Unlike other kinds of insurance, where you live doesn’t affect your life insurance rates. But your state of residence does impact which life insurance companies are available for Coloradans to choose from, since not all carriers operate in all states.
Using our proprietary rating system and research, we selected the best life insurance companies in Colorado for a variety of different needs and conditions.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Colorado
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology: How we chose the best life insurance companies in each state
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Banner Life is our pick for the best overall life insurance for customers in Colorado. Banner Life ranks high in financial strength. The company also offers exceptional rates for applicants across various age brackets and health conditions, as well as a no-medical-exam option for healthy applicants.
Banner Life’s NAIC complaint rating is just 0.35, considerably lower than the industry average of 1.00. This score indicates that consumers were generally satisfied with its customer service quality.
Cheapest life insurance
Banner Life
If affordability is your number-one concern, Banner Life offers competitive pricing for applicants across multiple health risk categories. Smokers and applicants with pre-existing health conditions will also find great rates with this insurer.
Best term life insurance
Banner Life
Term life insurance gives you coverage for a designated period of time, usually between 10 and 30 years. It's generally the most affordable option, making term life the most popular policy type.
Banner Life's term life policy is an affordable choice for applicants in Colorado, and the company offers reliable customer service and a no-medical-exam option with up to $2 million in coverage for a maximum of 40 years.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Suppose you're looking for a new insurance policy, but want to avoid taking a medical exam? In that case, Brighthouse Financial offers best-in-class no-medical-exam policies. With a medical-exam waiver, insurance companies pull from your medical records to assess your health and underwrite your policy.
Brighthouse SimplySelect® allows you to purchase between $100,000 to $3 million in coverage for up to 30 years without a medical exam.
Best whole life insurance
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
If you're on a budget, whole life insurance isn't the most cost-effective choice for life insurance coverage. However, if you have ambitious wealth-building goals, MassMutual offers a lucrative cash value option with its whole life policies.
MassMutual policyholders tend to receive higher dividend payouts than the industry average, making the company an attractive whole life policy choice for Colorado applicants.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Finding a reliable, cost-effective insurance policy can be challenging if you're a Colorado senior, but Prudential offers some of the best insurance rates for people over age 60. The company is also relatively lenient when underwriting policies for applicants with age-related conditions, such as osteoporosis or osteoarthritis.
Best for young adults
Brighthouse Financial
Brighthouse Financial offers superior life insurance coverage at an excellent rate for Colorado young adults age 25 to 50. Brighthouse Financial is known for its lightning-fast application decisions, as well as a cream-of-the crop no-medical-exam option.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Pre-existing conditions, especially severe ones, can make it hard to find affordable life insurance. But Lincoln Financial offers competitive pricing for consumers across a spectrum of health conditions, including some forms of cancer, heart conditions, and arthritis.
Best for marijuana users
Lincoln Financial
Many insurance companies place marijuana users in the same category as tobacco users. As a result, those who use marijuana recreationally may see a 200% to 300% increase in premiums compared to a non-user.
However, Lincoln Financial offers non-smoker rates for daily marijuana users, as long as you have a clean driving record and no history of drug abuse. If you use marijuana and live in Colorado, consider Lincoln Financial for your life insurance needs.
Best for smokers
Banner Life
Smokers will see 200% to 300% higher premiums on their life insurance policy than the average non-smoker applicant. If you're a regular smoker living in Colorado, you get a competitive rate for your coverage. Additionally, Banner Life allows you to reapply for coverage at a reduced premium after one year of being smoke-free. In contrast, most insurers don’t offer price drops until after two years of quitting tobacco products.
Ready to shop for life insurance in Colorado?
Comparing the best life insurance companies in Colorado
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Banner Life | 4.9 / 5 | Overall, cheapest, term life, smokers | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Colorado?
Your life insurance rates will be determined by many factors. Insurance companies will consider your age, gender, health history, lifestyle, occupation, and habits that affect your health. As of the latest Policygenius data from June 2023, the average monthly premium for a healthy 35-year old in Colorado buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in Colorado?
In the rare instance when an insurance company goes under, each state's guaranty association will protect consumer policies.
The Colorado Life & Health Insurance Protection Association (COLIFEGA) will manage liquidated assets, transfer insurance policies, and notify the affected policyholders. COLIFEGA will cover up to $300,000 in life insurance benefits and $100,000 of net cash surrender or policy withdrawals.
How to find a lost life insurance policy in Colorado
The NAIC has helped Colorado beneficiaries recover more than $5.6 million in unclaimed benefits. If you're looking for a lost life insurance policy or seeking unclaimed death benefits for a deceased policyholder in Colorado, visit the NAIC's Life Insurance Policy Locator to get started.
Colorado life insurance laws
Colorado regulates how life insurance providers conduct business in the state. Here are the laws you need to know to protect yourself as a consumer.
Free look period
Colorado doesn't have an established free look period. However, most insurance companies give policyholders seven to 30 days to receive a full refund if they cancel their policy. Since Colorado doesn't impose a free look period, premium refunds aren't guaranteed.
Guaranty Fund protection
As noted above, the Colorado Life & Health Insurance Protection Association will continue to pay death benefits if your insurance company goes bankrupt. You are guaranteed up to $300,000 in death benefits and $100,000 in net cash surrender value.
Contestable period
In Colorado, the contestability period lasts two years. During this time, insurers can deny coverage and death benefit payouts if the company finds that the policyholder has falsified information on their application.
Time allowed to settle a claim
In Colorado, insurers must pay interest on unsettled claims from the date of the policyholder's death. After 30 days, the insurance company is subject to an interest rate increase.
Grace period for missed payments
Colorado residents have one month to make up a missed payment before the provider is allowed to terminate the policy.
Ready to shop for life insurance in Colorado?
What is the number one life insurance company in Colorado?
Banner Life is the best life insurance company for most people in Colorado. The company has stellar marks in financial stability and customer service, competitive rates across various health classes, and a best-in-class no-medical-exam option.
What is the life insurance free look period and grace period in Colorado?
Colorado had no state-mandated isn't free look period, so insurers aren't required to fully refund all your premiums paid if you decide to cancel your policy. There is, however, a 30-day grace period for missed payments before your policy is subject to cancellation.
Which types of life insurance are available in Colorado?
You can find all of the main types of life insurance policies in Colorado, including term life, whole life, and universal life. Term life insurance is by far the most popular option due to its affordability.
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