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Indiana has produced more professional basketball players than any other state, and Muncie is the home of more NBA players than any other city. Statistically speaking, 26 of every one million people born in Indiana will play in the NBA. But, Indiana’s high rates of smoking, obesity, and death from diabetes may have an effect on life insurance rates.
Shopping for life insurance in Indiana can be stressful. But it doesn’t have to be—especially when QuoteWizard is involved.
Last year alone, we helped 4,491 of the state’s residents find affordable life insurance quotes from multiple companies that fit their specific needs.
Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out. So the lower your rates will be, other things being equal.
Life expectancy at birth in Indiana is 77.6 years, lower than the life expectancy at birth for the US overall, which is 78.9 years. What if you purchased a 30-year term life policy in Indiana at age 50? You'd be more likely than not to pass away before 80 years of age, the end of the term.
What if you were 30 years old and purchased a 30-year term life policy? You'd be well under Indiana’s life expectancy of 77.6 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.
Driving Record - Car accidents are incredibly common. They kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.
Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Indiana, the death rate from injury due to firearms is 13.0 per 100,000 deaths, the #18 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.
Gender - Women live longer than men on average. So they pay less for life insurance than a similar man would. In Indiana, the percentage of the population that’s female is 50.7%. The percentage that’s male is 49.3%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.
Health History - Most of us have one or two minor health issues. But if you have a serious illness, or family history of such illnesses, this can impact your rates.
There are conditions like heart disease or cancer which can make your premiums much higher. In some cases, a pre-existing condition can make you ineligible. That's why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance. This is especially relevant in Indiana, where skiing and hunting are common recreational activities.
Marital Status - Married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. In Indiana in 2009, the rate of marriage for people over 15 was 38.7 per 1,000 people. The rate of divorce was 21.7 per 1,000 people. And the rate of widowhood was 12.5 per 1,000 people.
Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job. The most common job in Indiana, proportionally, is a boilermaker.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So tobacco users pay a lot more for life insurance. Tobacco use is associated with a number of health complications like heart disease, stroke, and COPD. Any of which may cause higher rates and an earlier death.
As of 2013, the national average rate of smoking was 19%. In 2014, approximately 21.9% of Indiana adults smoked cigarettes – about 1,097,000 adults.
Travel - Do you regularly travel to developing countries, particularly countries on the US State Department’s Warning List? If so, you'll pay more for insurance than a traveler who sticks to developed countries.
Value of Policy - One of the largest contributing factors to an insurance policy’s premiums is the value of the policy. As with anything, you get what you pay for. The more protection that you purchase, the more you pay.
Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy. This means an increased probability of their policy being paid out. Obesity increases the likelihood of health problems like heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.
As of 2013, the adult obesity rate in Indiana was 31.8%. This makes Indiana the #9 most obese state. Overall, the average obesity rate in the US is 34.9%.
While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|3||Lower Respiratory Disease||4,266||58.4||6th||42.1|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|1||American International Group||$583,887||10.8%|
|2||Jackson National Life Group||$486,222||9.0%|
|3||Lincoln National Corp.||$454,958||8.4%|
|4||Allianz Insurance Co.||$399,431||7.4%|
|5||Prudential Financial Corp.||$328,939||6.1%|
|6||Sammons Enterprises Group||$210,004||3.9%|
|7||TIAA - CREF||$204,018||3.8%|
|8||OneAmerica Financial Partners, Inc.||$201,471||3.7%|
|9||Commonwealth Life Insurance||$185,822||3.5%|
|10||Great-West Insurance Group||$157,753||2.9%|
Source: A.M. Best (Ratings as of 8/27/2015)
This legislation is used to regulate claims and provide certain protections to Indiana consumers, for example:
Grace Period: Indiana is one of only a few states that requires insurance companies to provide a “grace period,” of 30 days to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment.
Timely Payment of Claims: In Indiana, it is required that insurance companies pay out claims in a timely manner. When a life insurance claim is filed, insurance companies have 2 months to pay the beneficiaries. If a company fails to make the payment in a timely manner, they will be fined, and interest will accrue on the owed amount until it is made.
These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Indiana insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.
This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the ILHIGA. Their contact info is below:
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