Best Life Insurance Rates in Rhode Island

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Rhode Island was the first state to declare independence from England, a full 2 months before the original Fourth of July, but it was the last of the original 13 colonies to become a state. Pawtucket, Rhode Island’s claim to fame is as the birthplace of the Industrial Revolution in America in 1790. Also in Pawtucket is the headquarters of Hasbro, the toy company famous for Mr. Potato Head and others. Despite this, toy cap guns are illegal in Rhode Island. Perhaps related, Rhode Island has extremely low rates of death from guns and strokes, but a high rate of cancer. Any of these factors can play a role in your life insurance rates.

Rhode Island Life Insurance Quotes

Finding the right life insurance in Rhode Island can be a struggle. It can honestly be a struggle no matter where you live. But it doesn’t have to be and that’s where we come in.

QuoteWizard will help you find a life insurance policy that fits your needs and your budget. Compare quotes with us and you’ll swiftly and easily learn which company and policy are best for you.

Life Insurance Rate Factors in Rhode Island

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 premiums will be, other things being equal.

Life expectancy at birth in Rhode Island is 79.9 years, a whole year above 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 Rhode Island at age 54, you would be more likely than not to pass away before 84 years of age, the end of the term.

On the other hand, if you were 34 years old and purchased a 30-year term life policy, you would be well under Rhode Island’s life expectancy of 79.9 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 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 Rhode Island, the death rate from injury due to firearms is 5.3 per 100,000 deaths, the fifth-lowest rate in the country, and about half the national average firearm death rate, which 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 Rhode Island, the percentage of the population that’s female is 51.6%, and the percentage that’s male is 48.4%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Rhode Island residents that used QuoteWizard last year.

 
         
 
   
51%Male
   
49%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 Rhode Island that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
61%Healthy
   
25%Major
   
14%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 Rhode Island, 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 Rhode Island in 2009, the rate of marriage for people over 15 was 30.1 per 1,000 people, the rate of divorce was 18.9 per 1,000 people, and the rate of widowhood was 10.6 per 1,000 people.

Marriage status of Rhode Island residents that used QuoteWizard last year.

 
         
 
   
71%Single
   
29%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 Rhode Island, proportionally, is an electronics engineer.

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 17.4% of Rhode Island adults smoked cigarettes – about 146,000 adults.

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

 
         
 
   
79%Don't Smoke
   
21%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 Rhode Island was 27.3%. This makes Rhode Island the #31 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. Rhode Island  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 2,364 163.4 25th 169.8
2 Cancer 2,326 174.6 13th 163.2
3 Lower Respiratory Disease 476 34.7 43rd 42.1
4 Accidents 537 45.3 20th 39.4
5 Stroke 397 27.7 47th (tie) 36.2
6 Alzheimer's Disease 346 22.3 28th 23.5
7 Diabetes 258 18.9 38th 21.2
8 Influenza/Pneumonia 195 12.9 41st 15.9
9 Kidney Disease 149 10.4 35th 13.2
10 Suicide 132 12.2 38th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Rhode Island Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 MetLife Inc. $128,926 7.1%
2 Prudential Financial Inc. $113,382 6.2%
3 Jackson National Life Group $107,884 5.9%
4 TIAA - CREF $101,307 5.6%
5 Massachusetts Mutual Life Insurance Co. $96,638 5.3%
6 Manulife Financial Corp. $93,126 5.1%
7 Guggenheim Capital LLC $92,487 5.1%
8 Lincoln National Corp. $80,340 4.4%
9 New York Life Insurance Group $79,436 4.4%
10 AEGON $78,976 4.3%

Financial Strength Ratings of Top Rhode Island Life Insurers

Source: A.M. Best (Ratings as of 9/3/2015)

  • MetLife.: A+
  • Prudential Financial Corp: A+
  • Jackson National Life Group: A+
  • TIAA - CREF: A++
  • Massachusetts Mutual Life Insurance Co.: A++
  • Manulife Financial Corp: NR
  • Guggenheim Capital LLC: B++
  • Lincoln National Corp.: A+
  • New York Life Insurance Group: A++
  • AEGON: A+
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Rhode Island Life Insurance Regulations

Insurance in Rhode Island is governed by the laws defined by Title 27 of the State Rhode Island General Laws, as outlined by the Rhode Island General Assembly.

This legislation is used to regulate claims and provide certain protections to Rhode Island 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, like a test drive. In most states, the length of time of a free look period is 30 days, but in Rhode Island, 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, with no added fees.

Consumer Misrepresentation: The state of Rhode Island protects insurance companies against consumer misrepresentation. If the consumer is found to have made any errors or misrepresented themselves in any way, the insurance company can legally terminate the policy for up to two years after the policy start date. If this is the case, the insurance company is not obligated to pay any claims during the two years.

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

Rhode Island 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 RILHIGA. Their contact info is below:

Website:
Homepage
Phone:
(401) 273 – 2921
Address:
Rhode Island Life & Health Insurance Guaranty Association
The Foundry, Suite 445
235 Promenade Street
Providence, RI 02908

Rhode Island Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Joseph Torti, III
Insurance Hotline:
(401) 462 – 9500
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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