Best Life Insurance Rates in Iowa

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Iowa has the lowest cost of living and the highest literacy rate in the country. The Hawkeye state is also our nation’s largest producer of corn and soybeans, which makes sense given that the most common job in Iowa is an agricultural scientist. But, given relatively high rates of obesity and Alzheimer’s Disease, and a low rate of death from firearms, life insurance rates in Iowa may vary greatly.

Iowa Life Insurance Quotes

If you hope to find the most affordable life insurance policy to meet the needs of you and your loved ones, the best thing you can do is shop around and compare quotes from multiple companies.

QuoteWizard makes that process quick and easy. Fill out our form and you’ll be connected with a handful of top insurance companies in Iowa. Then you can decide which one is the best for your current life situation.

Life Insurance Rate Factors in Iowa

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase an insurance 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 Iowa is 79.7 years, slightly 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 Iowa 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 34 years old and purchased a 30-year term life policy, you would be well under Iowa’s life expectancy of 79.7 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 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 Iowa, the death rate from injury due to firearms is 8.0 per 100,000 deaths, the #10 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 Iowa, the percentage of the population that’s female is 50.4%, and the percentage that’s male is 49.6%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Iowa 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 insurance 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 Iowa that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
59%Healthy
   
32%Major
   
9%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 Iowa, 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 Iowa in 2009, the rate of marriage for people over 15 was 43 per 1,000 people, the rate of divorce was 21 per 1,000 people, and the rate of widowhood was 11.8 per 1,000 people.

Marriage status of Iowa  residents that used QuoteWizard last year.

 
         
 
   
66%Single
   
34%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 Iowa, proportionally, is an agricultural scientist.

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 19.5% of Iowa adults smoked cigarettes – about 464,000 adults.

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

 
         
 
   
88%Don't Smoke
   
12%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you'll pay more for insurance policy 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 Iowa was 31.3%. This makes Iowa the #12 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. Iowa  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 6,995 168.8 22nd 169.8
2 Cancer 6,509 168.4 19th 163.2
3 Lower Respiratory Disease 1,892 47.8 17th 42.1
4 Accidents 1,422 40.0 36th 39.4
5 Stroke 1,409 33.9 35th 36.2
6 Alzheimer's Disease 1,252 28.2 13th 23.5
7 Diabetes 747 19.0 37th 21.2
8 Influenza/Pneumonia 761 17.8 18th 15.9
9 Kidney Disease 369 8.8 43rd (tie) 13.2
10 Suicide 447 14.4 23rd 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Iowa Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Jackson National Life Group $294,113 9.2%
2 Sammons Enterprises Group $214,164 6.7%
3 TIAA - CREF $201,910 6.3%
4 Principal Financial Group Inc. $198,611 6.3%
5 Allianz Insurance Co. $150,709 4.7%
6 Lincoln National Corp. $148,757 4.6%
7 Prudential Financial Corp. $139,894 4.4%
8 Thrivent Financial for Lutherans $133,096 4.2%
9 New York Life Insurance Co. $119,949 3.8%
10 AEGON $94,458 3.0%

Financial Strength Ratings of Top Iowa Life/Health Insurers

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

  • Jackson National Life Group: A+
  • Sammons Enterprises Group: A+
  • TIAA - CREF: A++
  • Principal Financial Group Inc.: A+
  • Allianz Insurance Co.: A+
  • Lincoln National Corp.: A+
  • Prudential Financial Corp.: A+
  • Thrivent Financial for Lutherans: A++
  • New York Life Insurance Co.: A++
  • AEGON: A+
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Rating Guide

Iowa Life Insurance Regulations

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

This legislation is used to regulate claims and provide certain protections to Iowa consumers, for example:

Grace Period: Iowa 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.

Guarantee of Death Benefit and Cash Value: Iowa provides a guarantee to consumers if their insurance company becomes bankrupt, insolvent, or is otherwise unable to pay a claim. The Iowa Life and Health Insurance Guaranty Association will pay up to $300,000 per insured person, with a cash reimbursement of up to $100,000. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit, but the amount is the same regardless of how much the policy is worth.

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

Iowa 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:
(515) 248 – 5712
Address:
Iowa Life & Health Insurance Guaranty Association
700 Walnut Street, Suite 1600
Des Moines, IA 50309-3899

Iowa Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Nick Gerhart
Insurance Hotline:
(515) 281 - 5705
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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