Best Life Insurance Companies in Colorado Springs, CO

Transamerica stands out as the best life insurance company in Colorado Springs, CO. MoneyGeek’s analysis showed that it's also the best option for young adults and smokers. However, seniors are more likely to benefit from a policy from MassMutual. Life insurance policies can be as cheap as $10 per month on average for a $250,000 coverage. Following Colorado Springs’ recommended coverage amount of $919,000, the cheapest life insurance policy costs around $23 monthly.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Purchasing a life insurance policy in Colorado Springs brings multiple benefits. You can use this to ensure your family receives financial support after your passing. MoneyGeek’s study helps you determine the best life insurance companies in Colorado Springs.

Remember, what might be ideal for one person isn’t always the top choice for another. Our analysis explores different buyer profiles and identifies the best life insurance provider for each.

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2023

Best Life Insurance Companies in Colorado Springs, CO, for 2023

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Best Cheap Life Insurance in Colorado Springs

Several factors affect the cost of life insurance in Colorado Springs, including gender and coverage level.

For example, Transamerica is the best life insurance provider for men and women for a policy with a $250,000 coverage. However, it might not be enough to provide financial support for the average American, especially if a breadwinner dies.

In Colorado Springs, we recommend that you increase your policy’s face value to $919,000, based on the cost of living, average income, average personal debt and average age, among other factors.

For a policy with this coverage value, the best insurer for men is still Transamerica. However, Nationwide is now the top option for women.

Cheapest Life Insurance Companies for Males and Females in Colorado Springs
  • Cheapest For
    $250K Coverage
    $919K Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    Transamerica

    Nationwide

Life Insurance Costs in Colorado Springs for Men and Women

The average cost of life insurance may vary depending on your gender. In Colorado Springs, men pay 1% more than the state average. In comparison, it’s 12% cheaper for women.

In general, women pay less for life insurance than men. For instance, a woman’s monthly premium for a policy with a $250,000 coverage amount averages $13 in Colorado Springs, while a man spends roughly $15.

These are relatively affordable, but premiums may increase significantly based on coverage level. The recommended amount for life insurance in Colorado Springs is $919,000. It's based on information from the U.S. Bureau of Economics, considering average age, personal debt and mortgage balance. With that face value, men pay an average of $42 per month, while women spend $31 on average.

The same pattern emerges when comparing the average cost between 10-year term life insurance policies. Men pay an average monthly premium of $24, while women spend roughly $19.

Average Monthly Life Insurance Rates in Colorado Springs: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $23
  • Nationwide
    $12
    $23
  • MassMutual
    $11
    $24
  • Mutual of Omaha
    $12
    $25
  • AAA
    $14
    $29
  • State Farm
    $18
    $40
  • Prudential
    $15
    $50
  • Progressive Life
    $16
    $66
Average Monthly Life Insurance Rates in Colorado Springs: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $17
  • Transamerica
    $8
    $17
  • MassMutual
    $9
    $18
  • Mutual of Omaha
    $10
    $18
  • AAA
    $10
    $23
  • Prudential
    $19
    $32
  • State Farm
    $16
    $34
  • Progressive Life
    $13
    $44

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Colorado Springs 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.

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender plays a significant role in calculating life insurance costs in Colorado Springs. Insurers charge women less because their average life expectancy is five years longer than men. Males tend to demonstrate several behaviors leading to a shorter lifespan. These include a higher tendency to have a detrimental lifestyle, less social engagement and avoiding doctor appointments.

However, LIMRA’s recent consumer study shows that more men purchase life insurance than women. It’s unfortunate because around 70% of mothers will probably be primary financial providers before their children’s 18th birthday. The number of women-owned businesses is also growing. These profiles and others can benefit from having life insurance.

Most Popular Life Insurance Companies in Colorado

The three most sought-after life insurance companies in Colorado based on their market shares are Northwestern Mutual (13%), Lincoln Financial (5%) and New York Life (5%).

The seven most popular insurers make up about 38% of the state’s market. You can see which companies made it to the list using the table below.

