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Compare Life Insurance Quotes in Arkansas to Get the Best Rates

Arkansas is the home of Dillard’s department stores, the original Wal-Mart and the first female senator. Currently, Arkansas has the nation’s third highest rate of obesity, the second highest death rate from stroke, and one of the highest rates of smoking in the country. All of these factors may have an effect on the cost of life insurance in Arkansas.

Arkansas Life Insurance Quotes

With the leading cause of death in Arkansas being heart disease, life insurance there can get pricey. What can you do to bring the price down? Shop around.

QuoteWizard can assist you with that. We’ll help you compare quotes from a number of different insurance companies. That’s the best way to get the rate you want for the coverage you need.

Arkansas Life Insurance Market Share

Source: Insurance Information Institute - 2013
Rank Company Direct Premiums Written (in thousands) Market Share
1 Jackson National Life Group $178,846 6.5%
2 MetLife Inc. $148,102 5.7%
3 American International Group $145,506 5.3%
4 Lincoln National Corp. $122,305 4.4%
5 TIAA - CREF $110,504 4.0%
6 Manulife Financial Corp. $103,436 3.7%
7 Guggenheim Capital LLC $99,831 3.6%
8 Prudential Financial Inc. $98,174 3.5%
9 AEGON $90,424 3.3%
10 New York Life Insurance Group $88,326 3.2%

Life Insurance Rate Factors in Arkansas

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 premiums will be, other things being equal. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Arkansas is 75.0 years, significantly lower than life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Arkansas at age 51, you would be more likely than not to pass away before 81 years of age, the end of the term.

On the other hand, if you were 35 years old and purchased a 30-year term life policy, you would be well under Arkansas’s life expectancy of 75.0 years 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  – This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but 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 Arkansas, the death rate from injury due to firearms is 16.8 per 100,000 deaths, the #5 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender  – Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Arkansas, the percentage of the population that’s male is 49.1%, and the percentage that’s female is 50.9%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Arkansas residents that used QuoteWizard last year

 
         
 
   
56%Female
   
44%Male
 

Health History  – While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, that can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Arkansas that indicated whether they where healthy or had minor or major health issues

 
             
 
   
59%Healthy
   
32%Major
   
8%Minor
 

Lifestyle & Hobbies  – People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t.

Marital Status  – Research shows that on average, 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. According to the most recent data available from the US Census, in Arkansas in 2009, the rate of marriage for people over 15 was 49.4 per 1,000 people, the rate of divorce was 26.3 per 1,000 people, and the rate of widowhood was 14.8 per 1,000 people.

Marriage status of Arkansas residents that used QuoteWizard last year

 
         
 
   
62%Single
   
38%Married
 

Occupation  – People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Arkansas is a food processing worker.

Tobacco Use  – Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as 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%. To compare to the most recent data available, in 2013, approximately 25.9% of Arkansas adults smoked cigarettes – about 584,000 adults.

Percentage of QuoteWizard users in Arkansas that indicated that they smoke last year

 
         
 
   
78%Don't Smoke
   
22%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a life 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, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Arkansas was 34.6%. This makes Arkansas the third most obese state. Overall, the 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.

Leading Causes of Death US vs. Arkansas - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 7,377 214.1 4th (tie) 169.8
2 Cancer 6,688 190.0 4th 163.2
3 Lower Respiratory Disease 2,090 60.1 5th 42.1
4 Accidents 1,373 44.8 23rd 39.4
5 Stroke 189 47.6 2nd (tie) 36.2
6 Alzheimer's Disease 918 27.2 17th (tie) 23.5
7 Diabetes 835 24.2 11th 21.2
8 Influenza/Pneumonia 794 23.2 3rd 15.9
9 Kidney Disease 762 22.0 3rd 13.2
10 Suicide 516 17.3 12th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Arkansas Life Insurance Regulations

Insurance in Arkansas is governed by the laws defined by Title 23, and Subtitle 23 of the Arkansas Code, as outlined by the Arkansas Department of Insurance.

This legislature contains chapters 60 to 109, used to regulate claims and provide certain protections to Arkansas consumers, for example:

Grace Period: Any life insurance policyholder in Arkansas is entitled to a 30-day “grace period” 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 Arkansas, it is required that insurance companies pay out claims in a timely manner, meaning within two months. If unreasonable delay occurs, the state will fine, penalize, and/or sanction the insurance company and interest will accrue based on the length of the delay. The interest is then paid to the beneficiary as well.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Arkansas 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.

Arkansas Life & Disability Insurance Guaranty Association

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 ALDIGA. Their contact info is below:

Website:
Homepage
Phone:
(501) 375 – 9151
Address:
Arkansas Life & Disability Insurance Guaranty Association
425 West Capitol Avenue, Suite 3700
Little Rock, AR 72201

Arkansas Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Allen W. Kerr
Insurance Hotline:
(800) 282 - 9134
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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