Best Life Insurance Rates in North Dakota

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North Dakota is an agricultural powerhouse, where 90 percent of the land area is farmland. The state produces enough beef to make two billion hamburgers each year, and enough wheat to make over 100 million buns. North Dakota is also known for having the lowest unemployment rate of any state. That said, having the third highest rate of Alzheimer’s Disease deaths, but a very low rate of cancer deaths may affect the cost of life insurance in North Dakota.

North Dakota Life Insurance Quotes

Major health issues and concerns in an area can have a negative impact on residents’ life insurance rates. Ranked third in the nation for deaths due to Alzheimer's Disease, North Dakotans probably know these negative effects all too well.

QuoteWizard will not only help you find the life insurance rates that fit your needs, but also your budget. So compare quotes with us. You’ll quickly and easily learn which company and policy are best for you.

Life Insurance Rate Factors in North Dakota

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 North Dakota is 79.5 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 North Dakota 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 33 years old and purchased a 30-year term life policy, you would be well under North Dakota’s life expectancy of 79.5 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 North Dakota, the death rate from injury due to firearms is 11.8 per 100,000 deaths, the #24 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 North Dakota, the percentage of the population that’s female is 48.9%, and the percentage that’s male is 51.1%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of North Dakota residents that used QuoteWizard last year.

 
         
 
   
58%Male
   
42%Female
 

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 North Dakota that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
62%Healthy
   
26%Major
   
12%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 North Dakota, 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 North Dakota in 2009, the rate of marriage for people over 15 was 54 per 1,000 people, the rate of divorce was 16.3 per 1,000 people, and the rate of widowhood was 11.8 per 1,000 people.

Marriage status of North Dakota 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 North Dakota, proportionally, is an oil and gas driller.

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 21.2% of North Dakota adults smoked cigarettes – about 122,000 adults.

Percentage of QuoteWizard users in North Dakota 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 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 North Dakota was 31.0%. This makes North Dakota the #14 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. North Dakota  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 1,382 150.7 33rd 169.8
2 Cancer 1,286 151.8 42nd 163.2
3 Lower Respiratory Disease 331 38.2 38th 42.1
4 Accidents 326 41.7 32nd 39.4
5 Stroke 306 32.4 38th (tie) 36.2
6 Alzheimer's Disease 363 36.6 3rd 23.5
7 Diabetes 197 22.3 21sth 21.2
8 Influenza/Pneumonia 134 14.6 33rd 15.9
9 Kidney Disease 117 12.9 29th 13.2
10 Suicide 128 17.3 13th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

North Dakota Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Thrivent Financial for Lutherans $29,115 6.8%
2 Nationwide Mutual Group $29,026 6.8%
3 Northwestern Mutual Life Insurance Co. $25,356 6.0%
4 John Hancock Life Insurance Co. $22,146 5.2%
5 New York Life Insurance Co. $20,916 4.9%
6 Lincoln National Corp. $18,619 4.4%
7 Sammons Enterprises Group $18,208 4.3%
8 Prudential Financial Corp. $14,656 3.5%
9 Knights of Columbus $14,019 3.3%
10 Voya Financial Inc. $11,955 2.8%

Financial Strength Ratings of Top North Dakota Life/Health Insurers

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

  • Thrivent Financial for Lutherans: A++
  • Nationwide Mutual Group: A+
  • Northwestern Mutual Life Insurance Co.: A++
  • John Hancock Life Insurance Co.: A+
  • New York Life Insurance Co.: A++
  • Lincoln National Corp.: A+
  • Sammons Enterprises Group: A+
  • Prudential Financial Corp.: A+
  • Knights of Columbus: A++
  • Voya Financial Inc.: A
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Rating Guide

North Dakota Life Insurance Regulations

Insurance in North Dakota is governed by the laws defined by Title 26 of the North Dakota Century Code, as outlined by the North Dakota Legislative Branch.

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

Timely Payment of Claims: In North Dakota, it is required that insurance companies pay out claims in a timely manner, meaning within 60 days of receiving it. 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.

Personal Information Protection: Insurance companies need a client’s consent before sharing any personal information with third parties. This includes health information, such as medical history, as North Dakota’s privacy laws are somewhat strict. Every insurance company has different policies regarding personal information protection, so be sure to double check with your insurer.

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

North Dakota 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 NDLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(701) 235 – 4108
Address:
North Dakota Life & Health Insurance Guaranty Association
PO Box 2422
Fargo, ND 58108-2422

North Dakota Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Adam Hamm
Insurance Hotline:
(800) 247 – 0560
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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