Best Life Insurance Rates in Nevada

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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.

Nevada Life Insurance Quotes

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.

Life Insurance Rate Factors in Nevada

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, if you purchased a 30-year term life policy in Nevada at age 51, you would be more likely than not to pass away before 81 years of age, the end of the term.

On the other hand, if you were 31 years old and purchased a 30-year term life policy, you would 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 - 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 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.

Gender of Nevada residents that used QuoteWizard last year.

 
         
 
   
51%Female
   
49%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 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 Nevada that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
59%Healthy
   
37%Major
   
4%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 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 most recent data available from 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.

Marriage status of Nevada residents that used QuoteWizard last year.

 
         
 
   
69%Single
   
31%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 Nevada, proportionately, is gaming supervisor.

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 19.4% of Nevada adults smoked cigarettes – about 421,000 adults.

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

 
         
 
   
86%Don't Smoke
   
14%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 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. 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 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.

Leading Causes of Death US vs. Nevada - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 5,434 195.1 9th 169.8
2 Cancer 4,817 164.7 24th 163.2
3 Lower Respiratory Disease 1,482 54.1 9th 42.1
4 Accidents 1,184 41.9 31st 39.4
5 Stroke 905 33.3 37th 36.2
6 Alzheimer's Disease 448 18.4 41st 23.5
7 Diabetes 424 14.8 47th 21.2
8 Influenza/Pneumonia 513 18.6 11th (tie) 15.9
9 Kidney Disease 370 13.3 26th 13.2
10 Suicide 541 18.6 8th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Nevada Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 New York Life Insurance Co. $61,649 6.8%
2 MetLife Inc. $45,960 5.1%
3 Pacific Life Insurance Co. $43,781 4.8%
4 Northwestern Mutual Life Insurance Co. $40,677 4.5%
5 AEGON $35,628 3.9%
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%

Financial Strength Ratings of Top Nevada Life/Health Insurers

Source: A.M. Best (Ratings as of 8/27/2015)

  • New York Life Insurance Co.: A++
  • MetLife Inc.: A+
  • Pacific Life Insurance Co.: A+
  • Northwestern Mutual Life Insurance Co.: A++
  • AEGON: A+
  • Prudential Financial Corp.: A+
  • Lincoln National Corp.: A+
  • John Hancock Life Insurance Co.: A+
  • Guardian Life Insurance Co.: A++
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Rating Guide

Nevada Life Insurance Regulations

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.

Nevada 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:
(775) 329 – 6171
Address:
Nevada Life & Health Insurance Guaranty Association
One East First Street, Suite 605
Reno, NV 89501

Nevada Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Amy Parks, Esq.
Insurance Hotline:
(888) 872 – 3234
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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