Best Life Insurance Companies in Denver, CO for 2024

Life insurance is a good investment in your family’s future because it provides financial security for your dependents when you pass away. In this guide, MoneyGeek analyzed average rates and compared providers to find the best life insurance companies in Denver, Colorado, based on your age, gender and smoking history.

The cost of life insurance is influenced by your gender and coverage amount. For $250K coverage, the most affordable life insurance company in Denver for men and women is Transamerica, with an average rate of $10 per month and $9 per month, respectively.

While carrying a life insurance policy with $250K coverage is cheaper, it might not be enough for most people. To ensure adequate financial support for your beneficiaries, consider getting your state’s recommended coverage amount. This is usually determined by state-specific factors like cost of living, average income, average personal debt and average age.

For a policy with Colorado’s recommended coverage amount of $919,000, the cheapest life insurance company in Denver for men is Transamerica at $24 per month, on average. Meanwhile, Nationwide is the cheapest insurer for women at $20 per month, on average.

According to MoneyGeek’s analysis, men in Denver pay 7% more for life insurance than the average for Colorado, while women pay 4% more.

On average, men and women in Denver both pay approximately $16 per month for life insurance with $250K coverage. But these rates significantly change when you choose your state’s recommended coverage amount, which is based on several factors like per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age.

For policies that include Colorado’s recommended coverage amount of $919K, men in Denver spend $44 per month, whereas women spend $36 per month, on average.

Meanwhile, a 10-year term policy in Denver costs an average of $26 per month for men and $22 per month for women.

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

According to MoneyGeek’s analysis, Northwestern Mutual, Lincoln Financial and New York Life are the three most popular life insurance companies in Colorado by market share. Northwestern Mutual’s market share is the largest at 13%. Meanwhile, Lincoln Financial and New York Life each have approximately 5%.

Overall, the seven most popular companies in Colorado take up 39% of the life insurance market in the state. Find out which insurers made it to the most popular list in the table below.

The average cost of life insurance for young people in Denver can range from $17 per month to $27 per month. The two least expensive insurance companies for this age group in Denver are:

• Transamerica: $17 per month
• Mutual of Omaha: $18 per month

The table below shows the complete list of life insurance quotes in Denver for young people.

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

For seniors, the cost of life insurance in Denver ranges between $41 per month and $97 per month. MoneyGeek found that the companies with the lowest rates for seniors in this city are:

• MassMutual: $41 per month
• State Farm: $45 per month

Review the table below to see more of the cheapest companies in Denver for seniors.

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

On average, life insurance for smokers in Denver can be as low as $132 per month and as high as $246 per month. MoneyGeek found that the following providers offer the cheapest life insurance to smokers in Denver:

• Transamerica: $132 per month
• Nationwide: $157 per month

The table below has the complete list of the most affordable companies for smokers in Denver.

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

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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.