Best Life Insurance Companies in Nevada

Life insurance helps to take care of funeral expenses, outstanding debts and other ongoing expenses when you pass away. If you live in Nevada, there are many life insurance companies in Nevada that you can choose from. However, life insurance rates vary depending on the insurer and factors such as your age, health history and gender. It is important to shop around and compare life insurance quotes in Nevada. To help you find the cheapest and best life insurance companies in Nevada, MoneyGeek analyzed rates for different profiles to help you find the best life insurance for your needs.

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Best Cheap Life Insurance in Nevada

When buying life insurance in Nevada, the cost of the policy will largely depend on the coverage amount you purchase. Lower coverage amounts are usually more affordable in terms of monthly premiums. However, when you purchase a low coverage policy, it may not be enough to cover funeral expenses and ongoing expenses. This means that while it is important to consider the affordability of the life insurance policy, you should also consider the ideal coverage amount depending on your circumstances.

If you are looking for an affordable life insurance policy with $250,000 in coverage, MassMutual is the cheapest option in Nevada at a monthly cost of around $11.10 for men and roughly $9.41 for women. Most people in Nevada may find that a life insurance policy with $250,000 in coverage may be inadequate. Based on state-specific data such as the cost of living In Nevada, the average income and the average age for the state, MoneyGeek recommends a coverage amount of $788,000 for people in Nevada.

For the recommended coverage amount of $788,000, the cheapest life insurance companies in Nevada on average are Nationwide at $15.98 monthly for women and MassMutual at $20.93 monthly for men.

Best Cheap Life Insurance Companies in Nevada: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $788k
  • MassMutual
    $11.10
    $20.93
  • Nationwide
    $11.81
    $21.26
  • Mutual of Omaha
    $12.04
    $22.32
  • Transamerica
    $11.40
    $24.94
  • AAA
    $16.50
    $37.66
  • State Farm
    $20.67
    $43.84
  • Progressive Life
    $16.10
    $58.38
  • Prudential
    $29.41
    $61.28
Best Cheap Life Insurance Companies in Nevada: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $788k
  • Nationwide
    $10.43
    $15.98
  • MassMutual
    $9.40
    $16.36
  • Mutual of Omaha
    $10.84
    $16.43
  • Transamerica
    $12.58
    $30.38
  • State Farm
    $19.77
    $36.97
  • Progressive Life
    $18.41
    $41.27
  • AAA
    $16.63
    $41.50
  • Prudential
    $18.97
    $46.15

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Nevada using average buyer profile statistics in Nevada, including average age of 30, average weight of 194 pounds for males and 153 pounds for females, and an average coverage need of $788,000.

What Is the Average Cost of Life Insurance for Companies in Nevada?

In Nevada, men pay higher rates for life insurance compared to women. This is because women typically have longer lifespans than men, so they are categorized as low risk compared to men.

Men in Nevada will pay an average of $18.37 monthly for a life insurance policy with $250,000 in coverage, while women will pay $16.31 per month.

If you opt for the recommended coverage of $788,000, your monthly premiums will increase by $24.96 to $43.33 if you are a man. If you are a woman, your monthly premiums will be $36.35, meaning you will pay $20.04 more per month.

Most Popular Life Insurance Companies in Nevada

Apart from affordability, financial stability is an important factor to consider when choosing a life insurance company. By looking at the market share of an insurance company, you can get an indication of how financially stable and reliable the company is.

An insurer’s popularity is determined by the total number of policies they underwrite or their market share.

In Nevada, up to 35.22% of the total life insurance policies in the state are underwritten by seven insurers who are the most popular in the state. Prudential Financial Inc. is the most popular life insurance company in the state with 6.43% of the Nevada life insurance market share.

Most Popular Life Insurance Companies in Nevada

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  • Company
    Market Share
  • Prudential Financial Inc.
    6.43%
  • New York Life
    5.80%
  • Lincoln Financial
    5.12%
  • Northwestern Mutual
    4.55%
  • Transamerica
    4.48%
  • State Farm
    4.42%
  • Pacific Life
    4.42%

Life insurance market share data for Nevada is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Nevada?

