Stats in Your State
Life insurance may not be something you’ve considered yet, but the following statistics will help you understand its importance among Colorado residents. To compare Colorado life insurance average rates and other info, read through the graphs below.
Life Insurance in Colorado
Learn more about life insurance in Colorado. From the number of licensed life insurers to how much was paid out in 2011, see how your life insurance coverage stacks up to other Coloradans.
|Number of Licensed Life Insurers||482|
|Total Life Insurance Coverage||$502 billion|
|Average Policyholder Coverage||$174,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$6 billion**|
|Amount of Paid Annuity Benefits in 2011||$1 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Nearly 14,000 Colorado veterans, government workers, and servicemen and women are enrolled in state and federally administered life insurance programs. If you are an active servicemember or veteran, there are special life insurance programs designed specifically for you; be sure to do your research; start with The Simple Dollar’s military life insurance guide.
The Life Insurance Industry: Beyond Insuring You
While you might think that life insurance only benefits policyholders, in reality, it is a large and significant industry to the local Colorado economy. Here is how the industry affected Colorado in 2011.
|Job creator||35,000 jobs created|
|Invested in Colorado 's Economy||$75 billion was invested by life insurance companies|
Rules in Your State
Whether you already have a life insurance policy or are looking to acquire one, the most important thing you can do to ensure that your insurer follows through on their promises is to get a good policy, and keep an eye on your insurer. To that end, we’ve provided the mandated benefits of life insurance policies in Colorado; if your insurer doesn’t strictly adhere to this list, consider shopping around.
For readers interested in reading the specific regulations for Colorado life insurance, click on the above link to read through the revised statutes. The specific article you’ll be looking for is listed below.
TITLE 10. INSURANCE
ARTICLE 7.LIFE INSURANCE
PART 1. GENERAL
C.R.S. 10-7-102 (2012)
10-7-102. Life insurance policies – requirements
Representatives & Resources in Your State
Being an active consumer is one of the best ways to stay on top of your own policy and stay informed about any changes to your policy or insurance regulations in general. The following resources will guide you towards learning more about your rights, the regulations in your state, and how you can stay abreast of both.
Colorado Department of State
1700 Broadway, Suite 250
Denver, CO 80290
DORA Life Insurance Guide
Life Insurance FAQ
This guide from DORA provides a basic primer on understanding life insurance and the factors that should affect your decision to get it, and how much coverage to buy.
Unclaimed Life Insurance Resources
These resources will help you track down unclaimed life insurance benefits: