Best Car Insurance Rates In The Great State of Vermont

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Best Vermont Life Insurance Rates

In 1978, Vermonters Ben Cohen and Jerry Greenfield started the famously unique and delicious ice cream company, Ben & Jerry’s. Despite its small size, Vermont is home to over 500 organic farms, and the state produces over 500,000 gallons of maple syrup a year. For these reasons, and many more, Vermont consistently ranks at the top of all states for health and happiness. So, it’s no surprise that they have a high life expectancy, low rates of obesity and death from diabetes, and kidney disease. But this is partly offset by  a high rate of Alzheimer’s Disease which affects Vermont life insurance rates.

Vermont Life Insurance Quotes

With an equal amount of Vermont residents reporting they are healthy and have major health issues, getting life insurance isn’t always easy—or inexpensive—in the Green Mountain State.

Let QuoteWizard take the pressure and stress out of purchasing life insurance. We’ll help you compare rates with a number of companies so you get the best coverage for your needs. 

Life Insurance Rate Factors in Vermont

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 Vermont is 80.5 years, one of the highest in the nation. The life expectancy at birth for the US overall is 78.9 years. So, if you purchased a 30-year term life policy in Vermont 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 Vermont’s life expectancy of 80.5 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 Vermont, the death rate from injury due to firearms is 9.2 per 100,000 deaths, the #15 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 Vermont, the percentage of the population that’s female is 50.7%, and the percentage that’s male is 49.3%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Vermont residents that used QuoteWizard last year.

 
         
 
   
55%Female
   
45%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 Vermont that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
52%Major
   
47%Healthy
   
1%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 Vermont, 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 Vermont in 2009, the rate of marriage for people over 15 was 31.8 per 1,000 people, the rate of divorce was 21.1 per 1,000 people, and the rate of widowhood was 9.2 per 1,000 people.

Marriage status of Vermont residents that used QuoteWizard last year.

 
         
 
   
74%Single
   
26%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 Vermont, proportionally, is a subway operator.

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 16.6% of Vermont adults smoked cigarettes – about 84,000 adults.

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

 
         
 
   
72%Don't Smoke
   
28%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 Vermont was 24.7%. This makes Vermont the sixth-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.

Leading Causes of Death US vs. Vermont  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 1,220 149.6 36th 169.8
2 Cancer 1,318 163.4 25th (tie) 163.2
3 Lower Respiratory Disease 353 44.1 26th 42.1
4 Accidents 352 49.6 11th 39.4
5 Stroke 260 31.7 42ng 36.2
6 Alzheimer's Disease 269 32.9 5th (tie) 23.5
7 Diabetes 139 17.4 44th 21.2
8 Influenza/Pneumonia 77 9.3 50th 15.9
9 Kidney Disease 30 3.8 50th 13.2
10 Suicide 112 16.8 16th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Vermont Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 TIAA - CREF $82,381 8.9%
2 Prudential Financial Inc. $64,995 7.0%
3 Manulife Financial Corp. $64,800 7.0%
4 MetLife Inc. $57,572 6.2%
5 Jackson National Life Group $53,434 5.7%
6 New York Life Insurance Group $51,213 5.5%
7 Massachusetts Mutual Life Insurance Co. $36,709 3.9%
8 AEGON $36,194 3.9%
9 Lincoln National Corp. $34,120 3.7%
10 National Life Group $29,827 3.2%

Financial Strength Ratings of Top Vermont Life Insurers

Source: A.M. Best (Ratings as of 9/4/2015)

  • TIAA - CREF: A++
  • Prudential Financial Corp: A+
  • Manulife Financial Corp.: NR
  • MetLife.: A+
  • Jackson National Life Group: A+
  • New York Life Insurance Group: A++
  • Massachusetts Mutual Life Insurance Co.: A++
  • AEGON: A+
  • Lincoln National Corp.: A+
  • National Life Group: A
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Vermont Life Insurance Regulations

Insurance in Vermont is governed by the laws defined by Title 8 of the State Statutes of Vermont, as outlined by the Vermont General Assembly.

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

Grace Period: Any life insurance policyholder in Vermont is entitled to a 30-day “grace period” to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment

Timely Payment of Claims: In Vermont, it is required that insurance companies pay out claims in a timely manner, meaning within 45 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 later paid to the beneficiary as well.

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

Vermont 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 VLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(802) 229 – 3553
Address:
Vermont Life & Health Insurance Guaranty Association
One National Life Drive, Suite M585
Montpelier, VT 05604

Vermont Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Susan L. Donegan
Insurance Hotline:
(802) 828 – 3301
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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