Finding the Best Life Insurance Companies in Colorado

Choosing the right life insurance company is key to getting affordable coverage that provides for your loved ones. With dozens of insurers operating in Colorado, it can be tricky to identify the best options.

This comprehensive guide examines the top life insurance companies in Colorado based on cost, financial strength, and customer satisfaction. Discover how to find an affordable policy that meets your needs.

Factors to Consider When Choosing a Life Insurer in Colorado

There are several key factors to weigh when comparing life insurance companies in the state:

Cost – Premiums can vary dramatically between insurers. Compare quotes to find the most budget-friendly rates.

Coverage Amount – Make sure the death benefit is sufficient to pay off debts, fund college, and more. Review your finances to determine the right amount.

Type of Policy – Term or permanent life insurance? Term is less expensive but permanent policies build cash value. Assess your needs.

Add-Ons – Riders for chronic illness, disability, and other conditions can customize coverage. See what each insurer offers.

Financial Strength – Choose an established company that can pay claims far into the future. Check ratings.

Customer Service – You’ll want an insurer that resolves issues promptly and courteously. Read reviews.

With these aspects in mind, let’s dive into the top life insurance companies operating in Colorado today.

Best Overall: Northwestern Mutual

With roots dating back to 1857, Northwestern Mutual is one of the most established and highly-rated life insurers in the U.S. It’s MoneyGeek’s pick for best overall life insurance company in Colorado due to:

• Wide range of policy types – Offers term, whole, and universal life insurance plans to suit different needs and budgets.

• Top financial strength – Holds the highest possible ratings from AM Best (A++), Moody’s (Aaa), and Fitch (AAA).

• Strong presence in Colorado – Has 13 field offices in the state and the largest market share at 13.25%.

• Policy customization – Disability income and chronic illness riders available for added protection.

• Dividends on permanent policies – Returns a portion of premiums on participating whole life plans.

Though not the absolute cheapest, Northwestern Mutual’s premier reputation, financial strength, and breadth of offerings make it a leading choice in Colorado.

Most Affordable: Transamerica

For shoppers focused strictly on low cost, Transamerica reigns supreme. This national insurer consistently offers Colorado’s most budget-friendly rates across age groups.

• Cheapest for young buyers – Just $15.51 per month for a 20-year, $320k policy for a 25-year-old.

• Cheapest for seniors – Only $90.70 per month for a 10-year, $95k policy for a 60-year-old.

• Strong smoker rates – Just $123.50 per month for a 20-year, $919k policy.

• Simple underwriting – No medical exams required for policies under $1 million.

• Online application – Convenient fully digital quoting and enrollment process.

One trade-off is that Transamerica has slightly lower financial strength ratings than top firms like Northwestern Mutual. However, its A rating from AM Best still indicates excellent ability to pay claims.

Best Customer Service: State Farm

When you need responsive, caring support from your life insurer, State Farm delivers. The company earns sky-high marks for customer satisfaction.

• 97% customer satisfaction – Tops among life insurers in the 2022 J.D. Power life insurance study.

• Local agents – Get personalized guidance from an agent in your Colorado community.

• Policy options – Term, whole, and universal life plans available. Riders for chronic and terminal illness.

• Top financial strength – AM Best rating of A++ since 1976. Also rated AA+ by S&P Global.

• No occupation restrictions – Approve more applicants than many competitors.

• Wellness program – Offers discounted premiums for hitting health milestones.

For best-in-class service when selecting, enrolling in, or filing a claim on your life insurance policy, State Farm is a premier choice.

Best No Medical Exam: Ethos

Ethos makes buying life insurance completely online simple. The technology-focused insurer skips medical exams and long applications.

• No medical exam – Approves policies based on medical and prescription database checks.

• Instant decisions – Receive an approval decision in minutes.

• Policy customization – Choose your term length from 10 to 40 years.

• Coverage up to $2 million – Significant death benefit options even without an exam.

• Free rate comparison – Ethos shows quotes from other insurers alongside theirs.

• Strong financial backing – Policies administered and backed by established insurers.

If you want a fully digital enrollment process without invasive tests, Ethos delivers. It offers an easy option for healthy applicants.

Best Whole Life: Guardian Life

Permanent whole life policies come with premiums 3-4x higher than term insurance. But they also accrue cash value that you can borrow against. For the best whole life rates in Colorado, check out Guardian Life.

• Low premiums for the coverage – Whole life rates start at just $160 monthly for a $250k policy.

• Cash value growth – Earn dividends that increase your death benefit over time.

• Level premiums – Payments locked in for life. You’ll never see a rate hike.

• No medical exam – Simply answer health questions to qualify for smaller policies.

• Mutual company structure – Profits go back to policyholders in the form of dividends.

Guardian Life first sold policies in 1860. Its mutual company structure helps keep permanent policy premiums affordable relative to the death benefit.

Best Accelerated Death Benefit: Lincoln National

Many insurers now offer accelerated death benefits that pay out part of the death benefit early if you become terminally ill. But Lincoln National goes a step further with its MoneyGuard Reserve plan.

• Two benefits in one – Combines life insurance and long-term care coverage.

• Tax-free payouts if terminally ill – Or use the benefit to pay for home care, nursing home care, and more while living.

• Keep your policy – Still leaves a death benefit for beneficiaries after accelerated payouts.

• Automatic benefit increases – Death benefit grows over time to combat inflation.

• Highly rated – Lincoln National holds an A+ rating from AM Best.

For the most innovative way to access part of your death benefit while living, Lincoln National is a standout in Colorado.

Finding the Best Life Insurance Company for You

While Northwestern Mutual, Transamerica, State Farm, and others topped categories here, you still need to compare quotes across multiple insurers to find your best match. Be sure to get quotes from at least 2-3 companies before deciding.

I recommend starting your life insurance search on Policygenius. This free online marketplace will compare quotes from over a dozen top insurers to instantly identify your lowest price options.

You can get started by answering just a few quick questions about your age, health, desired coverage amount, and more. There’s no obligation to buy. Comparing personalized quotes takes less than 5 minutes.

Visit Policygenius today to find your ideal life insurance company based on premiums, financial strength, and features. Then protect the ones you love.