Best Life Insurance Rates in New Hampshire

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The only president from New Hampshire is Franklin Pierce, who was the youngest ever president at the time. What’s more, the first American ever in space, Alan B. Shepard, is from Derry, New Hampshire. And, though it might not be our favorite invention, the alarm clock was invented in New Hampshire in 1787. When buying life insurance in New Hampshire, it’s important to consider the state’s low rates of gun deaths, diabetes, and very low rates of stroke. Any of these factors may affect your life insurance rates.

New Hampshire Life Insurance Quotes

Marital status is a contributing factor to what you pay for life insurance. Why? Married people usually live longer than single ones (as long as they’re similarly healthy—or unhealthy).

Of the New Hampshire residents that used QuoteWizard last year, 67 percent were single. So finding affordable rates there can be quite the task.

We think that being single shouldn’t cost you. Use our form to shop around and compare quotes from multiple insurance companies in your area. Your bank account will thank us.

Life Insurance Rate Factors in New Hampshire

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 New Hampshire is 80.3 years, the one of the highest of any state. The life expectancy at birth for the US overall is 78.9 years. So, if you purchased a 30-year term life policy in New Hampshire at age 53, you would be more likely than not to pass away before 83 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 New Hampshire’s life expectancy of 80.3 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 New Hampshire, the death rate from injury due to firearms is 6.4 per 100,000 deaths, the #7 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 New Hampshire, the percentage of the population that’s female is 50.6%, and the percentage that’s male is 49.4%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

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

 
             
 
   
62%Healthy
   
35%Major
   
3%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.

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 New Hampshire in 2009, the rate of marriage for people over 15 was 32.2 per 1,000 people, the rate of divorce was 19.7 per 1,000 people, and the rate of widowhood was 11.2 per 1,000 people.

Marriage status of New Hampshire 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 New Hampshire, proportionally, is a plastic and metal worker.

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 16.2% of New Hampshire adults smoked cigarettes – about 171,000 adults.

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

 
         
 
   
96%Don't Smoke
   
4%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 New Hampshire was 26.7%. This makes New Hampshire the #35 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. New Hampshire - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 2,434 148.9 38th (tie) 169.8
2 Cancer 2,584 158.0 32nd 163.2
3 Lower Respiratory Disease 668 42.0 31st 42.1
4 Accidents 619 42.5 30th 39.4
5 Stroke 441 27.6 49th 36.2
6 Alzheimer's Disease 351 21.5 30th (tie) 23.5
7 Diabetes 310 18.7 40th 21.2
8 Influenza/Pneumonia 226 13.9 39th 15.9
9 Kidney Disease 175 10.9 34th 13.2
10 Suicide 185 12.8 33rd 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

New Hampshire Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Jackson National Life Group $379,095 12.9%
2 Prudential Financial Inc. $251,501 8.6%
3 MetLife Inc. $218,356 7.4%
4 Lincoln National Corp. $216,970 7.4%
5 Protective Life Corp. $190,761 6.5%
6 Massachusetts Mutual Life Insurance Co. $134,552 4.6%
7 TIAA - CREF $96,689 3.3%
8 New York Life Insurance Group $95,793 3.3%
9 Manulife Financial Corp. $89,874 3.1%
10 Northwestern Mutual Life Insurance Co. $78,546 2.7%

New Hampshire Life Insurance Regulations

Insurance in New Hampshire is governed by the laws defined under Title 37 of the New Hampshire Statutes, as outlined by the New Hampshire General Court.

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

Guaranteed Benefits in the Case of Company Failure:  If an insurance company is unable to make payments on death claims, the New Hampshire 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 New Hampshire, 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, penalize, 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, New Hampshire 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.

New Hampshire 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 NHLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(603) 472 – 3734
Address:
New Hampshire Life & Health Insurance Guaranty Association
10 Chestnut Drive, Unit B
Bedford, NH 03110

New Hampshire Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Roger A. Sevigny
Insurance Hotline:
(800) 852 – 3416
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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