No one likes to think about dying, but purchasing life insurance is an essential part of financial planning that helps insured individuals provide security for their family. Life insurance coverage alleviates the financial stress people face after an unexpected loss. Our partners at ConsumerAffairs researched the best life insurance in Denver so your family is taken care of after you're gone.
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Life insurance can cover the cost of mortgage payments, bills and other essentials if the insured person passes away unexpectedly. Even if the insured person isn’t earning income, life insurance can pay for child care, funeral expenses and other costs.
Life insurance benefits include:
Financial protection if you die and leave behind a spouse and children
The ability to withdraw money during your lifetime from certain types of policies
Favorable tax treatment as an investment
The two main types of life insurance in Denver are:
Term life insurance provides life insurance coverage for a specific time period, usually between one and 30 years. These policies are affordable but give no return on investment if you live beyond the term of the policy.
Whole life insurance provides life insurance coverage for the span of your entire life and earns interest at a predetermined rate. These policies generally have higher premiums but a guaranteed return on investment.
Another option in Denver is universal life insurance—a type of whole life insurance that is more flexible and has lower premiums. A portion of your monthly premium pays for the death benefit, and the rest is placed in an investment account.
Many different factors determine the cost of your life insurance premium, including:
Age: The older you are, the more you will pay in premiums.
Whether you smoke: Since smoking is related to many health issues, smokers will pay higher premiums.
Gender: Because men have a lower average lifespan than women, they pay a higher insurance premium.
Occupation: If you have a job that is considered hazardous, such as a firefighter, it could increase your premium.
Your medical history: Past or current health issues will raise your premiums.
Your family’s medical history: If your family’s health history indicates that you are more likely to develop a health issue or illness, this could mean your health insurance premiums are going to be higher.
When shopping for life insurance policies, be sure to choose a reputable, financially stable provider. Look up licensing and any complaints on the National Association of Insurance Commissioners website. MetLife, Prudential Financial, State Farm and New York Life Insurance Group are all examples of high-quality life insurance carriers in Denver.
Be sure to compare policies and speak with the insurance providers’ employees so you understand everything in the policy. By choosing the right life insurance policy, you can guarantee financial security for your family even if you have an unexpected tragedy.
Policygenius makes it easy to compare and choose life insurance policies. The company has a calculator on its website that lets you find the right amount of coverage and compare quotes from multiple insurance providers. Customers in Denver report an easy process and helpful customer service.
EverQuote helps shoppers compare life insurance policies with no obligation. Customers can get started by submitting their zip code to request quotes. Reviews from Denver residents say EverQuote helped them find an insurance carrier, but many were displeased with a large number of phone calls received from other companies.
Longevity Insurance Brokers
Longevity Insurance Brokers is a Denver-based company that offers assistance with finding life insurance policies. The company provides 24/7 customer support, free quotes and a simplified shopping process. Customers from Denver say the agents are extremely helpful and respond quickly to questions.
Lightship Insurance is a local company that strives to provide clear information on the best ways to save money when shopping for life insurance policies. The company offers low insurance rates from a variety of providers. Customers report exceptional, thorough and friendly customer service.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.