BestLife InsuranceEnterprise, NVBest Life Insurance Companies in Enterprise, NV, for 2023
By , Content Director
Fact Checked
By , Senior Content Editor
Updated: Sep 19, 2023
Life insurance financially supports the beneficiaries when the policyholder passes away. It offers a steady source of finances and covers the final expenses of the policyholder. Life insurance can also help the family make up for the income that was previously brought in by the lost family member.
To help you find the best and cheapest life insurance company in Enterprise, Nevada, MoneyGeek looked into different insurers and gathered quotes for various profiles and compared their rates.
BestLife InsuranceEnterprise, NVBest Life Insurance Companies in Enterprise, NV, for 2023
Most Popular in Nevada - New York Life
Best for Young People - Transamerica
Best for Smokers - Transamerica
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Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.
Best Cheap Life Insurance in Enterprise
In Enterprise, Nevada, MassMutual offers the cheapest $250K coverage policies for both men and women — with monthly rates of $13 and $10, respectively. A $250,000 coverage might be cheaper but may provide inadequate support for beneficiaries.
The recommended coverage in Nevada is $788,000, depending on state-specific factors like cost of living, average income, average debt and more. The cheapest companies for this coverage are MassMutual for men and Nationwide for women — with monthly rates of $24 and $17, respectively.
Cheapest Life Insurance Companies for Males and Females in Enterprise
Cheapest For | $250K Coverage | $788K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
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Life Insurance Costs in Enterprise for Men and Women
Life insurance costs vary for men and women based on gender. For instance, the price of life insurance for men in Enterprise is 16% more expensive than the average cost in Nevada.
Life insurance is still more expensive for women in Enterprise than the state average. However, it’s only more expensive by 9%, making the cost of life insurance more expensive for men than it is for women.
Gender is a primary factor that impacts the price of life insurance. The monthly rates for a policy with a $250,000 coverage are $21 for men and $18 for women.
Based on state-specific factors, like the per capita income derived from the U.S. Bureau of Economic Analysis, a $250K coverage policy costs $50 per month for men and $40 per month for women.
A policy with a 10-year term costs $31 per month for men and $25 per month for women. These rates do not consider the coverage amount.
Average Monthly Life Insurance Rates in Enterprise: Men
Average Monthly Life Insurance Rates in Enterprise: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Enterprise using average buyer profile statistics, including the average age of 30, the average weight of 194 pounds for males and 153 pounds for females, and an average coverage need of $788,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Studies show that women have longer life expectancy than men, resulting in more expensive premiums for men.
Social factors contribute to the reasons for men’s shorter lifespans. For example, men tend to avoid going to the doctor and are less likely to get routine consultations. They’re also less likely to seek professional mental health help, making men more prone to committing suicide.
Nonetheless, there is a life insurance gender gap because fewer women purchase a policy despite its lower prices. Nowadays, it’s recommended for women to purchase life insurance since they earn more and support their families more.
Most Popular Life Insurance Companies in Nevada
The top three life insurance companies in Nevada are Prudential Financial Inc., New York Life and Lincoln Financial. They have respective market shares of 6%, 6% and 5%.
As part of MoneyGeek’s research, we collected the market shares of seven of Nevada's leading life insurance companies. Together, the seven companies have an industry market share of 35%. The table below contains a list of these companies, including their individual market shares.
Most Popular Life Insurance Companies in Nevada
MONEYGEEK DICTIONARY
The market share of a company is a reliable indicator of how well a company is doing within its industry. It is based on the total sales generated by a particular company compared to the entirety of the industry. Therefore, it reflects the company’s performance, competitiveness and size.
The market shares of insurance companies were calculated using data from the 2020 S&P Global data reports on the total premiums of these companies.
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Cheapest Life Insurance for Young People in Enterprise
Life insurance for young people in Enterprise costs from $16 per month to $27 per month. Young people can purchase the cheapest policies in this city from these companies:
- Transamerica: $16 per month
- Mutual of Omaha: $18 per month
The table below contains a complete list of life insurance companies in Enterprise, Nevada, including the cost of the monthly premiums of these policies to help you compare rates.
Best Life Insurance Companies for Young People in Enterprise, NV
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Enterprise who is 5 feet 10 inches in height and weighs 165 pounds with 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.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Young people in Enterprise can purchase life insurance at a more affordable price but the cost of your premium increases as you grow older. Nevertheless, buying life insurance in Enterprise at a young age is still one of the best ways to save money on the policy.
If you purchase life insurance when you're young — say, 25 or younger — you'll save more money on your policy. Because the beginning point of your premium is cheap, you won’t have to face expensive premiums when you’re older.
Cheapest Life Insurance for Seniors in Enterprise
The price range of life insurance for seniors in Enterprise is around $45 per month to $92 per month, depending on the company. The following companies offer the cheapest rates for a life insurance policy for seniors:
- MassMutual: $45 per month
- Mutual of Omaha: $51 per month
MoneyGeek gathered the monthly cost of life insurance companies in Enterprise and laid them out in the table below to serve as a guide for insurance shopping.
Best Life Insurance Companies for Seniors in Enterprise, NV
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Enterprise who is 5 feet 10 inches tall and weighs 194 pounds with a 10-year term contract at the average coverage need of $80,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Life insurance is more expensive for seniors because they are viewed as high-risk policyholders. This is due to the possibility that their policy will outlive them. In analyzing the quotes for seniors, MoneyGeek used a lower sample policy coverage compared to other groups.
The adjustment was made because it’s understandable for seniors to have less coverage since their children are usually older and are less likely to be financially dependent on them. As a result, there’s no need to cover future income needs of dependents. Therefore, the primary consideration for seniors’ policies is the coverage of final expenses or burial expenses.
Cheapest Life Insurance for Smokers in Enterprise
Smokers can spend around $125 per month up to $283 per month for life insurance in Enterprise. They can purchase the most affordable life insurance from the following companies:
- Transamerica: $125 per month
- MassMutual: $149 per month
Policies for smokers are more expensive than usual, so MoneyGeek provided a table to compare the rates of insurers in Enterprise. Refer to the table below for a complete list of companies.
Best Life Insurance Companies for Smokers in Enterprise, NV
Rates were determined by analyzing quotes for a 30-year-old male smoker in Enterprise who is 5 feet 10 inches tall and weighs 194 pounds with a 20-year term contract at the average coverage need of $788,000.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers are seen as high-risk clients by insurers because their lives and health are compromised due to the many diseases caused by smoking. As a result, life insurance for smokers is more expensive than for non-smokers.
MoneyGeek recommends smokers purchase a 20-year term life insurance policy that gives extended coverage. By having a longer period for their policy, they can save money by avoiding the exponential increase in their premium over the years.
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Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
sources
- CDC. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 6, 2022.
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 6, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 6, 2022.
- S&P Global. "2020 Annual Report." Accessed July 6, 2022.