Best life insurance companies in Colorado (2024)

We selected the five best life insurance companies in Colorado for a variety of different needs and conditions.

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By

Alani AsisContributing WriterAlani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|5 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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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 AM 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

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance

Legal & General America, which also does business as Banner Life and William Penn, is our pick for the best overall life insurance for customers in Colorado. Legal & General America 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. 

Legal & General America’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

If affordability is your number-one concern, Legal & General America 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

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.

Legal & General America'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

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2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam 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

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction 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

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2024 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

$

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

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

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2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

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

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, Legal & General America 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. 

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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

Legal & General America

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 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.

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Frequently Asked Questions

What is the number one life insurance company in Colorado?

Legal & General America 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.

Author

Alani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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