The Best Life Insurance Companies In Colorado + Free Quotes! (2021)

By Sa El Published: May 17, 2021

There are many different types of life insurance in Colorado with all sorts of choices and variables.

With the number of options, it can be challenging to know which type is best for you and your family.

The best way to find the perfect policy is by comparing free life insurance quotes from a variety of companies.

Here, we explore some of the popular types of insurance and will help you make an informed decision about what type works best for you!

Best Overall


bestow logo

Bestow is backed by A+ rated North American, and is our #1 pick. Their competitive rates and fast approval process earned them the 1st spot.

More Of The Best Colorado Life Insurance Companies Below...

Best For No-Medical Exam


lemonade logo large

Lemonade is rated A (Exceptional), and is our #2 recommendation.

Click below to get an accurate quote.

Best For Traditional Term Life


haven life logo large

Haven Life is backed by A+ rated Mass Mutual, and is our #3 recommendation.
Click below to get an accurate quote.

Best For Young Families


fabric life new logo

Fabric is backed by A+ Rated Vantis Life, and is our #4 recommendation. .

Click below to get an accurate quote.

What Is Life Insurance?

Life Insurance is protection against financial loss after death. Life Insurance provides a lump sum of cash to someone who meets the criteria set by the insured person or group policyholder, typically anyone you want so long as they are not considered too risky for coverage.

When I think about life insurance, I always ask myself a few simple questions.

  • What if something happens?
  • Who will take care of my kids?
  • Would it be possible to rebuild our lives from scratch again? 

These three simple questions can help guide you and your family on what choices are best for your situation: 

Let's explore some more important topics before we even get to talking about companies—first, the difference between term life and whole life insurance.

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get life insurance coverage within minutes of getting your quotes and applying.

Term Life Vs. Whole Life Insurance In CO

The most popular types of life insurance are term and whole life.

Term Life Insurance 

Term life insurance provides coverage for a specific period of time that is usually shorter than what you would find with whole life insurance.

Term life can offer lengths from 1 year up to 30 years, but any term policy will lapse if you don't make the payments on your policy.

Whole Life Insurance

Whole life insurance pays out a death benefit no matter when you pass away as so long as there has been continuous payment under the contract without lapse or termination during the entire period. 

In almost 95% of cases, you will probably only need a term life insurance policy because it's cheaper and covers the needs of most people.

How Much Is Life Insurance In Colorado?

The average life insurance premium in Colorado is about $645 per year, or $53 per month, which is higher than the national average. However, it's still essential to have coverage for your family because, without it, they'll be left with a hefty bill if you're no longer around to help them.

Compare Life Insurance Quotes In Colorado

Seriously, we don't need any contact information to give you quotes, we make it super simple to get instant quotes and fast coverage with our below quoting tool. 

No Personal Info Needed - Get Quotes Instantly

The final insurance policy premium for any policy is determined by the underwriting insurance company following the application.

How Are Colorado Life Insurance Rates Determined?

Life insurance rates in Colorado are determined by a few factors: age, gender, health status, tobacco usage, etc. 

Below we cover the primary pricing factors in more detail:

  • Age - Age will be one of the most significant 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.
  • Gender - Your gender is going to be the second-largest factor when figuring out your life insurance rates. You will find that women will 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 every month. 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 are buying, the more expensive the policy will become.
  • Term Length - Term length will 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 get declined for coverage.

It's essential to understand what will and won't affect your insurance premiums when trying to find the best life insurance companies in Colorado.

The more of these factors that apply, the more expensive your rates will be. Make sure you understand all of these before committing to a policy and signing papers.

INSURANCE WHERE YOU LIVE

Life insurance by state.

How To Contact The Colorado Department Of Insurance?

The best way to contact the Colorado Department of Insurance is by phone. The number is 303-894-7499. 

You can also reach them via email at colorado@dora.state.co.us

If you prefer to send them regular mail their address is 

Colorado Department of Insurance
1560 Broadway, Suite 2100
Denver CO 80202-2449

For additional information on the Colorado Department of Insurance you can visit their website at: https://doi.colorado.gov/

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get life insurance coverage within minutes of getting your quotes and applying.

How To Buy Term Life Insurance In Colorado?

Some sites state it will take 4 to 8 weeks from start to finish to get covered; however, I can assure you that is no longer the case in 2021.

There are products now that can get you from quote to covered in under 5 minutes and at most a few days.

It's best to compare quotes across multiple insurance companies to ensure you are getting the best rate and the most benefits.

We even recommend applying to more than one company so that the insurance companies have to fight for your business.

The application process can be completed in just 4 steps. 

Here's how:

  1. 1
    Get your free life insurance quote. Compare and contrast rates from different insurance companies 100% online without getting called from an agent. You should look at both no exam term options and fully underwritten options. 
  2. 2
    Choose your life insurance policy. It's time to decide how much coverage you can afford and pick your coverage amount and term length. You should select a company that has a good rating with A.M. Best and also excellent customer service.
  3. 3
    Fill out your "real-time" application. Complete your application entirely online without any agents by answering a few questions. Our online companies offer accelerated or real-time applications, so the underwriting happens as you complete your application. 
  4. 4
    Sign your life insurance policy and pay. Most companies will be able to give you an instant approval or an instant decision on the outcome of your policy. Once approved, you can sign your application and make your premium payments online... That's it; you're covered!

Taking Action

We hope you've found this information helpful and now have a better understanding of the process for getting life insurance in Colorado.

To get started, all you need to do is click here or on any of the above buttons to get started.

You will receive an instant quote so that you can compare rates from top-rated companies today.

Frequently Asked Questions


How much does life insurance cost per month in Colorado?

The average monthly cost of traditional life insurance in Colorado is $53. The average cost of a term life insurance policy in CO is around $23 per month. Keep in mind this is based on the coverage options you choose.

What is the best life insurance company in Colorado?

The best life insurance provider in Colorado is Bestow. They have a range of plans to fit your needs and can cover you for up to $1.5 Million with absolutely no paperwork in as little as 5 minutes. Their cheapest option starts at just $14 per month, but they also offer more expensive options if you need more coverage.

How much is a 500k life insurance policy?

A 35-year-old non-tobacco using female in excellent health can get a $500k life insurance policy for about $24 per month with no exam and a 35-year-old non-tobacco using male could get the same coverage for $33 per month. 

Which type of life insurance is best?

Term life insurance is the cheapest type of life insurance available. It doesn't have any cash value and will help protect your family in case something happens to the primary breadwinner. If you want to save some money, it's a good idea to go with term life insurance!


Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 13 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. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.


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