A life insurance policy helps to ensure that your beneficiaries have financial support after you pass away. There are several life insurance providers in Fort Collins, but the best option for you will depend on your background and needs. MoneyGeek broke down the best life insurance companies in Fort Collins, Colorado, to help you find the best rates. We also highlighted the best options for smokers, young adults and seniors.
Best Life Insurance Companies in Fort Collins, CO, for 2024
Updated: October 3, 2024
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BestLife InsuranceFort CollinsBest Life Insurance Companies in Fort Collins, CO, for 2023
Most Popular in Colorado - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - Transamerica
Best Cheap Life Insurance in Fort Collins
Life insurance quotes in Fort Collins will depend on the coverage level purchased and your gender. Transamerica offers the cheapest rates for $250K coverage at an average cost of $10 per month for men and $8 per month for women.
The cheapest rates for the recommended coverage level of $919K are offered by Transamerica at an average cost of $24 per month for men and Nationwide for women at $17 per month.
A policy with $250K coverage may be cheaper, but it does not necessarily offer sufficient coverage. Based on the cost of living, average income, average personal debt, average age and other state-specific factors in Colorado, the recommended coverage is $919K.
Cheapest Life Insurance Companies for Males and Females in Fort Collins
Cheapest For | $250K Coverage | $919K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Nationwide |
Life Insurance Costs in Fort Collins for Men and Women
Fort Collins life insurance rates for women are significantly cheaper than rates for men. Compared to the average rates for the state, men in Fort Collins pay 7% more, but women pay 10% less.
Gender is one of the primary factors that impact life insurance costs. In Fort Collins, a policy with the default coverage of $250K costs an average of $16 per month for men and $14 per month for women.
The average cost of a policy with the recommended state coverage of $919K is $44 per month for men and $31 per month for women. The recommended coverage is calculated based on factors such as the per capita income, average personal debt and average age in the state.
Men also pay higher rates for a 10-year term policy, regardless of coverage limit, at an average of $26 per month compared to an average of $19 per month for women.
Average Monthly Life Insurance Rates in Fort Collins: 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 Fort Collins: Women
| Nationwide | $10 | $17 |
| Transamerica | $8 | $17 |
| MassMutual | $9 | $18 |
| Mutual of Omaha | $11 | $18 |
| AAA | $11 | $24 |
| Prudential | $19 | $32 |
| State Farm | $16 | $35 |
| Progressive Life | $13 | $45 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Fort Collins 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
Women typically pay less for life insurance because they have a longer life expectancy than men, making them a lower risk category. Factors like higher incidences of risky behavior and increased risk of heart disease in men contribute to their lower life expectancy, so they’re more costly to insure.
Despite rates being cheaper for women, studies have found that more men buy life insurance. However, life insurance is equally important for women since they also play a vital role in family finances which may be affected once they pass away.
Most Popular Life Insurance Companies in Colorado
The three most popular life insurance companies in Colorado are Northwestern Mutual, Lincoln Financial and New York Life. Northwestern Mutual commands the highest market share at 13%, while Lincoln Financial and New York Life make up 5% each of the market share. Overall, about 39% of the market share is taken up by the seven most popular companies.
You can compare the most popular life insurance companies in Colorado 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
Market share is a representation of the amount of revenue generated by a company compared to its competitors in the same market. In this analysis, MoneyGeek used data based on total premiums written in the state obtained from 2020 S&P Global data reports.
Cheapest Life Insurance for Young People in Fort Collins
Life insurance quotes in Fort Collins can range from an average of $17 to $27 per month for young adults. The cheapest life insurance companies for young people in Fort Collins are:
- Transamerica: $17 per month
- Mutual of Omaha: $18 per month
You can look up the most affordable companies in Fort Collins for young adults in the table below.
Best Life Insurance Companies for Young People in Fort Collins, 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 Fort Collins who is 5 feet 10 inches in height and weighs 147 pounds with a 20-year term contract at the average coverage need of $320K. 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 premiums are usually less expensive for younger people, but the rates increase as you age. This means that buying a life insurance policy while you are still young is the best way to save on your life insurance costs. It is also important to compare providers if you want to find the most affordable life insurance for young adults.
Cheapest Life Insurance for Seniors in Fort Collins
Fort Collins life insurance rates for seniors can range from $41 to $97 per month, on average. The cheapest companies for life insurance if you are a senior in Fort Collins are:
- MassMutual: $41 per month
- State Farm: $44 per month
You can compare average rates for seniors by company in the table below.
Best Life Insurance Companies for Seniors in Fort Collins, 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 Fort Collins who is 5 feet 10 inches tall and weighs 173 pounds with a 10-year term contract at the average coverage need of $95K.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors typically pay higher rates for life insurance since they have a short life expectancy. However, since most seniors are unlikely to have younger dependents who need coverage for future income, they can get away with having a low-coverage policy. This is why our sample policy coverage for seniors is lower than for other profiles.
Although a low-coverage policy may cover fewer expenses, they usually offer sufficient coverage to meet final expenses like burial costs.
Cheapest Life Insurance for Smokers in Fort Collins
Life insurance costs for smokers in Fort Collins range from an average of $132 to $246 per month. The cheapest life insurance companies in Fort Collins for smokers are:
- Transamerica: $132 per month
- Nationwide: $157 per month
You can look up the average rates for smokers in Fort Collins in the table below.
Best Life Insurance Companies for Smokers in Fort Collins, CO
| Transamerica | $132 |
| Nationwide | $157 |
| MassMutual | $158 |
| State Farm | $158 |
| Mutual of Omaha | $173 |
| AAA | $183 |
| Prudential | $199 |
| Progressive Life | $246 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Fort Collins who is 5 feet 10 inches tall and weighs 173 pounds with a 20-year term contract at the average coverage need of $919K.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Life insurance rates for smokers are significantly higher than rates for non-smokers because smoking is a major risk factor for various health conditions. Smokers, therefore, pay higher premiums for life insurance. However, you can still find affordable life insurance for smokers by comparing quotes from different providers.
It is also best to buy a longer 20-year term policy that provides extended coverage since rates for smokers significantly increase as you age.
Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, 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 July 8, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 8, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 8, 2022.
- S&P Global. "2020 Annual Report." Accessed July 8, 2022.