Best Life Insurance Rates in Connecticut

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Connecticut is the birthplace of Polaroid cameras, helicopters, and color TV. The famous American inventor, Eli Whitney, invented the revolutionary cotton gin in New Haven in 1793. New Haven is also the home of Yale University, which issued the first ever medical degree in America in 1729. Connecticut’s high life expectancy, low rate of firearm-related deaths, and low rate of obesity may play a role in life insurance rates for the state.

Connecticut Life Insurance Quotes

Shopping for life insurance in Connecticut can be a daunting task. Of course, it can be that way no matter where you live. But it doesn’t have to be difficult and that’s where we come in.

Last year, 2,160 people had QuoteWizard help them find affordable life insurance quotes from the top companies in Connecticut.

Life Insurance Rate Factors in Connecticut

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. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Connecticut is 80.8 years, much higher than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Connecticut at age 54, you would be more likely than not to pass away before 84 years of age, the end of the term.

On the other hand, if you were 32 years old and purchased a 30-year term life policy, you would be well under Connecticut’s life expectancy of 80.8 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 - 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 Connecticut, the death rate from injury due to firearms is 4.4 per 100,000 deaths, the fourth-lowest 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 Connecticut, the percentage of the population that’s male is 48.8%, and the percentage that’s female is 51.2%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Connecticut residents that used QuoteWizard last year.

 
         
 
   
50%Female
   
50%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, which 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 Connecticut that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
501%Healthy
   
38%Major
   
13%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 Connecticut in 2009, the rate of marriage for people over 15 was 33 per 1,000 people, the rate of divorce was 17.4 per 1,000 people, and the rate of widowhood was 8.9 per 1,000 people.

Marriage status of Connecticut residents that used QuoteWizard last year.

 
         
 
   
67%Single
   
33%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 Connecticut is an actuary.

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 as well as 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 15.5% of Connecticut adults smoked cigarettes – about 436,000 adults.

Percentage of QuoteWizard users in Connecticut that indicated that they smoke last year.

 
         
 
   
93%Don't Smoke
   
7%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 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 Connecticut was 25%. This makes Connecticut the #43 most obese state. Connecticut’s obesity rate is much lower than the average obesity rate in the US, which 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. Connecticut - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 7,090 148.9 38th (tie) 169.8
2 Cancer 6,619 148.4 43rd 163.2
3 Lower Respiratory Disease 1,348 29.7 49th 42.1
4 Accidents 1,582 39.3 37th 39.4
5 Stroke 1,348 28.3 46th 36.2
6 Alzheimer's Disease 824 16.2 45th (tie) 23.5
7 Diabetes 664 14.8 47th (tie) 21.2
8 Influenza/Pneumonia 604 12.2 43rd 15.9
9 Kidney Disease 565 11.9 30th 13.2
10 Suicide 330 8.7 47th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Connecticut Life/Health and Fraternal Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Prudential Financial Inc. $7,158,225 41.4%
2 MetLife Inc. $1,796,767 10.4%
3 Aetna Inc. $811,716 4.7
4 Voya Financial Inc. $680,429 3.9%
5 Jackson National Life Group $513,268 3.0%
6 Lincoln National Corp. $382,782 2.2%
7 Principal Financial Group Inc. $382,396 2.2%
8 Manulife Financial Corp. $364,336 2.1%
9 Massachusetts Mutual Life Insurance Co. $362,960 2.1%
10 Northwestern Mutual Life Insurance Co. $349,110 2.0%

Financial Strength Ratings of Top Connecticut Life/Health Insurers

Source: A.M. Best (Ratings as of 8/31/2015)

  • Prudential Financial Corp: A+
  • Metlife Inc.: A+
  • Aetna Inc.: A
  • Voya Financial Inc.: A
  • Jackson National Life Group: A+
  • Lincoln National Corp.: A+
  • Principal Financial Group Inc.: A+
  • Manulife Financial Corp.: NR
  • Massachusetts Mutual Life Insurance Co.: A++
  • Northwestern Mutual Life Insurance Co.: A++
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Rating Guide

Connecticut Life Insurance Regulations

Insurance in Connecticut is governed by the laws defined by Title 38 and Title 38 of the General Statutes of Connecticut, as outlined by the Legislative Commissioner’s Office.

This legislature contains 32 chapters, used to regulate claims and provide certain protections to Connecticut consumers, for example:

Free Look: Every life insurance policy issued in Connecticut includes a 20-day “free look” period. If you aren’t satisfied with the policy for any reason, you can return it within 20 days for a full refund. Connecticut’s free look period is longer than most states’.

Grace Period: Any life insurance policyholder in Connecticut is entitled to a 30 day “grace period” to make up a missed payment without punishment. This is to prohibit the insurance company from withholding a claim because of a slightly late payment. The period begins on the due date of the missed payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.

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

Connecticut Life & Health 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 CLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(401) 315 – 0526
Address:
Connecticut Life & Health Insurance Guaranty Association
PO Box 1550
Pawcatuck, CT 06379

Connecticut Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Katharine L. Wade
Insurance Hotline:
(800) 203 – 3447
Office Hours:
Monday - Friday
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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