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The only president from New Hampshire is Franklin Pierce, who was the youngest ever president at the time. What’s more, the first American ever in space, Alan B. Shepard, is from Derry, New Hampshire. And, though it might not be our favorite invention, the alarm clock was invented in New Hampshire in 1787.
Marital status is a contributing factor to what you pay for life insurance. Why? Married people usually live longer than single ones (as long as they’re similarly healthy—or unhealthy).
Of the New Hampshire residents that used QuoteWizard last year, 67 percent were single. So finding affordable rates there can be quite the task.
We think that being single shouldn’t cost you. Use our form to shop around and compare quotes from multiple insurance companies in your area. Your bank account will thank us.
Below are the major factors that contribute to 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 rate.
Life expectancy at birth in New Hampshire is 80.3 years, the one of the highest of any state. The life expectancy at birth for the US overall is 78.9 years. What if you purchased a 30-year term life policy in New Hampshire at age 53? You'd be more likely than not to pass away before 83 years of age, the end of the term.
What if you were 32 years old and purchased a 30-year term life policy? You'd be well under New Hampshire’s life expectancy of 80.3 years old when the policy term ended. And 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 - 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 New Hampshire, the death rate from injury due to firearms is 6.4 per 100,000 deaths, the #7 lowest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.
Gender - Women live longer than men on average. So they pay less for insurance than a similar man would. In New Hampshire, the percentage of the population that’s female is 50.6%. The percentage that’s male is 49.4%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.
Health History - Most of us have one or two minor health issues. But if you have a serious illness, or a family history of such illnesses, this can affect your rates.
There are conditions, like heart disease or cancer, which can make your premiums a lot higher. In some cases, a pre-existing condition can make you ineligible. That's why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have dangerous hobbies will pay more for insurance.
Marital Status - 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. The US Census reports that the rate of marriage for people over 15 was 32.2 per 1,000 people in 2009. The rate of divorce was 19.7 per 1,000 people. And the rate of widowhood was 11.2 per 1,000 people.
Occupation - People with hazardous jobs like logging and fishing will pay more for life insurance. The most common job in New Hampshire, proportionally, is a plastic and metal worker.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So, tobacco users pay much more for life insurance than an identical non-tobacco user. Tobacco use is associated with a number of health complications. Some include heart disease, stroke, and COPD. Any of these 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 16.2% of New Hampshire adults smoked cigarettes – about 171,000 adults.
Travel - Do you regularly travel to developing countries on the US State Department’s Warning List? If so, you'll pay more for insurance than a traveler who sticks to developed countries.
Value of Policy - 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. Obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers. So, overweight and obese individuals can expect to pay higher rates.
As of 2013, the adult obesity rate in New Hampshire was 26.7%. This makes New Hampshire the #35 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.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|1||Heart Disease||2,434||148.9||38th (tie)||169.8|
|3||Lower Respiratory Disease||668||42.0||31st||42.1|
|6||Alzheimer's Disease||351||21.5||30th (tie)||23.5|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|1||Jackson National Life Group||$379,095||12.9%|
|2||Prudential Financial Inc.||$251,501||8.6%|
|4||Lincoln National Corp.||$216,970||7.4%|
|5||Protective Life Corp.||$190,761||6.5%|
|6||Massachusetts Mutual Life Insurance Co.||$134,552||4.6%|
|7||TIAA - CREF||$96,689||3.3%|
|8||New York Life Insurance Group||$95,793||3.3%|
|9||Manulife Financial Corp.||$89,874||3.1%|
|10||Northwestern Mutual Life Insurance Co.||$78,546||2.7%|
Insurance in New Hampshire is governed by the laws defined under Title 37 of the New Hampshire Statutes. As outlined by the New Hampshire General Court.
This legislation is used to regulate claims and provide certain protections to New Hampshire consumers, for example:
Guaranteed Benefits in the Case of Company Failure. Sometimes an insurance company is unable to make payments on death claims. The New Hampshire Life and Health Insurance Guaranty Association will cover up to $300,000 of death benefits. And up to $100,000 in cash reimbursement. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit. But the amount is the same regardless of how much the policy is worth.
Timely Payment of Claims. In New Hampshire, it is required that insurance companies pay out claims in a timely manner, meaning within 30 days. 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.
These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, New Hampshire 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.
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 NHLHIGA. Their contact info is below:
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