Term Life Insurance In Colorado // Free Quotes & Tips For 2019

May 29, 2019 (0) comment

life insurance colorado
life insurance colorado

The Best Life Insurance Companies In ​Colorado

​Figuring out how ​term life insurance works in your state can be confusing especially with all the different options available.

​We put together this post so that you can have quick access to your states department of insurance as well as their guaranty association.

​You will also find out information specific to the state of ​Colorado in regards to fully underwritten life insurance and have a better understanding of why you need life insurance if you life in ​Colorado.

​In This Article

​Comparing ​Colorado Life Insurance Quotes

​What's The Free Look Period

When you purchase your life insurance policy you still have what is known as the "free look" period in which you can return the policy.

If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.

​The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.  

How Life Insurance Rates Are Determined In ​Colorado


​Age is going to be one of the largest factors when determining your life insurance rates in ​Colorado.  The younger you are when you purchase coverage, the more affordable it is going to be.


Your gender is going to be the second largest factor when figuring out your life insurance rates.  You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.

Tobacco Usage

If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in ​Colorado, and since smoking increases your rates considerably, if you smoke, it's probably time to quit.

Coverage Amount

The amount of coverage that you purchase will also change your rates.  The higher the coverage amount you purchase, the more expensive the policy will become.  

Term Length

Term lenght is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.

Current Health

Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different.

Driving Record ​

Life insurance companies want to know that you aren't a crazy driver.  If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.

Top 10 Leading Causes Of Death In ​Colorado

​It is essential that you purchase ​Colorado life insurance ​when you are young so that your rates are affordable. 

  1. 1
    ​Cancer - ​7,829 Deaths
  2. 2
    ​Heart Disease - ​7,060 Deaths
  3. 3
    ​Accidents - ​3,037 Deaths
  4. 4
    ​ Chronic Lower Respiratory Diseases - ​2,604 Deaths
  5. 5
    ​Stroke - ​1,988 Deaths
  6. 6
    ​Alzheimer’s Disease - ​1,830 Deaths
  7. 7
    ​Suicide - ​1,181 Deaths
  8. 8
    ​Diabetes - ​1,017 Deaths
  9. 9
    ​Chronic Liver Disease/Cirrhosis - ​865 Deaths
  10. 10
    ​Influenza/Pneumonia - ​577 Deaths

​​A life insurance policy would cover all of the ​above deaths, including suicide after 2 years of having the policy.

​Colorado Department Of Insurance

colorado department of insurance

Website: ​Colorado Department Of Insurance

Insurance Commissioner:  ​Michael Conway

Consumer Insurance Helpline:  ​(800) 886 - 7675

Office Hours:  Monday - Friday  8:00 am to 5:00 pm

File a Consumer Insurance Complaint: ​Complaint Page

Find a Licensed Life Insurance Agent: Agent License Search Page

​Colorado Life & Health Insurance Guaranty Association

colorado guaranty association

​The ​Colorado Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:

Website: ​​Colorado Life & Health Insurance Guaranty Association

Phone: ​(303) 292 – 5022

     ​Colorado Life & Health Insurance Guaranty Association
     PO Box 36009
     Denver, CO 80236

​Colorado Guaranty Association Protection Limits

Each state has a specific limit that they can go up to in case your life insurance company ​fails.

In the state of Colorado ​there is no maximum for workers compensation claims, the maximum amount CIGA can pay on other claims is $300,000 ($100,000 prior to August 2011).

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 11 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

All posts by Mark Mathon

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