Life insurance is a good investment in your family’s future because it provides financial security for your dependents when you pass away. In this guide, MoneyGeek analyzed average rates and compared providers to find the best life insurance companies in Denver, Colorado, based on your age, gender and smoking history.
Best Life Insurance Companies in Denver, CO for 2024
Updated: October 30, 2024
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BestLife InsuranceDenver, COBest Life Insurance Companies in Denver, CO, for 2023
Most Popular in Colorado - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - Transamerica
Best Cheap Life Insurance in Denver
The cost of life insurance is influenced by your gender and coverage amount. For $250K coverage, the most affordable life insurance company in Denver for men and women is Transamerica, with an average rate of $10 per month and $9 per month, respectively.
While carrying a life insurance policy with $250K coverage is cheaper, it might not be enough for most people. To ensure adequate financial support for your beneficiaries, consider getting your state’s recommended coverage amount. This is usually determined by state-specific factors like cost of living, average income, average personal debt and average age.
For a policy with Colorado’s recommended coverage amount of $919,000, the cheapest life insurance company in Denver for men is Transamerica at $24 per month, on average. Meanwhile, Nationwide is the cheapest insurer for women at $20 per month, on average.
Cheapest Life Insurance Companies for Males and Females in Denver
Cheapest For | $250K Coverage | $919K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Nationwide |
Life Insurance Costs in Denver for Men and Women
According to MoneyGeek’s analysis, men in Denver pay 7% more for life insurance than the average for Colorado, while women pay 4% more.
On average, men and women in Denver both pay approximately $16 per month for life insurance with $250K coverage. But these rates significantly change when you choose your state’s recommended coverage amount, which is based on several factors like per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age.
For policies that include Colorado’s recommended coverage amount of $919K, men in Denver spend $44 per month, whereas women spend $36 per month, on average.
Meanwhile, a 10-year term policy in Denver costs an average of $26 per month for men and $22 per month for women.
Average Monthly Life Insurance Rates in Denver: Men
| Transamerica | $10 | $24 |
| Nationwide | $13 | $25 |
| MassMutual | $12 | $25 |
| Mutual of Omaha | $13 | $27 |
| AAA | $14 | $31 |
| State Farm | $19 | $42 |
| Prudential | $15 | $52 |
| Progressive Life | $17 | $70 |
Average Monthly Life Insurance Rates in Denver: Women
| Nationwide | $12 | $20 |
| Transamerica | $9 | $20 |
| MassMutual | $11 | $21 |
| Mutual of Omaha | $12 | $21 |
| AAA | $12 | $28 |
| Prudential | $22 | $38 |
| State Farm | $19 | $41 |
| Progressive Life | $16 | $52 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Denver using average buyer profile statistics, including the average age of 30, the average weight of 173 pounds for males and 137 pounds for females, and an average coverage need of $919,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
It’s worth noting that gender plays an important role in calculating your life insurance premiums. Statistically, women have more affordable rates because they have longer life expectancies. On the other hand, men tend to have shorter lifespans due to various reasons, including working dangerous jobs and avoiding doctors. As a result, they pay more for life insurance.
Still, studies show that more men buy life insurance than women. Since women bring economic value to their households, getting a life insurance policy would be an excellent investment.
Most Popular Life Insurance Companies in Colorado
According to MoneyGeek’s analysis, Northwestern Mutual, Lincoln Financial and New York Life are the three most popular life insurance companies in Colorado by market share. Northwestern Mutual’s market share is the largest at 13%. Meanwhile, Lincoln Financial and New York Life each have approximately 5%.
Overall, the seven most popular companies in Colorado take up 39% of the life insurance market in the state. Find out which insurers made it to the most popular list in the table below.
Most Popular Life Insurance Companies in Colorado
| Northwestern Mutual | 13% |
| Lincoln Financial | 5% |
| New York Life | 5% |
| State Farm | 5% |
| MassMutual | 4% |
| Securian | 4% |
| Prudential | 3% |
MONEYGEEK DICTIONARY
A company’s market share is the percentage of its sales versus the rest of the market. Having a larger market share usually indicates more policies were sold compared to others. MoneyGeek determined the most popular companies by market share in Colorado using the S&P Global Market Intelligence 2022 report.
Cheapest Life Insurance for Young People in Denver
The average cost of life insurance for young people in Denver can range from $17 per month to $27 per month. The two least expensive insurance companies for this age group in Denver are:
- Transamerica: $17 per month
- Mutual of Omaha: $18 per month
The table below shows the complete list of life insurance quotes in Denver for young people.
Best Life Insurance Companies for Young People in Denver, CO
| Transamerica | $17 |
| Mutual of Omaha | $18 |
| MassMutual | $19 |
| AAA | $20 |
| Nationwide | $22 |
| State Farm | $23 |
| Prudential | $23 |
| Progressive Life | $27 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Denver who is 5 feet 10 inches in height and weighs 147 pounds with a 20-year term contract at the average coverage need of $320,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Life insurance tends to be cheaper for those age 25 and under and becomes more expensive as you age. That’s why getting a life insurance policy while you’re young is one of the best strategies for saving money on premiums.
Cheapest Life Insurance for Seniors in Denver
For seniors, the cost of life insurance in Denver ranges between $41 per month and $97 per month. MoneyGeek found that the companies with the lowest rates for seniors in this city are:
- MassMutual: $41 per month
- State Farm: $45 per month
Review the table below to see more of the cheapest companies in Denver for seniors.
Best Life Insurance Companies for Seniors in Denver, CO
| MassMutual | $41 |
| State Farm | $44 |
| Mutual of Omaha | $46 |
| Nationwide | $47 |
| AAA | $49 |
| Progressive Life | $74 |
| Prudential | $85 |
| Transamerica | $97 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Denver who is 5 feet 10 inches tall and weighs 173 pounds with a 10-year term contract at the average coverage need of $95,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors often have higher life insurance premiums because their policies are expected to outlive them. That said, most seniors are fine with less coverage since their beneficiaries are more likely to be financially independent. Their coverage amount usually only pays for expenses like funeral arrangements. For this reason, we set our sample policy coverage for seniors at $100K.
Cheapest Life Insurance for Smokers in Denver
On average, life insurance for smokers in Denver can be as low as $132 per month and as high as $246 per month. MoneyGeek found that the following providers offer the cheapest life insurance to smokers in Denver:
- Transamerica: $132 per month
- Nationwide: $157 per month
The table below has the complete list of the most affordable companies for smokers in Denver.
Best Life Insurance Companies for Smokers in Denver, CO
| Transamerica | $132 |
| Nationwide | $157 |
| MassMutual | $158 |
| State Farm | $159 |
| Mutual of Omaha | $174 |
| AAA | $183 |
| Prudential | $199 |
| Progressive Life | $246 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Denver who is 5 feet 10 inches tall and weighs 173 pounds with a 20-year term contract at the average coverage need of $919,000.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Because they have higher risks of developing smoking-related diseases, smokers face higher life insurance rates. Fortunately, affordable life insurance policies for smokers are available. If you’re a smoker, MoneyGeek recommends buying a longer-term (20-year) policy to provide longer coverage, as rates for smokers increase dramatically as you age.
Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed October 30, 2024.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed October 30, 2024.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed October 30, 2024.
- S&P Global. "2020 Annual Report." Accessed October 30, 2024.