Best Life Insurance Rates in Maine

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Maine is home to some obscure laws. For example, you can be fined for leaving Christmas decorations up past January 14. And, it might seem obvious, but it is illegal to step out of a plane in mid-air. In Freeport, it’s illegal to spit from a second-story window. Maine’s concern for the wellbeing of its citizens may play a role in the cost of life insurance there. But, a low marriage rate, a high suicide rate, and a low rate of death from the flu may also factor in.

Maine Life Insurance Quotes

Getting the perfect life insurance policy in Maine can be tough. Let's face it, it can be tough in every state. But it doesn’t have to be—especially with the help of QuoteWizard.

In fact, we helped many Maine residents find the best life insurance policy for their needs last year. We can also assist you in getting coverage that will protect your loved ones if something happens to you.

Life Insurance Rate Factors in Maine

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 Maine is 79.2 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 Maine at age 52, you would be more likely than not to pass away before 82 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 Maine’s life expectancy of 79.2 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 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 Maine, the death rate from injury due to firearms is 10.9 per 100,000 deaths, only slightly higher than the average firearm death rate, which 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 Maine, the percentage of the population that’s female is 51.0%, and the percentage that’s male is 49.0%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Maine residents that used QuoteWizard last year.

 
         
 
   
53%Female
   
47%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 insurance premiums.

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 Alabama that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
50%Major
   
38%Healthy
   
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 Maine, where sport hunting, fishing and skiing are quite popular.

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 Maine in 2009, the rate of marriage for people over 15 was 25.7 per 1,000 people, the rate of divorce was 22.1 per 1,000 people, and the rate of widowhood was 13 per 1,000 people.

Marriage status of Maine 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 Maine, proportionally, is a logger.

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%. As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 20.2% of Maine adults smoked cigarettes – about 216,000 adults.

Percentage of QuoteWizard users in Maine 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 Maine was 28.9%. This makes Maine the #27 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. Maine - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 2,807 152.3 31st 169.8
2 Cancer 3,227 175.2 12th (tie) 163.2
3 Lower Respiratory Disease 902 49.1 16th 42.1
4 Accidents 644 42.6 29th 39.4
5 Stroke 620 33.4 36th 36.2
6 Alzheimer's Disease 401 21.6 29th 23.5
7 Diabetes 373 20.4 28th 21.2
8 Influenza/Pneumonia 258 14.0 38th 15.9
9 Kidney Disease 252 13.6 25th 13.2
10 Suicide 245 17.4 11th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Maine Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Prudential Financial Inc. $159,744 9.2%
2 Lincoln National Corp. $125,182 7.2%
3 MetLife Inc. $87,605 5.1%
4 Jackson National Life Group $80,620 4.7%
5 Manulife Financial Corp. $79,192 4.6%
6 AXA Life Insurance Co. $77,892 4.5%
7 TIAA - CREF $66,663 3.8%
8 Voya Financial Inc. $62,990 3.6%
9 Massachusetts Mutual Life Insurance Co. $61,585 3.6%
10 Ameriprise Financial Inc. $60,681 3.5%

Financial Strength Ratings of Top Maine Life/Health Insurers

Source: A.M. Best (Ratings as of 8/28/2015)

  • Prudential Financial Corp: A+
  • Lincoln National Corp.: A+
  • MetLife: A+
  • Jackson National Life Group: A+
  • Manulife Financial Corp: NR
  • AXA Life Insurance Co.: A+
  • TIAA - CREF: A++
  • Voya Financial Inc.: A
  • Massachusetts Mutual Life Insurance Co.: A++
  • Ameriprise Financial Inc.: A+
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Rating Guide

Maine Life Insurance Regulations

Insurance in Maine is governed by the laws defined under Title 24 of the Maine Revised Statutes, as outlined by the Maine State Legislature.

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

Guaranteed Benefits in the Case of Company Failure: If an insurance company is unable to make payments on death claims, the Maine Life and Health Insurance Guaranty Association will cover up to $300,000 of death benefits, and up to $100,000 in cash reimbursement. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit, though the amount is the same regardless of how much the policy is worth.

Timely Payment of Claims: In Maine, it is required that insurance companies pay out claims in a timely manner. If unreasonable delay occurs, the state will fine and/or sanction the insurance company, and interest will be added for each day of delay. The interest is then also paid to the beneficiary.

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

Maine Life & Health Insurance Guaranty Association

This organization assists the customers of any life insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the ALDIGA. Their contact info is below:

Website:
Homepage
Phone:
(207) 633 – 1090
Address:
Maine Life & Health Insurance Guaranty Association
PO Box 881
Boothbay Harbor, ME 04538

Maine Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Eric Cioppa
Insurance Hotline:
(800) 300 – 5000
Office Hours:
Monday - Friday
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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