Best Life Insurance Rates in Idaho

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Idaho contains a total of 17 National Parks and Wildlife Refuges, including Yellowstone National Park, the fourth most visited National Park in America. Idaho is also known as The Gem State. Its state gem, the star garnet, is only found in one other place on earth. Just as unique are Idaho’s life insurance rates, which may be affected by the state’s relatively high rates of death from accidents and diabetes, but low rates of heart and kidney disease.

Idaho Life Insurance Quotes

If you live in Idaho and you're looking for affordable life insurance, the best advice is to shop around and get quotes from multiple companies.

A lot of people do just that every year by using QuoteWizard to compare life insurance rates in Idaho.

Life Insurance Rate Factors in Idaho

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 Idaho is 79.5 years, 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 Idaho 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 Idaho’s life expectancy of 79.5 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 Idaho, the death rate from injury due to firearms is 14.1 per 100,000 deaths, the #14 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 Idaho, the percentage of the population that’s female is 49.9%, and the percentage that’s male is 50.1%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Idaho residents that used QuoteWizard last year.

 
         
 
   
51%Female
   
49%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 Idaho that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
51%Healthy
   
47%Major
   
2%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. This is especially relevant in Idaho, where skiing and hunting are common recreational activities.

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 Idaho in 2009, the rate of marriage for people over 15 was 50.9 per 1,000 people, the rate of divorce was 17.4 per 1,000 people, and the rate of widowhood was 9.4 per 1,000 people.

Marriage status of Idaho residents that used QuoteWizard last year.

 
         
 
   
63%Single
   
37%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 Idaho, proportionally, is a forestry technician.

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 2014, approximately 17.2% of Idaho adults smoked cigarettes – about 207,000 adults.

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

 
         
 
   
82%Don't Smoke
   
18%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 Idaho was 29.6%. This makes Idaho the #23 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.

Leading Causes of Death US vs. Idaho - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 2,495 145.4 42nd 169.8
2 Cancer 2,707 156.2 34th (tie) 163.2
3 Lower Respiratory Disease 808 46.7 20th 42.1
4 Accidents 776 47.7 13th 39.4
5 Stroke 598 35.4 31st 36.2
6 Alzheimer's Disease 347 21.0 32nd (tie) 23.5
7 Diabetes 404 23.7 14th 21.2
8 Influenza/Pneumonia 259 15.1 31st 15.9
9 Kidney Disease 148 8.8 43rd (tie) 13.2
10 Suicide 308 19.2 6th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Idaho Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Prudential Financial Inc. $128,647 7.7%
2 Jackson National Life Group $92,565 5.5%
3 Lincoln National Corp. $75,947 4.5%
4 Northwestern Mutual Life Insurance Co. $74,710 4.5%
5 New York Life Insurance Group $66,143 3.9%
6 Manulife Financial Corp. $62,056 3.7%
7 American International Group $61,112 3.6%
8 Principal Financial Group Inc. $58,743 3.5%
9 Nationwide Mutual Group $48,625 2.9%
10 Great-West Insurance Group $44,252 2.6%

Financial Strength Ratings of Top Idaho Life Insurers

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

  • Prudential Financial Corp: A+
  • Jackson National Life Group: A+
  • Lincoln National Corp.: A+
  • Northwestern Mutual Life Insurance Co.: A++
  • New York Life Insurance Group: A++
  • Manulife Financial Corp.: NR
  • American International Group: A
  • Principal Financial Group Inc.: A+
  • Nationwide Mutual Group: A
  • Great-West Insurance Group: A+
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Rating Guide

Idaho Life Insurance Regulations

Insurance in Idaho is governed by the laws defined by Title 41 of the Idaho State Statutes, as outlined by the Idaho State Legislature.

This legislation contains 61 chapters and is used to regulate claims and provide certain protections to Idaho consumers, for example:

Grace Period: Any life insurance policyholder in Idaho 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. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.

Timely Payment of Claims: When a life insurance claim is filed, insurance companies in Idaho have 30 days 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, Idaho 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.

Idaho 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 ILHIGA. Their contact info is below:

Website:
Homepage
Phone:
(208) 378 – 9510
Address:
Idaho Life & Health Insurance Guaranty Association
PO Box 441
Star, ID 83669

Idaho Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Dean L. Cameron
Insurance Hotline:
(800) 721 – 3272
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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