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Nevada produces more gold than any other state, and is second in the world only to South Africa. What’s more, Nevada’s land is 85% federally owned – including the infamous Area 51. A famous government structure in Nevada is the Hoover Dam, the biggest public works project ever in the US. In 1933, the construction hard hat was invented to protect workers building Hoover Dam. Nowadays, Nevada has very low rates of obesity and diabetes, but high rates of death from heart disease and suicide. Any of these factors can influence life insurance rates in Nevada.
Of the 2,509 people from Nevada who used QuoteWizard while shopping for life insurance last year, 37 percent reported having major health issues. Unfortunately, many of them also likely had issues finding affordable life insurance.
Let us connect you with multiple companies that will provide you with a life insurance policy that fits your needs as well as your budget.
Below are the major factors that contribute to 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 Nevada is 78.1 years, slightly lower than the life expectancy at birth for the US overall, which is 78.9 years. So, what if you purchased a 30-year term life policy in Nevada at age 51? You'd be more likely than not to pass away before 81 years of age, the end of the term.
But what if you were 31 years old and purchased a 30-year term life policy? You'd be well under Nevada’s life expectancy of 78.1 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 - Car accidents are very common; they kill more than 30,000 people per year. People with poor driving records with many moving violations, 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 insurance premiums. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Nevada, the death rate from injury due to firearms is 13.8 per 100,000 deaths, the #16 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 Nevada, the percentage of the population that’s female is 49.6%, and the percentage that’s male is 50.4%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.
Health History - Most of us have one or two minor health issues. But if you have a serious illness, or a family history of such illnesses, this can affect your insurance 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 altogether, which 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, other things being equal, than those who don’t. This is especially relevant in Nevada, 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 US Census, in Nevada in 2009, the rate of marriage for people over 15 was 45.6 per 1,000 people. The rate of divorce was 24.6 per 1,000 people. And the rate of widowhood was 10.9 per 1,000 people.
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 Nevada, proportionately, is gaming supervisor.
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 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 19.4% of Nevada adults smoked cigarettes – about 421,000 adults.
Travel - Do you travel to developing countries, particularly countries on the US State Department’s Warning List? If so, you'll pay more for insurance than a traveler who sticks to first world countries.
Value of Policy - The largest contributing factor to a life insurance 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 higher the premiums.
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. Obesity increases your chances of health problems such as 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 Nevada was 26.2%. This makes Nevada the #40 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||1,482||54.1||9th||42.1|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|1||New York Life Insurance Co.||$61,649||6.8%|
|3||Pacific Life Insurance Co.||$43,781||4.8%|
|4||Northwestern Mutual Life Insurance Co.||$40,677||4.5%|
|6||Prudential Financial Corp.||$34,276||3.8%|
|7||Lincoln National Corp.||$32,792||3.6%|
|8||John Hancock Life Insurance Co.||$27,783||3.1%|
|9||Guardian Life Insurance Co.||$25,094||2.8%|
Source: A.M. Best (Ratings as of 8/27/2015)
Insurance in Nevada is governed by the laws defined under Title 57, chapters 679 to 697 of the Nevada Revised Statutes, as outlined by the Nevada State Legislature.
This legislation is used to regulate claims and provide certain protections to Nevada consumers, for example:
Free Look Period: Free look is a period of time in which the consumer can test out their policy after buying it. In most states, the length of time of a free look period is 30 days, but in Nevada, it’s only 10 days. During this period of time, consumers gain better understanding of their policy and have the option to return it for a full refund if they are unsatisfied.
No Law Regarding Timely Payment of Claims: In most states, it is required that insurance companies pay out claims in a timely manner, meaning within 30 days. In these states, 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. In Nevada, no such law exists and insurance companies are allowed to set their own policies regarding claim payments.
These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Nevada insurers may challenge any information in your life 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 NLHIGA. Their contact info is below:
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