If you would like to save on life insurance premiums in Nevada, buying your policy at a young age is important. This is because age is one of the key rating factors in the cost of life insurance. Young people have a higher life expectancy, so their life insurance costs are typically much lower.

For young people, the cheapest life insurance companies in Nevada are, on average:

  • Transamerica: $13.49 per month
  • Mutual of Omaha: $15.36 per month
Best Life Insurance Companies for Young People in Nevada

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  • Company
    Monthly Cost
  • Transamerica
    $13.49
  • Mutual of Omaha
    $15.36
  • MassMutual
    $15.69
  • AAA
    $16.50
  • Prudential
    $18.14
  • Nationwide
    $18.59
  • State Farm
    $18.78
  • Progressive Life
    $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Nevada who is 5 ft 10 inches and 165 pounds that purchases a 20-year term contract at the average coverage need of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Nevada?

For seniors in Nevada, life insurance costs can be high compared to young people. However, seniors can still find reasonably priced life insurance policies in Nevada by opting for a policy with lower coverage amounts.

The cheapest life insurance companies for seniors in Nevada are:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month

These rates are based on a policy with $100,000 in coverage. The coverage amount used for seniors is low because, in most cases, seniors will not have young dependents and do not need high coverage to cover future income.

Best Life Insurance Companies for Seniors in Nevada

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $46.20
  • AAA
    $57.99
  • Progressive Life
    $69.17
  • Transamerica
    $77.19
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Nevada who is 5 ft 10 inches and 194 pounds that purchases a 10-year term contract at the average coverage need of $80,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Nevada?

Smoking increases life insurance costs in Nevada because it is a risk factor for bad health. This means that if you smoke, you will pay higher life insurance premiums compared to non-smokers.

If you are a smoker in Nevada in relatively good health, the least expensive life insurance companies are, on average:

  • Transamerica: $107.62 per month
  • MassMutual: $127.87 per month
Best Life Insurance Companies for Smokers in Nevada

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  • Company
    Monthly Cost
  • Transamerica
    $107.62
  • MassMutual
    $127.87
  • State Farm
    $131.54
  • Nationwide
    $138.16
  • Mutual of Omaha
    $141.59
  • Prudential
    $160.09
  • Progressive Life
    $205.93
  • AAA
    $243.23

Rates were determined by analyzing quotes for a 30-year-old male smoker in Nevada who is 5 ft 10 inches and 194 pounds that purchases a 20-year term contract at the average coverage need of $788,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Nevada Life Insurance Laws You Should Know

Most states, including Nevada, have insurance laws that regulate life insurance to protect both the consumer and the insurer. Before you buy a life insurance policy, it is important to familiarize yourself with Nevada insurance laws.

Some of the key protections ensured by life insurance laws in Nevada include:

  • Free look period: When you purchase a life insurance policy in Nevada, you can cancel the policy and get a full refund within the first ten days. This 10-day free look period allows the consumer to evaluate the policy and opt to continue or cancel it with no fees or extra charges.

  • No set claim settlement period: Nevada insurance laws do not mandate a specific period for settlement of life insurance claims. This means you will need to check with your insurer for their terms on claim settlement.

  • Incontestability period: If you buy an insurance policy in Nevada, state insurance laws stipulate that it shall be incontestable after it has been in force for more than two years after its date of issue.

  • Privacy protection: Nevada insurance laws prohibit insurance companies from sharing your personal information like medical records or credit information with other entities.

Methodology

To determine our recommended life insurance coverage amount in Nevada, MoneyGeek used per capita income data from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age statistics for Nevada. However, depending on your unique circumstances, you may find that you need a coverage amount that is higher or lower than what we have recommended. You may also receive different quotes than what we found in our research.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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