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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. This 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.
If you hope to find the most affordable life insurance policy, 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.
Age - Age is one of the largest factors affecting California 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. So, it’s best to get life insurance while you’re young.
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. Say you bought a 30-year term life policy in Iowa at age 52. You'd be more likely than not to pass away before 82 years of age, the end of the term.
On the other hand, say you're 32 years old and purchased a 30-year term life policy. You'd be well under Iowa’s life expectancy of 79.7years 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 - 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 - Women live longer than men on average. So they pay less for insurance than a similar man would. In Iowa, the percentage of the population that’s female is 50.4%. 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.
Health History - If you've been diagnosed with or have a family history of serious illnesses, it can impact your rates.
Some conditions can make your premiums much higher if you have them or a family history of them. Some of these conditions are: heart disease or certain kinds of cancers. In some cases, a pre-existing condition can make you ineligible. This is why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance. This is especially relevant in Iowa, where skiing and hunting are common recreational activities.
Marital Status - 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. I 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.
Occupation - People with hazardous jobs like logging and fishing will pay more for insurance. The most common job in Iowa, proportionally, is an agricultural scientist.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So tobacco users pay much more for life insurance. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD. Any of these 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.
Travel - Do you regularly travel to developing countries, particularly countries on the US State Department’s Warning List? If so, you'll pay more for insurance policy than a traveler who sticks to developed countries.
Value of Policy - 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. This means an increased probability of their policy being paid out. Obesity increases the chances of health problems like heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.
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.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|3||Lower Respiratory Disease||1,892||47.8||17th||42.1|
|9||Kidney Disease||369||8.8||43rd (tie)||13.2|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|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%|
Source: A.M. Best (Ratings as of 8/27/2015)
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. This allows you 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.
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:
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