Whenever a Sim is standing in an open area, there is a very small chance a meteor will fall directly on top of them. Whenever a meteor is about to fall on top of a Sim, a large shadow will appear around them and ominous music will play. The player has plenty of time to move the Sim out of harm's way, but if they do nothing the meteor will crush the ignorant Sim. Due to proper etiquette, meteors never fall on children.
On the official Sims 3 forums the ghost color has been confirmed as orange. Also, teenagers can also fall victim to meteors.
The color is actually orange with a hint of black, it is in fact not the same as death by fire, on the grave there is a picture of a meteor.