouldn’t cramp your lifestyle. That’s often the case, though, if you do all of the legwork on your own.

For a helping hand, turn to QuoteWizard. We’ll put you in touch with Colorado's top insurance companies so you can find the most affordable rates in your state.

Life Insurance Rate Factors in Colorado

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Colorado is 80.0 years, slightly higher than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Colorado at age 54, you would be more likely than not to pass away before 84 years of age, the end of the term.

On the other hand, if you were 32 years old and purchased a 30-year term life policy, you would be well under Colorado’s life expectancy of 80.0 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower premiums than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Colorado, the death rate from injury due to firearms is 11.5 per 100,000 deaths, the #25 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Colorado, the percentage of the population that’s male is 50.2%, and the percentage that’s female is 49.8%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Colorado residents that used QuoteWizard last year.

 
         
 
   
50%Female
   
50%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your insurance premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Colorado that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
63%Healthy
   
30%Major
   
6%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Colorado, where skiing and snowboarding are very popular.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Colorado in 2009, the rate of marriage for people over 15 was 45.5 per 1,000 people, the rate of divorce was 21.2 per 1,000 people, and the rate of widowhood was 9.0 per 1,000 people.

Marriage status of Colorado residents that used QuoteWizard last year.

 
         
 
   
64%Single
   
36%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Colorado is an atmospheric and state scientist.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates as well as an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2013, approximately 17.7% of Colorado adults smoked cigarettes – about 725,000 adults.

Percentage of QuoteWizard users in Colorado that indicated that they smoke last year.

 
         
 
   
87%Don't Smoke
   
13%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a life insurance policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher life rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Colorado was 21.3%. This makes Colorado the least obese state. Nationwide, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Colorado - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 6,456 125.7 49th 169.8
2 Cancer 7,357 139.2 48th 163.2
3 Lower Respiratory Disease 2,297 45.9 23rd 42.1
4 Accidents 2,422 46.4 19th 39.4
5 Stroke 1,588 32.0 40th (tie) 36.2
6 Alzheimer's Disease 1,316 27.2 17th (tie) 23.5
7 Diabetes 788 15.0 46th 21.2
8 Influenza/Pneumonia 606 12.0 44th 15.9
9 Kidney Disease 450 9.0 42nd 13.2
10 Suicide 1,007 18.6 7th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Colorado Life/Health and Fraternal Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Pacific MHC $939,360 11.1%
2 Prudential Financial Inc. $540,353 6.4%
3 Lincoln National Corp. $460,402 5.4%
4 Great-West Insurance Group $418,311 4.9%
5 Jackson National Life Group $415,005 4.9%
6 AEGON $339,156 4.0%
7 MetLife Inc. $315,156 3.7%
8 Northwestern Mutual Life Insurance Co. $296,667 3.5%
9 New York Life Insurance Group $294,145 3.5%
10 American International Group $274,998 3.3%

Financial Strength Ratings of Top Colorado Life/Health Insurers

Source: A.M. Best (Ratings as of 8/31/2015)

  • Pacific MHC: A+
  • Prudential Financial Corp: A+
  • Lincoln National Corp.: A+
  • Great-West Insurance Group: A+
  • Jackson National Life Group: A+
  • AEGON: A+
  • Metlife Inc.: A+
  • Northwestern Mutual Life Insurance Co.: A++
  • New York Life Insurance Group: A++
  • American International Group: A
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Colorado Life Insurance Regulations

Insurance in Colorado is governed by the laws defined by Title 10 of the Colorado Revised Statutes, as outlined by the Colorado State Office of Legislative Legal Services.

This legislature contains 48 chapters, used to regulate claims and provide certain protections to Colorado consumers, for example:

Timely Payment of Claims: In Colorado, it is required that insurance companies pay out claims in a timely manner, meaning within two months. If unreasonable delay occurs, the state will fine, penalize, and/or sanction the insurance company and interest will accrue based on the length of the delay. The interest is then paid to the beneficiary as well.

Grace Period: Any life insurance policyholder in Colorado is entitled to a one month “grace period” to make up a missed payment without punishment. This is to prohibit the insurance company from withholding a claim because of a slightly late payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Colorado insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Colorado Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the CLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(303) 292 – 5022
Address:
Colorado Life & Health Insurance Guaranty Association
PO Box 36009
Denver, CO 80236

Colorado Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Marguerite Salazar
Insurance Hotline:
(800) 886 - 7675
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.