Best Life Insurance Companies in Lakewood, CO, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.