Having a frank and honest conversation about life insurance can be a bit awkward, but it’s an important one to have. Understanding the laws around life insurance, as well as your rights, is critical. Colorado’s life insurance laws can seem overwhelming, so here’s a quick rundown to help you get a basic grasp of the information you need to know.

What Are Your Life Insurance Rights?

Right to Obtain a Policy

You have a right to apply for and obtain a life insurance policy, subject to certain underwriting requirements. 

Right to Shop Around

In the state of Colorado, there is a “free look period.” This means that you have the right to review your policy. If you do not find the policy to your satisfaction, you may return the policy for a full refund.

Right to Disclosures

Insurance companies must make certain disclosures according to Colorado law. Policyholders have a right to know information like the policy’s coverage, benefits, premiums, and exclusions. 

Right to Privacy

Colorado requires all insurance companies to comply with state and federal privacy laws. This includes the Colorado Consumer Protection Act and the Health Insurance Portability and Accountability Act, also known as HIPAA.

Right to File a Complaint

If you find yourself in a dispute with your insurance company, or have a complaint, as a policyholder in the state of Colorado you are entitled to file a complaint with the Colorado Division of Insurance. 

Ready to Explore Life Insurance For Your Family?

Finding the life insurance that is right for you and your family can be tough, but Farm Bureau Insurance® has you covered. We can guide you to the policy type that’s right for you. Use our Agent Finder to get started today.