Best Life Insurance Companies In Colorado Springs
If you’re looking for the best life insurance companies in Colorado Springs, you’ve come to the right place. I’m going to share over 15 years of up close and personal experience with many of these insurers, all of whom I feel are top-flight companies, with Nationwide taking home the trophy for Best Overall. If you want to best protect your family based on your unique life circumstances, you’ll find what you were looking for in this article.
Best Life Insurance Companies In Colorado Springs, Colorado 2024
After reviewing dozens of life insurance companies, I found these six to be the winners in these very important categories:
Compare The Best Life Insurance Companies In Colorado Springs, Colorado
As the saying goes, sometimes a picture is worth a thousand words. Here’s a quick snapshot of our winners:
| Overall Rating | Best For | A.M. Best Rating | J.D. Power Rating | Online Experience | Get A Quote | |
|---|---|---|---|---|---|---|
| Transamerica |
|
Best Runner-Up/Cheapest |
A |
740 |
9.5 |
Instant Quote |
| Nationwide |
|
Best Overall |
A++ |
791 |
9.4 |
Instant Quote |
| Mutual of Omaha |
|
Best For Seniors |
A+ |
801 |
9.2 |
Instant Quote |
| State Farm |
|
Best For Local Agents |
A++ |
839 |
9.5 |
Instant Quote |
| Mass Mutual |
|
Best For Young Adults |
A++ |
780 |
9.6 |
Instant Quote |
| Progressive |
|
Best For Online Experience |
A+ |
NR |
9.9 |
Instant Quote |
Our Methodology
Our methodology considered customer service ratings, the variety of products offered, rates, and the quality of the online experience the company provided. In addition, a subjective factor was my personal experience, having represented two of these companies and being very familiar with the others by having been a customer or knowing agents who worked for those companies.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Life Insurance Company Reviews
Best Overall
Key Statistics
Why We Like Them
⇅The company’s slogan is, “Nationwide is on your side,” and I believe that’s true. Nationwide is widely represented by both a well-trained career agent sales force and independent agents who are carefully selected to represent them.
Nationwide’s life insurance product line is very complete. The company offers a selection of term life insurance, whole life, universal life, and survivorship life products. Nationwide also offers a life insurance plan that doesn’t require a medical examination.
Buying life insurance from Nationwide is easy to do. You can call or walk into a local office, of which there are many in Colorado Springs. You can also call the company’s home office, and they will refer you to either a Nationwide career agent or an independent agent, depending on your needs.
Nationwide’s financial ratings are the highest you’ll find, their customer satisfaction levels are among the best in the life insurance industry, and their rates come in a close second to Transamerica.
Nationwide offers a variety of different types of insurance, including home, auto, renters, and pet insurance. You won’t get a discount for bundling your life insurance with Nationwide, but you can have most of your insurance products under one roof, making billing and service easier for you.
Average cost of a $250,000 term life policy for a 30-year old:
Male: $12
Female: $10
Benefits & Drawbacks
⇅- Excellent network of trained agents
- A full complement of life insurance products
- Among the least expensive we evaluated ✓
- Term life applicants must be 70 or younger
- No online quotes or applications for permanent products ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅Transamerica is an excellent choice for residents of Colorado Springs considering life insurance companies. Its products are available through dozens of independent agents licensed with the company. Having been licensed with Transamerica and sold their life insurance products, I can attest to the depth of their product line and excellent rates.
Transamerica’s strength is not only great rates for their term life products but also the quality of their permanent life insurance products: universal, whole, and variable universal life. These three products have a low cost of insurance and accumulate cash value that can be withdrawn or borrowed as the policy matures.
The downside of buying from Transamerica is the digital experience. It isn’t easy to navigate through their website and get a quote for life insurance. If you can get your quote, you can’t apply online; you’ll need to apply through a local agent.
Average cost of a $250,000 term life policy for a 30-year old:
Male: $10
Female: $8
Benefits & Drawbacks
⇅- Excellent rates
- Diverse product line
- Extensive network of local agents to buy from ✓
- Poor digital experience getting a quote
- Can’t complete an application online ✘
Best For Seniors
Key Statistics
Why We Like Them
⇅Mutual of Omaha probably knows the senior market better than any other major life insurance company. I know because I was a licensed agent with the company for over five years and trained many agents on the product line, including life insurance for seniors.
Mutual of Omaha’s senior life product line is anchored by their guaranteed issue whole life product. Regardless of the condition of your health, you won’t be denied coverage. The trade-off is that the premiums are higher than their non-guaranteed issue product.
