Best Life Insurance Rates in Indiana

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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.

Indiana Life Insurance Quotes

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.

Life Insurance Rate Factors in Indiana

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. So, if you purchased a 30-year term life policy in Indiana at age 50, you would be more likely than not to pass away before 80 years of age, the end of the term.

On the other hand, if you were 30 years old and purchased a 30-year term life policy, you would 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 - 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 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 - Since women live longer than men on average, they pay less for life insurance than a similar man would, other things being equal. In Indiana, the percentage of the population that’s female is 50.7%, and 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.

Gender of Indiana residents that used QuoteWizard last year.

 
         
 
   
54%Female
   
46%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 Indiana that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
46%Healthy
   
42%Major
   
12%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 Indiana, 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 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.

Marriage status of Indiana residents that used QuoteWizard last year.

 
         
 
   
69%Single
   
31%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 Indiana, proportionally, is a boilermaker.

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 2014, approximately 21.9% of Indiana adults smoked cigarettes – about 1,097,000 adults.

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

 
         
 
   
89%Don't Smoke
   
11%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 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, 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 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.

Leading Causes of Death US vs. Indiana - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 13,773 186.2 13th 169.8
2 Cancer 13,258 179.5 9th (tie) 163.2
3 Lower Respiratory Disease 4,266 58.4 6th 42.1
4 Accidents 2,898 43.1 26th 39.4
5 Stroke 2,996 40.7 11th (tie) 36.2
6 Alzheimer's Disease 2,104 28.5 12th 23.5
7 Diabetes 1,943 26.3 6th 21.2
8 Influenza/Pneumonia 1,132 15.3 30th 15.9
9 Kidney Disease 1,352 18.4 7th 13.2
10 Suicide 944 14.2 25th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Indiana Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
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%

Financial Strength Ratings of Top Indiana Life/Health Insurers

Source: A.M. Best (Ratings as of 8/27/2015)

  • American International Group: A
  • Jackson National Life Group: A+
  • Lincoln National Corp.: A+
  • Allianz Insurance Co.: A+
  • Prudential Financial Corp.: A+
  • Sammons Enterprises Group: A+
  • TIAA - CREF: A++
  • OneAmerica Financial Partners Inc.: A-
  • Commonwealth Life Insurance: A-
  • Great-West Insurance Group: A+
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Rating Guide

Indiana Life Insurance Regulations

Insurance in Indiana is governed by the laws defined by Title 27 of the Indiana State Code, as outlined by the Indiana General Assembly.

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.

Indiana 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:
(317) 636 – 8204
Address:
Indiana Life & Health Insurance Guaranty Association
8777 Purdue Road
Suite 360
Indianapolis, IN 46268

Indiana Office of the Insurance Commissioner

 

Website:
Homepage
Insurance Commissioner:
Stephen W. Robertson
Insurance Hotline:
(800) 622 - 4461
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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