Best Life Insurance Rates in Utah

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The inventor of the TV set, Philo T. Farnsworth was born in Beaver, Utah, in 1906. Even though his invention changed the world, Utah boasts the highest rate of literacy in the country. What’s more, women in Utah were given the right to vote in 1850 – a whole 70 years before the 19th Amendment was passed. Nowadays, Utah has the lowest rates of smoking and death from cancer in the country, very low obesity rates, but high rates of suicide. All these things can factor into the cost of life insurance in Utah.

Utah Life Insurance Quotes

If getting the best life insurance rates is important to you, shop around and get quotes from Utah’s top insurance companies.

More than 2,500 people did just that last year and let QuoteWizard help them compare life insurance rates in Utah. 

Life Insurance Rate Factors in Utah

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 Utah is 80.2 years, one of the highest in the country. The life expectancy at birth for the US overall is 78.9 years. So, if you purchased a 30-year term life policy in Utah at age 55, you would be more likely than not to pass away before 85 years of age, the end of the term.

On the other hand, if you were 35 years old and purchased a 30-year term life policy, you would be well under Utah’s life expectancy of 80.2 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 Utah, the death rate from injury due to firearms is 12.6 per 100,000 deaths, tied with Georgia as the #19 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 Utah, the percentage of the population that’s female is 49.7%, and the percentage that’s male is 50.3%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Utah residents that used QuoteWizard last year.

 
         
 
   
53%Male
   
47%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 Utah that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
62%Healthy
   
30%Major
   
8%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 Utah, 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 Utah in 2009, the rate of marriage for people over 15 was 56.3 per 1,000 people, the rate of divorce was 21 per 1,000 people, and the rate of widowhood was 7.4 per 1,000 people.

Marriage status of Utah residents that used QuoteWizard last year.

 
         
 
   
60%Single
   
40%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 Utah, proportionally, is a college residential advisor.

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 10.3% of Utah adults smoked cigarettes – about 209,000 adults.

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

 
         
 
   
90%Don't Smoke
   
10%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 premiums 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 Utah was 24.1%. This makes Utah the fifth-least 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. And, a quick and easy way to do this is by using QuoteWizard.

Leading Causes of Death US vs. Utah  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 3,323 149.0 37th 169.8
2 Cancer 2,971 127.6 50th 163.2
3 Lower Respiratory Disease 718 32.0 45th 42.1
4 Accidents 1,103 43.4 25th 39.4
5 Stroke 836 38.2 18th 36.2
6 Alzheimer's Disease 412 19.4 38th (tie) 23.5
7 Diabetes 578 25.3 8th 21.2
8 Influenza/Pneumonia 413 18.6 11th (tie) 15.9
9 Kidney Disease 312 14.1 21st 13.2
10 Suicide 579 21.4 4th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Utah Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allianz Insurance Co. $370,714 17.1%
2 Jackson National Life Group $222,887 10.3%
3 Sammons Enterprises Group $125,480 5.8%
4 American International Group $109,824 5.1%
5 TIAA - CREF $103,447 4.8%
6 Prudential Financial Corp. $91,240 4.2%
7 AEGON $90,663 4.2%
8 Lincoln National Corp. $89,838 4.1%
9 New York Life Insurance Co. $75,301 3.5%
10 AXA Life Insurance Co. $71,492 3.3%

Financial Strength Ratings of Top Utah Life/Health Insurers

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

  • Allianz Insurance Co.: A+
  • Jackson National Life Group: A+
  • Sammons Enterprises Group: A+
  • American International Group: A
  • TIAA - CREF: A++
  • Prudential Financial Corp.: A+
  • AEGON: A+
  • Lincoln National Corp.: A+
  • New York Life Insurance Co.: A++
  • AXA Life Insurance Co.: A+
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Rating Guide

Utah Life Insurance Regulations

Insurance in Utah is governed by the laws defined by Title 31-A of the Utah Codified Laws, as outlined by the Utah State Legislature.

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

Consumer Misrepresentation: The state of Utah 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. And, if the consumer purposefully lied about something serious, such medical history, they can prosecuted for fraud.

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. However, in Utah, 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, Utah 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.

Utah 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  ULHIGA. Their contact info is below:

Website:
Homepage
Phone:
(801) 320 – 9955
Address:
Utah Life & Health Insurance Guaranty Association
60 East South Temple, Suite 500
Salt Lake City, UT 84111

Utah Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Todd E. Kiser
Insurance Hotline:
(800) 439 - 3805
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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