The simplified issue product for seniors requires you to complete a short application, but no medical exam is necessary. The rates are lower than the guarantees issue product’s rates.
Mutual of Omaha’s agents are captive agents, meaning they only represent Mutual of Omaha. This means they receive intensive training from the company both in the local Colorado Springs office and at its home office in Omaha, Nebraska.
Average cost of a $250,000 term life policy for a 30-year old:
Male: $11
Female: $10
Benefits & Drawbacks
⇅- Well-trained agents sell senior life products
- Complete line of senior products, including life insurance, Medigap plans
- No exam is required for senior life insurance policies ✓
- Not as many term life plans as competitors
- Senior life policies have limited face amounts ✘
Best For Local Agents
Key Statistics
Why We Like Them
⇅State Farm is seemingly everywhere in Colorado Springs, and throughout the U.S. Its nationwide agent network is over 18,000 strong and is backed by 343 claim offices and 30 operations centers. You’ll see many State Farm offices throughout Colorado Springs.
Having a local agent is preferred by many life insurance buyers. They prefer to do business with individuals who live and work in their community and receive more personal guidance when buying life insurance.
State Farm does not provide online quotes and applications for its policies. This is a negative for people who prefer to buy life insurance online from the comfort of their home.
State Farm agents represent a healthy mix of life insurance products. The company sells both term and permanent life insurance products. Seniors may find that there are policy restrictions for some of the company’s term life products.
State Farm’s life insurance rates are competitive but on the expensive side of the ledger. This is typical for companies that have higher overhead by having so many employees in brick-and-mortar offices throughout the country.
Average cost of a $250,000 term life policy for a 30-year old:
Male: $18
Female: $16
Benefits & Drawbacks
⇅- Term policies can be converted into permanent policies
- Many local agents in Colorado Springs neighborhoods ✓
- Some policies are not available for applicants older than 65
- All policies must be purchased through a State Farm agent ✘
Best For Young Adults
Key Statistics
Why We Like Them
⇅MassMutual wasn’t selected as the winner of this category as much for their excellent life insurance products as they were for how their trained agent force educates young adults on life insurance.
MassMutual’s agents are company employees who receive extensive training when they are hired and throughout their careers with MassMutual. They use a comprehensive methodology of arriving at the right type and face amount of life insurance for young adults.
The company’s agents are not only known for selling excellent products but for sharing their methodology with young adults who are in the process of buying life insurance for the first time. Many of Mass Mutual’s clients are young professionals who want to understand what they’re buying and why they’re buying it.
MassMutual’s life insurance premiums are not inexpensive. They maintain Class A offices throughout the country and pay their trained agents well. The benefits they provide their employees are also first-rate.
Average cost of a $250,000 term life policy for a 30-year old:
Male: $11
Female: $9
Benefits & Drawbacks
⇅- Term and permanent policy options
- Online and in-person breakdown of policies
- Online claims filing ✓
- Term policies purchased online can’t be converted to permanent policies
- No online application for permanent policies ✘
Best For Online Experience
Key Statistics
Why We Like Them
⇅Though Progressive’s life insurance products are sold by Efinancial, their online quote system is a breeze. You simply fill out a one-page form asking for some basic information (name, age, address, etc.), and you’ll have a quote in minutes.
Progressive and its affiliates offer a basic life insurance product line, including term, whole, and universal life. As well as the basic life insurance policies, Progressive offers a final expense life insurance policy that doesn’t require a medical exam.
Progressive is best known for its auto and home insurance policies but makes life insurance available to help people keep their insurance with one insurer offering bundle discounts.
Progressive doesn’t advertise its life insurance products, which helps keep its premiums lower than some other life insurers. The company has an A+ (Superior) rating from A.M. Best, indicating its excellent financial position and claims-paying ability.
Average cost of a $250,000 term life policy for a 30-year old:
Male: $16
Female: $13
Benefits & Drawbacks
⇅- Access to multiple life insurance policy types
- Strong financial ratings
- Easy to get online quotes ✓
- Sells its life insurance through third-party Efinancial
- No local representation for life insurance sales ✘
How To Find The Best Life Insurance Company For You
Finding the right life insurance company for you and your family takes a little time and effort, but it’s well worth it.
The first step is to decide whether to work with an agent or buy online without talking with anyone.
If you’re a seasoned life insurance buyer and have researched policies in the past, I recommend buying online from the comfort of your home. You won’t feel pressured to buy, and you can take your time looking at different companies’ websites and reviewing their policies.
Working with an agent may be in your best interest if you’ve never bought life insurance before and don’t know what type and amount to buy. A professional insurance agent can explain the differences between term and permanent life insurance and can give you guidance on how much life insurance you need.
