The defectiveness of InGaN-based quantum wells increases with low indium contents, due to the compressive strain induced by the lattice mismatch between the InGaN and GaN layers, and to the stronger incorporation of defects favored by the presence of indium. Such defects can limit the performance and the reliability of LEDs, since they can act as non-radiative recombination centers, and favor the degradation of neighboring semiconductor layers. To investigate the location of the layers mostly subjected to degradation, we designed a color-coded structure with two quantum wells having different indium contents. By leveraging on numerical simulations, we explained the experimental results in respect of the ratio between the emissions of the two main peaks as a function of current. In addition, to evaluate the mechanisms that limit the reliability of this type of LED, we performed a constant-current stress test at high temperature, during which we monitored the variation in the optical characteristics induced by degradation. By comparing experimental and simulated results, we found that degradation can be ascribed to an increment of traps in the active region. This process occurs in two different phases, with different rates for the two quantum wells. The first phase mainly occurs in the quantum well closer to the p-contact, due to an increment of defectiveness. Degradation follows an exponential trend, and saturates during the second phase, while the quantum well close to the n-side is still degrading, supporting the hypothesis of the presence of a diffusive front that is moving from the p-side towards the n-side. The stronger degradation could be related to a lowering of the injection efficiency, or an increment of SRH recombination driven by a recombination-enhanced defect generation process.