Life insurance can help you achieve a sense of security by knowing that your family will be financially provided for after your death. MoneyGeek is here to help you sort through the best life insurance policies available in Lakewood, Colorado. Rates can change based on your age, gender and smoking history, so shopping around can ensure you get the best premiums.
Best Life Insurance Companies in Lakewood, CO, for 2024
Updated: October 18, 2024
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BestLife InsuranceLakewood, COBest Life Insurance Companies in Lakewood, CO, for 2023
Most Popular in Colorado - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - Transamerica
Best Cheap Life Insurance in Lakewood
Lakewood residents can get the cheapest coverage from Transamerica, which offers $250,000 worth of coverage for men at around $10 and approximately $8 for women.
However, some people will need more than this amount for their needs. Based on state-specific factors, the average policyholder in Colorado needs about $919,000 worth of coverage. For this amount, Transamerica charges men the lowest price of around $23, while women can get the same coverage from Nationwide at about $19.
Cheapest Life Insurance Companies for Males and Females in Lakewood
Cheapest For | $250K Coverage | $919K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Nationwide |
Life Insurance Costs in Lakewood for Men and Women
The cost of life insurance varies based on gender and location. Men in Lakewood pay approximately 4% more than the state average, while women pay around 1% less.
Women in Lakewood pay an average of $15 for a $250K coverage, while men pay around $16.
Based on Colorado's per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age, $919K in life insurance coverage is recommended. This amount of coverage costs men around $43 per month, while women will pay roughly $34 monthly.
In addition, regardless of the coverage limit, males pay an average of $25 for a 10-year term while females pay around $21.
Average Monthly Life Insurance Rates in Lakewood: Men
| Transamerica | $10 | $23 |
| Nationwide | $12 | $24 |
| MassMutual | $12 | $24 |
| Mutual of Omaha | $13 | $26 |
| AAA | $14 | $30 |
| State Farm | $18 | $41 |
| Prudential | $15 | $51 |
| Progressive Life | $17 | $68 |
Average Monthly Life Insurance Rates in Lakewood: Women
| Nationwide | $11 | $19 |
| Transamerica | $8 | $19 |
| MassMutual | $10 | $20 |
| Mutual of Omaha | $12 | $20 |
| AAA | $12 | $26 |
| Prudential | $21 | $35 |
| State Farm | $18 | $38 |
| Progressive Life | $15 | $49 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Lakewood 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
Due to their longer life expectancy, women are typically charged less for life insurance than men. This is because women tend to engage in less risky behavior and have lower instances of heart disease than men.
However, studies have found that men are more likely to purchase life insurance than women. That said, women can benefit from life insurance policies, as well. Life insurance is a step toward protecting yourself and your family's future.
Most Popular Life Insurance Companies in Colorado
The three life insurance companies with the largest average market share in Colorado are Northwestern Mutual (13%), Lincoln Financial (5%) and New York Life (5%). The combined market share of the top seven most well-known businesses in the state is approximately 39%.
Here are the top seven life insurance providers in Colorado, as ranked by market share.
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 its percentage of sales as compared to its competitors in the same industry. If a life insurance company has a substantial market share, it has sold more policies than its rivals.
MoneyGeek based its analysis of market share on the total sales of each company in the 2020 state reports from S&P Global.
Cheapest Life Insurance for Young People in Lakewood
Monthly life insurance rates in Lakewood for younger adults can range from around $16 to $27 per month. On average, the two most affordable providers include:
- Transamerica: $16 per month
- Mutual of Omaha: $18 per month
The following table provides a brief overview of life insurance options for young people in Lakewood.
Best Life Insurance Companies for Young People in Lakewood, CO
| Transamerica | $16 |
| Mutual of Omaha | $18 |
| MassMutual | $18 |
| AAA | $20 |
| Nationwide | $22 |
| State Farm | $22 |
| Prudential | $22 |
| Progressive Life | $27 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Lakewood who is 5 feet 10 inches and 147 pounds that purchases 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
To save money and secure your family’s future, it makes sense to get life insurance as early as possible. A young person can get a policy that's much less expensive than someone who is older. This is because the older you are, the more likely you are to develop health problems that increase your rates.
Cheapest Life Insurance for Seniors in Lakewood
The average monthly cost of life insurance for seniors in Lakewood ranges between $40 and $94. On average, the two most reasonably priced life insurance companies in Lakewood for this age group are:
- MassMutual: $40 per month
- State Farm: $43 per month
We've compiled a list of the top insurance providers for seniors in Lakewood below.
Best Life Insurance Companies for Seniors in Lakewood, CO
| MassMutual | $40 |
| State Farm | $43 |
| Mutual of Omaha | $45 |
| Nationwide | $46 |
| AAA | $47 |
| Progressive Life | $72 |
| Prudential | $83 |
| Transamerica | $94 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Lakewood who is 5 feet 10 inches and 173 pounds that purchases a 10-year term contract at the average coverage need of $95,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors are considered a bigger risk to insure because their policy is expected to last longer than their lifespan. This means they pay higher premiums.
That said, seniors generally need less life insurance than other demographics. This is because they usually have beneficiaries who are more likely to be financially independent adults that don't depend on their parents for support.
Seniors only need to cover the cost of a funeral, estate taxes and other necessary expenses with their life insurance policies. As a result, MoneyGeek's sample policy coverage for seniors is significantly smaller than for other demographics.
Cheapest Life Insurance for Smokers in Lakewood
Life insurance can cost as low as $129 and up to $240 in Lakewood for smokers. On average, the top two life insurance companies in Lakewood that offer the cheapest rates for smokers are:
- Transamerica: $129 per month
- Nationwide: $153 per month
Below you'll find more information about insurance providers for smokers in Lakewood.
Best Life Insurance Companies for Smokers in Lakewood, CO
| Transamerica | $129 |
| Nationwide | $153 |
| MassMutual | $154 |
| State Farm | $155 |
| Mutual of Omaha | $169 |
| AAA | $179 |
| Prudential | $194 |
| Progressive Life | $240 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Lakewood who is 5 feet 10 inches and 173 pounds that purchases a 20-year term contract at the average coverage need of $919,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
If you smoke, you have a higher likelihood of suffering from serious health conditions. Insurance companies know that, so they charge you higher premiums. The good news is that you can still get affordable life insurance if you buy a policy that covers you for at least 20 years. MoneyGeek advises this longer-term coverage since the risk of death increases with 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 11, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 11, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 11, 2022.
- National Library of Medicine. "Women live longer than men." Accessed July 11, 2022.
- S&P Global. "2020 Annual Report." Accessed July 11, 2022.