Updated: May 22, 2024
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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.
BestLife InsuranceColo. SpringsBest Life Insurance Companies in Colorado Springs, CO, for 2023
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 For | $250K Coverage | $919K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Nationwide |
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.
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $23 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $24 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $29 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| AAA | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $23 |
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.
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.
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.
| Northwestern Mutual | Market Share13% |
| Lincoln Financial | Market Share5% |
| New York Life | Market Share5% |
| State Farm | Market Share5% |
| MassMutual | Market Share4% |
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.
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:
You can refer to the table below to see all the companies MoneyGeek included in its analysis.
| Transamerica | Monthly Cost$16 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$18 |
| AAA | Monthly Cost$19 |
| Nationwide | Monthly Cost$21 |
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.
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.
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:
You can use the table to see the complete list of insurers included in MoneyGeek’s study.
| MassMutual | Monthly Cost$39 |
| State Farm | Monthly Cost$42 |
| Mutual of Omaha | Monthly Cost$44 |
| Nationwide | Monthly Cost$45 |
| AAA | Monthly Cost$46 |
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.
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.
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:
To see all the life insurance companies that MoneyGeek analyzed, refer to the table below.
| Transamerica | Monthly Cost$125 |
| Nationwide | Monthly Cost$149 |
| MassMutual | Monthly Cost$150 |
| State Farm | Monthly Cost$150 |
| Mutual of Omaha | Monthly Cost$165 |
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.
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.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.
