Insert JQuery between Label tags?

Goal:  Color the asterisk red.

Here's the current markup:

<label for="edit-field-deliverable3-und-other">Demonstration Name *</label>


Here's what I'm trying to achieve:

<label for="edit-field-deliverable3-und-other">Demonstration Name <span style='color: red'>*</span></label>



Note: The code is autogenerated so I don't have the choice of manually inserting code into the label tag.