Consider getting quotes from more than one agent so you can compare companies and rates.
Once you’ve decided how you want to buy life insurance, the next step is to choose several insurance companies that you feel confident about. Check out their AM Best ratings, which will give you an indicator of their financial strength and ability to pay claims. Try and select companies with a rating from B+ to A++.
Largest Life Insurance Companies In Colorado
There are dozens of life insurance companies doing business in Colorado. These are the companies that are the largest as measured by market share:
| Company | Market Share |
| Northwestern Mutual | 13% |
| State Farm | 5% |
| New York Life | 5% |
| Lincoln Financial | 5% |
| Securian | 4% |
| MassMutual | 4% |
| Prudential | 3% |
Average Cost Of Life Insurance In Colorado Springs, Colorado
Average Monthly Life Insurance Rates For Women Colorado Springs
(Average age 30, average weight of 137, average coverage need of $919,000)
| Company | Rates for $250,000 Coverage | Rates for $926,000 |
| Nationwide | $10 | $17 |
| Transamerica | $8 | $17 |
| MassMutual | $9 | $18 |
| AAA | $10 | $23 |
| Prudential | $19 | $32 |
| State Farm | $16 | $34 |
| Progressive | $13 | $44 |
| Mutual of Omaha | $10 | $18 |
Average Monthly Life Insurance Rates For Men, Colorado Springs
(Average age 30, average weight of 173, average coverage need of $919,000)
| Company | Rates for $250,000 Coverage | Rates for $926,000 |
| Transamerica | $10 | $23 |
| Nationwide | $12 | 423 |
| MassMutual | $11 | $24 |
| Mutual of Omaha | $12 | $25 |
| AAA | $18 | $40 |
| State Farm | $18 | $40 |
| Prudential | $15 | $50 |
| Progressive | $16 | $66 |
Factors That Impact Cost Of Your Life Insurance Policy In Colorado Springs, Colorado
Many factors affect your life insurance rates in Colorado Springs. Among them are:
- Age: Your rates increase every year you get older
- Gender: Rates for females are generally slightly lower than they are for males because their life expectancy is longer
- Face amount of policy: The higher the face amount, the higher the premium
- Height: Your rates will be higher if your height is not proportionate to your weight
- Weight: Rates get higher if your weight is not proportionate to your height
- Smoker or Nonsmoker: Smokers will pay higher rates because of shorter lifespans
- Medical History: Some insurers will “rate” you for pre-existing conditions, which can increase your premium as much as 10% more than the standard rate
All of these play a part in what the insurer will charge you.
The type of life insurance you buy also significantly affects your premium.
Term life insurance costs much less than permanent life insurance because it does not build cash value and will only pay a death benefit if you die during the specified term (number of years). Terms are typically 5 years, 10 years, 20 years, and 30 years.
Permanent life insurance costs more because a portion of your premium goes toward the policy’s cash value account, and the remainder pays the cost of insurance. Permanent policies are also designed to stay in force for your entire life.
Location does not impact your life insurance rates, although each state’s insurance commissioner must approve the rates before policies can be sold. Not all insurers are licensed in all states.
Colorado Life Insurance Laws To Know
All life insurance companies provide a “grace period” of seven to thirty days to return a life insurance policy you decide you don’t want after it is delivered. However, the law mandates a 31-day grace period for Colorado residents on their life insurance policies.
In The News
On September 28, 2022, the Colorado Division of Insurance (CO DOI) held its fourth stakeholder meeting to discuss life insurers’ underwriting practices. SB-169 required insurers to test their use of external consumer data, information sources, algorithms, and predictive models and aimed to protect consumers from unfairly discriminatory results.
Information About Colorado Springs
Colorado Springs is known as Olympic City USA, where a culture of achievement, national pride, and dedication sits comfortably alongside the awe-inspiring beauty of some of America’s most beautiful mountains. Colorado’s second-largest city boasts a thriving community, rich in business experience, with a historical background of achievement. Colorado Springs consistently ranks as one of the best places to live in America, with short commute times, affordable housing, great schools, and friendly neighbors.
FAQs
Is life insurance more expensive in Colorado?
Life insurance costs the same in Colorado as in every other state. Life insurers are not allowed to discriminate by state.
How much per month is a million-dollar life insurance policy in Colorado Springs?
The average premium for a million-dollar 10-year term life insurance policy is about $32 per month. If you want a 20-year term, you’ll pay about $47 per month.
What is the average cost of life insurance in Colorado Springs?
The average cost for a $320,000 term life insurance policy for a young adult in Colorado Springs ranges from $16 to $30.
