Best Life Insurance Rates in Washington D.C.

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Compare Life Insurance Quotes in Washington, D.C.

Washington, D.C. sits between Maryland and Virginia, but is not part of any state. D.C. was officially made our nation’s capital on July 16, 1790, and the area was hand-selected by George Washington himself. Interestingly enough, D.C. is also the hometown of famed composer John Philip Sousa. With a very low obesity rate, but a very high heart disease death rate, life insurance rates in Washington should be carefully compared.

Washington, D.C. Life Insurance Quotes

If you want to get the best life insurance policy for your money, shopping around and comparing quotes is the way to go.

QuoteWizard is here to help with this. We can connect you to a number of carriers so you can quickly and easily learn which one offers the best rates in Washington, D.C.

Life Insurance Rate Factors in Washington, D.C.

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. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Washington, D.C. is 76.5 years, much lower 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 Washington, D.C. 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 33 years old and purchased a 30-year term life policy, you would be well under Washington, D.C.’s life expectancy of 76.5 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 The District, the death rate from injury due to firearms is 8.9 per 100,000 deaths, the #13 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 Washington, D.C., the percentage of the population that’s male is 47.4%, and the percentage that’s female is 52.6%. In the US as a whole, men are 49.2% of the population and women are 50.8% of the population.

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 insurance 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.

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 Washington, D.C., 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 Washington, D.C. in 2009, the rate of marriage for people over 15 was 34.6 per 1,000 people, the rate of divorce was 14.6 per 1,000 people, and the rate of widowhood was 8.4 per 1,000 people.

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 Washington, D.C. is a political scientist.

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 as well as an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2013, approximately 18.8% of Washington, D.C. adults smoked cigarettes – about 103,000 adults.

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 Washington, D.C. was 22.9%. This makes The District the #49 most obese state. D.C.’s obesity rate is much lower than the average obesity rate in the US, which 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. Washington, D.C. - 2007

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate US Death Rate*
1 Heart Disease 1,367 228.6 169.8
2 Cancer 1,159 197.0 163.2
3 Accidents 200 33.2 42.1
4 Stroke 200 33.1 39.4
5 HIV/AIDS 188 31.8 36.2
6 Homicide/ Assault 166 25.2 23.5
7 Diabetes 154 25.2 21.2
8 Chronic Respiratory Diseases 123 21.1 15.9
9 Alzheimer’s Disease 122 19.1 13.2
10 Influenza & Pneumonia 119 19.1 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Washington, D.C. Life/Health and Fraternal Insurance Market Share – 2013

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Manulife Financial Corp. $188,075 12.1%
2 Prudential Financial Inc. $161,379 10.4%
3 TIAA-CREF $158,524 10.2%
4 MetLife Inc. $123,822 8.0%
5 Voya Financial Inc. $87,340 5.6%
6 Principal Financial Group Inc. $86,527 5.6%
7 Lincoln National Corp. $65,893 4.2%
8 Massachusetts Mutual Life Insurance Co. $50,265 3.2%
9 AEGON $47,291 3.0%
10 New York Life Insurance Group $47,144 3.0%

Financial Strength Ratings of Top Washington, D.C. Life/Health Insurers

Source: A.M. Best (Ratings as of 8/31/2015)

  • Manulife Financial Corp.: NR
  • Prudential Financial Corp: A+
  • TIAA-CREF: A++
  • Metlife Inc.: A+
  • Voya Financial Inc.: A
  • Principal Financial Group Inc.: A+
  • Lincoln National Corp.: A+
  • Massachusetts Mutual Life Insurance Co.: A++
  • AEGON: A+
  • New York Life Insurance Group: A++
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Rating Guide

Washington, D.C. Life Insurance Regulations

Insurance in Washington, D.C. is governed by the laws defined by Title 31 of the District of Columbia Official Code, as outlined by the Department of Insurance, Securities and Banking of the District of Columbia.

This legislation, which contains two parts and 84 chapters, is used to regulate claims and provide certain protections to Washington, D.C. consumers, for example: 

Grace Period: Any life insurance policyholder in Washington, D.C. is entitled to a 30-day “grace period” to make up a missed payment without punishment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.

Timely Payment of Claims: In D.C., it is required that insurance companies pay out claims in a timely manner, meaning within two months. If unreasonable delay occurs, the insurance companies will be fined, penalized, and/or sanctioned 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, Washington, D.C. 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.

Washington, D.C. 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 DCLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(202) 434 – 8771
Address:
Washington, D.C. Life & Health Insurance Guaranty Association
1200-G Street, NW, Suite 800
Washington, DC 20005

Washington, D.C. Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Stephen C. Taylor
Insurance Hotline:
(202) 727 – 8000
Office Hours:
Monday - Friday
8:15 am to 4:45 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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