Best Life Insurance Rates in Montana

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Montana is one of the least densely populated states, with only about 6 people per square mile. But what it lacks in people, it makes up for in wildlife. Montana is home to more species of mammals than any other state, and has the largest Grizzly bear population of any state besides Alaska. In fact, in Montana, elk, deer, and antelope all outnumber human populations. But, Montana has very high rates of gun deaths and suicide, but very low rates of obesity and cancer deaths. Any of these factors may play a role in the cost of life insurance.

Montana Life Insurance Quotes

With heart disease being the leading cause for death in the state of Montana, its residents can have a tough time finding cheap life insurance.

Obtaining an affordable life insurance policy shouldn’t be so hard. Thankfully, it doesn’t have to be. We can quickly and easily connect you with multiple insurance companies in Montana to fit your life insurance needs.

Life Insurance Rate Factors in Montana

Below are the major factors that affect life insurance rates.

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 Montana is 78.5 years, slightly 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 Montana 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 Montana’s life expectancy of 78.5 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 Montana, the death rate from injury due to firearms is 16.7 per 100,000 deaths, tied with Wyoming for the #6 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 Montana, the percentage of the population that’s female is 49.8%, and the percentage that’s male is 50.2%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

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

 
             
 
   
48%Major
   
45%Healthy
   
7%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 Montana, 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 Montana in 2009, the rate of marriage for people over 15 was 37.3 per 1,000 people, the rate of divorce was 20.2 per 1,000 people, and the rate of widowhood was 12.2 per 1,000 people.

Marriage status of Montana residents that used QuoteWizard last year.

 
         
 
   
57%Single
   
43%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 Montana, proportionately, is butcher.

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 19.0% of Montana adults smoked cigarettes – about 152,000 adults.

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

 
         
 
   
76%Don't Smoke
   
24%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 rates 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 Montana was 24.6%. This makes Montana the #6 least-obese state, and the #45 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. Montana  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 2,004 154.3 29th 169.8
2 Cancer 1,997 154.1 41st 163.2
3 Lower Respiratory Disease 647 50.7 13th 42.1
4 Accidents 623 57.7 4th 39.4
5 Stroke 480 37.6 21st 36.2
6 Alzheimer's Disease 267 20.7 35th 23.5
7 Diabetes 250 19.7 31st (tie) 21.2
8 Influenza/Pneumonia 210 16.4 25th 15.9
9 Kidney Disease 130 10.3 36th 13.2
10 Suicide 243 23.7 1st 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Montana Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Northwestern Mutual Life Insurance Co. $40,928 10.5%
2 New York Life Insurance Co. $40,345 10.4%
3 Massachusetts Mutual Life Insurance Co. $27,915 7.2%
4 Sammons Enterprises Group $15,283 3.9%
5 Prudential Financial Corp. $14,769 3.8%
6 Thrivent Financial for Lutherans $14,653 3.8%
7 Iowa Farm Bureau Insurance Group $12,636 3.3%
8 Voya Financial Inc. $12,573 3.2%
9 MetLife Inc. $11,293 2.9%

Financial Strength Ratings of Top Montana Life/Health Insurers

Source: A.M. Best (Ratings as of 9/1/2015)

  • Northwestern Mutual Life Insurance Co.: A++
  • New York Life Insurance Co.: A++
  • Massachusetts Mutual Life Insurance Co.: A++
  • Sammons Enterprises Group: A+
  • Prudential Financial Corp.: A+
  • Thrivent Financial for Lutherans: A++
  • Iowa Farm Bureau Insurance Group.: A
  • Voya Financial Inc.: A
  • MetLife Inc.: A+
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Rating Guide

Montana Life Insurance Regulations

Insurance in Montana is governed by the laws defined by Title 33 of the Montana Annotated Code, as outlined by the State of Montana.

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

No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can return the policy for any reason for a full refund. Montana is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period on most insurance policies.

Timely Payment of Claims: In Montana, it is required that insurance companies pay out claims in a timely manner, meaning within 30 days. If unreasonable delay occurs, the state will fine and/or sanction the insurance company and interest will accrue based on the length of the delay. The interest is then paid to the beneficiary as well.

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

Montana 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 MLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(262) 965 – 5761
Address:
Montana Life & Health Insurance Guaranty Association
PO Box 951
Oconomowoc, WI 53066-0951

Montana Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Monica J. Linden
Insurance Hotline:
(800) 332 – 6148
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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