Best Life Insurance Rates in Nebraska

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While Nebraska is probably best known for its corn production, the state has much to offer. The Cornhuskers football team hold a record for 27 consecutive bowl game appearances, and are the only team to win 3 national football championships in 4 years. Besides a love for football and beef, Nebraskans are well known for being friendly. The state’s very low rates of heart disease and gun deaths may factor into the cost of life insurance in Nebraska.

Nebraska Life Insurance Quotes

Afraid some of your lifestyle choices may have a negative effect on your life insurance premiums? Shop around and compare quotes with multiple companies.

Last year, 1,472 people in Nebraska used QuoteWizard to do just that. In the end, they found the affordable rates they wanted and deserved.

Life Insurance Rate Factors in Nebraska

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 Nebraska is 79.8 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 Nebraska 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 Nebraska’s life expectancy of 79.8 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 Nebraska, the death rate from injury due to firearms is 9.0 per 100,000 deaths, the #14 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 Nebraska, the percentage of the population that’s female is 50.2%, and the percentage that’s male is 48.9%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

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

 
             
 
   
60%Healthy
   
29%Major
   
11%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 Nebraska, 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 Nebraska in 2009, the rate of marriage for people over 15 was 38.5 per 1,000 people, the rate of divorce was 18.6 per 1,000 people, and the rate of widowhood was 12 per 1,000 people.

Marriage status of Nebraska residents that used QuoteWizard last year.

 
         
 
   
68%Single
   
32%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 Nebraska, proportionally, is a 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 18.5% of Nebraska adults smoked cigarettes – about 262,000 adults.

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

 
         
 
   
92%Don't Smoke
   
8%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 Nebraska was 29.6%. This makes Nebraska the #23 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. Nebraska  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 3,381 147.9 40th 169.8
2 Cancer 3,459 161.3 30th 163.2
3 Lower Respiratory Disease 1,032 47.7 18th 42.1
4 Accidents 703 34.9 42nd (tie) 39.4
5 Stroke 820 36.4 26th 36.2
6 Alzheimer's Disease 557 23.6 26th 23.5
7 Diabetes 471 21.7 23rd 21.2
8 Influenza/Pneumonia 343 14.5 34th 15.9
9 Kidney Disease 222 10.0 39th 13.2
10 Suicide 220 11.6 43rd 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Nebraska Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Pacific Life Insurance Co. $84,291 7.7%
2 Northwestern Mutual Life Insurance Co. $76,444 7.0%
3 MetLife Inc. $47,656 4.4%
4 Thrivent Financial for Lutherans $44,652 4.1%
5 New York Life Insurance Co. $41,667 3.8%
6 Prudential Financial Corp. $39,488 3.6%
7 Principal Financial Group Inc. $38,984 3.6%
8 Lincoln National Corp. $36,260 3.3%
9 Omaha Life Insurance Co. $36,190 3.3%

Financial Strength Ratings of Top Nebraska Life/Health Insurers

Source: A.M. Best (Ratings as of 9/2/2015)

  • Pacific Life Insurance Co.: A+
  • Northwestern Mutual Life Insurance Co.: A++
  • MetLife Inc.: A+
  • Thrivent Financial for Lutherans: A++
  • New York Life Insurance Co.: A++
  • Prudential Financial Corp.: A+
  • Principal Financial Group Inc.: A+
  • Lincoln National Corp.: A+
  • Omaha Life Insurance Co.: NR
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Rating Guide

Nebraska Life Insurance Regulations

Insurance in Nebraska is governed by the laws defined by Chapter 44 of the Nebraska Revised Statutes, as outlined by the Nebraska Unicameral Legislature.

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

Responsiveness to Inquiries: Similar to other states’ requirements of insurance companies to pay out claims in a timely manner, Nebraska requires this, as well as a timely response of insurance companies. According to state law, insurance companies are required to respond to any policy hold request within 15 days of its issuance.

Guarantee on Death Claims: If an insurance company is unable to make payments on death claims or becomes insolvent, the Nebraska 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, 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, Nebraska 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.

Nebraska 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 NLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(402) 474 – 6900
Address:
Nebraska Life & Health Insurance Guaranty Association
233 South 13th Street, Suite 1900
Lincoln, NE 68508

Nebraska Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Bruce R. Ramge
Insurance Hotline:
(402) 471 – 2201
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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