A Guide to Life Insurance in Colorado (CO)

When exploring how to get competitive Colorado Life Insurance Quotes it is important to consider a number of different factors and how they can impact on your decision about which life policy to get.   This is made more complicated by the fact that there is now a lot of choice when it comes to which Colorado Life Insurance Company you should choose as the provider of the life policy, as according to the American Council of Insurers there are over 490 different insurance companies who are offering life insurance in Colorado, and hence you have an almost bewildering amount of choice when it comes to which Colorado insurer you should go with.

Colorado Life Insurance - The Facts...

The market for insurance in Colorado is huge, and there are over 14,000 people who are directly employed by life insurance companies in Colorado, and a further 20,000 non-insurance jobs that are supported by the industry (such as in finance, property, lending etc).  And in addition to these big numbers of employees, there are also huge sums of money involved.

In 2009 for example, over $6 billion was paid out in death benefits to the residents of Colorado, and the average Coloradan (or Coloradoan if you prefer!) who has life insurance (over 2 million individual Colorado Life insurance policies are held in the state currently) will have cover of $160,000.

So even though life insurance may not be the most fashionable subject in the world, it is nevertheless hugely important in economic terms.

In fact, if you are interested in comparing the insurance sector in Colorado (or any other State for that matter) then the US Government has some interesting statistics of the relative size of the different industries in each State available here:


Colorado has a population of approximately 5 million people, and is landlocked on all sides. It has no natural borders because of the nature of terrain which is dominated by scenes of amazing natural beauty and wilderness. But on the flip side has large, modern cities like Denver, and is the 8th largest of all the States in the United States.

In purely economic terms, Colorado could end up being hugely important in the future, because it is sitting slap bang in the middle of oil shale deposits which are said to hold an estimated 1 trillion barrels of oil ( which is almost the same amount as the rest of the world’s proven oil supplies put together!).  The fly in the ointment is that no-one has yet shown it is possible to extract oil from shale economically. But at some stage in the future Colorado could become very important indeed.

3 Considerations When Getting Colorado Life Insurance

If you are currently living in Denver or anywhere else in the Centennial State, then here are some considerations you should bear in mind before taking out any Colorado Life Insurance.

1/ Be sure to get numerous Colorado Life Insurance Quotes before finally deciding on which insurer to go with.

As I said earlier there is a lot of choice when it comes to life insurance in the State of Colorado, and so with that large amount of companies it is wise to carefully explore your options before doing anything firm.

This is now easy to do online, and indeed above you will find you can instantly get some Colorado Life Insurance Quotes and see what kinds of deals are available.

2/ Think through how much life cover you need.

It is important to get enough life insurance, but you don’t want to get so much that it costs you a fortune before you even get started.  Plan out carefully what your current expenses are and plan accordingly.

3/ Do some background checks on the companies that you like the look of.

After you have searched for some specific Colorado Life Insurance Quotes it is also worth doing some quick background checks on the insurance company, just to make sure of financial stability and probity.

Generally you will find that you can do this easily enough with a quick Google search.  I would also do a quick search for the companies name in Google news just to check that nothing untoward has happened to the company just lately.

And you can also do a “Find a Financial Institution” search on the Colorado Insurance Division website here:


Rememebr, before doing that it is a good idea to first get some Colorado Life Insurance Quotes from a couple of different companies and see which ones are even pssobilities to secure your business.

Colorado Life Insurance – The Details

In terms of the regulatory framework in Colorado that is responsible for insurance, you have to turn to The State Insurance Code of Colorado.

You can find a useful page of links to the various statutes of the different States (including Colorado) here:


For most normal people (unless you happen to be a lawyer) this is overkill. However, you should be aware of two important details.

1/ That you have a grace period of 30 days on late payments – This means that your insurance won’t get closed down if you forget to pay a premium for your Colorado Life Insurance. Instead, you have up to 30 days to make good, before the cover will stop.

2/ The State Code of Colorado lays down the length of time that they deem appropriate to deal with claims. And typically this will be a period of less than 30 days. In effect then, if you are claiming on a life insurance policy in Colorado, and have filled out the forms correctly, then you should expect to get the money within a month of the claim going in.

Common sense also applies of course. If you are found to have lied on your life insurance application then the insurance company is under no obligation to pay out. So be careful to be honest.

Colorado Life Insurance Resources

The Colorado Department of Insurance

This department deals with all regulatory matters relating to insurance in the State of Colorado.



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