Most Popular Life Insurance Companies in Colorado

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  • Company
    Market Share
  • Northwestern Mutual
    13%
  • State Farm
    5%
  • New York Life
    5%
  • Lincoln Financial
    5%
  • Securian
    4%
  • MassMutual
    4%
  • Prudential
    3%
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MONEYGEEK DICTIONARY

Market share represents a company’s contribution to the entire industry’s total revenue. The bigger an insurance company’s market share is, the more policies it has sold compared to its competitors.

MoneyGeek’s study used market share information based on total premiums written in the state, sourced from S&P Global 2020 data reports.

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Cheapest Life Insurance for Young People in Colorado Springs

The monthly average cost of life insurance for young adults in Colorado Springs ranges from $16–$26.

MoneyGeek gathered life insurance quotes from various companies in Colorado Springs and found that these two offer the most affordable policies:

  • Transamerica: $16 per month
  • Mutual of Omaha: $17 per month

You can refer to the table below to see all the companies MoneyGeek included in its analysis.

Best Life Insurance Companies for Young People in Colorado Springs, CO

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  • Company
    Monthly Cost
  • Transamerica
    $16
  • Mutual of Omaha
    $17
  • MassMutual
    $18
  • AAA
    $19
  • Nationwide
    $21
  • State Farm
    $21
  • Prudential
    $22
  • Progressive Life
    $26

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Colorado Springs who is 5 feet 10 inches 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

You might think that purchasing life insurance when you’re young isn’t necessary, but it’s one of the best money-saving strategies you can apply. Young adults are typically in better health and are less likely to file a claim in the near future. As a result, insurers usually charge lower premiums.

Purchasing life insurance when you’re young is often a good idea. As you get older, expect to start paying more for coverage.

Cheapest Life Insurance for Seniors in Colorado Springs

Seniors in Colorado Springs can expect to pay anywhere between $39 and $92 per month for life insurance.

In MoneyGeek’s analysis, the companies offering the best life insurance in Colorado Springs for seniors are:

  • MassMutual: $39 per month
  • State Farm: $42 per month

You can use the table to see the complete list of insurers included in MoneyGeek’s study.

Best Life Insurance Companies for Seniors in Colorado Springs, CO

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  • Company
    Monthly Cost
  • MassMutual
    $39
  • State Farm
    $42
  • Mutual of Omaha
    $44
  • Nationwide
    $45
  • AAA
    $46
  • Progressive Life
    $70
  • Prudential
    $80
  • Transamerica
    $92

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Colorado Springs 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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors typically pay higher premiums because insurance companies view them as high-risk buyers. There is a high probability that their policy will outlive them.

MoneyGeek’s sample policy only has a $100,000 coverage because many seniors are comfortable with a lower face value. Most of them have grown-up children who are financially independent, reducing the need for death benefits to act as an income replacement. However, our chosen coverage amount is still enough to cover final expenses and burial needs when the time comes.

Cheapest Life Insurance for Smokers in Colorado Springs

Nicotine use can affect life insurance rates significantly. Smokers typically pay more for life insurance than non-smokers. Their policies can cost anywhere between $39 and $92 monthly.

MoneyGeek’s analysis found the best life insurance providers for smokers in Colorado Springs are:

  • MassMutual: $39 per month
  • State Farm: $42 per month

To see all the life insurance companies that MoneyGeek analyzed, refer to the table below.

Best Life Insurance Companies for Smokers in Colorado Springs, CO

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  • Company
    Monthly Cost
  • Transamerica
    $125
  • Nationwide
    $149
  • MassMutual
    $150
  • State Farm
    $150
  • Mutual of Omaha
    $165
  • AAA
    $174
  • Prudential
    $189
  • Progressive Life
    $233

Rates were determined by analyzing quotes for a 30-year-old male smoker in Colorado Springs 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurers consider smokers higher-risk buyers, resulting in costlier life insurance premiums. Due to being more prone to smoking-related illnesses, smokers also have a shorter life expectancy.

MoneyGeek recommends a lengthier policy (at least a 20-year term) to avoid the significant rate increases as you get older. It may help you find cheaper life insurance for smokers.

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Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, along with average mortgage debt, personal debt and age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.

About the Author


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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