BestLife InsuranceHenderson, NVBest Life Insurance Companies in Henderson, NV, for 2023
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A life insurance policy will help cushion the financial impact of one’s death, especially if you have dependents. To find the best policies at the lowest premiums, MoneyGeek recommends that you shop around and compare rates since there are several life insurance companies in Henderson to choose from.
You can review the best life insurance companies in Henderson using MoneyGeek’s analysis of average rates from multiple providers based on your age, gender or smoking history.
BestLife InsuranceHenderson, NVBest Life Insurance Companies in Henderson, NV, for 2023
Most Popular in Nevada - New York Life
Best for Young People - Transamerica
Best for Smokers - Transamerica
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Best Cheap Life Insurance in Henderson
Your premiums will largely depend on your gender and coverage. For a $250,000 coverage in Henderson, MassMutual provides the cheapest option at roughly $14 per month for men and $10 for women.
A $250,000 coverage may be cheaper, but it might not be enough for most individuals. MoneyGeek suggests that you consider purchasing a policy with Nevada’s recommended coverage amount of $788,000, which was calculated using state-specific factors such as cost of living and average age, income and personal debt.
MassMutual offers the cheapest premiums for this coverage level for men at roughly $27. Nationwide is cheapest for women at around $17.
Cheapest Life Insurance Companies for Males and Females in Henderson
Cheapest For | $250K Coverage | $788K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Life Insurance Costs in Henderson for Men and Women
The price of your life insurance is influenced by your gender. Life insurance costs 27% more for men in Henderson compared to the average premium statewide in Nevada. Meanwhile, women in Henderson pay 7% higher than the state average.
On average, a policy with $250,000 coverage in Henderson costs $23 per month for men and $17 per month for women.
Alternatively, you may decide to get Nevada state’s recommended coverage amount of $788,000, which was calculated using factors such as per capita income from the U.S. Bureau of Economics, average personal and mortgage debt and average age. This option is more expensive at an average price of $55 for men and $39 for women.
Another option is to purchase a 10-year term policy which costs an average of $33 per month for men and $24 per month for women regardless of the coverage limit.
Average Monthly Life Insurance Rates in Henderson: Men
Average Monthly Life Insurance Rates in Henderson: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Henderson 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
Gender is a significant predictor of how expensive your premiums could be. Generally, men are charged higher rates because men’s life expectancy is less than a woman’s. Several reasons explain why women tend to outlive men. For example, men are more inclined to commit suicide, engage in risky behaviors and have more dangerous jobs.
Although women tend to live longer, we found that women are less likely than men to own life insurance. MoneyGeek strongly encourages women to purchase life insurance as a way to protect their loved ones financially in the event of their passing.
Most Popular Life Insurance Companies in Nevada
The top three companies in terms of popularity across Nevada are Prudential Financial Inc. (6%), New York Life (6%) and Lincoln Financial (5%).
The seven most popular companies in the state account for 34% of the total market share in the state. You may check out the most popular life insurance providers in Nevada in the table below.
Most Popular Life Insurance Companies in Nevada
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One way to estimate a company’s popularity and size is through its market share, which is the percentage of sales that it gets out of the total sales within a specific industry. For example, holding a 25% market share implies that a particular insurance company holds a quarter of the total sales for all life insurance products.
MoneyGeek’s analysis used market share data based on total premiums in the 2020 state reports from S&P Global.
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Cheapest Life Insurance for Young People in Henderson
The average life insurance premiums for young adults in Henderson costs anywhere from $17 to $29 per month.
These life insurance companies offer the most affordable rates on average for young people in Henderson:
- Transamerica: $17 per month
- Mutual of Omaha: $19 per month
Check the table below to see MoneyGeek’s complete list of the best life insurance providers and their respective rates for young people in Henderson.
Best Life Insurance Companies for Young People in Henderson, NV
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Henderson 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
Life insurance is cheaper for individuals who are 25 years old and younger. But, it tends to get more expensive as the policyholder grows older and becomes more prone to age-related illnesses. If you’re looking to save on your policy, one of the best strategies is to purchase life insurance at a young age. Doing so will let you access lower premiums for a longer period.
Cheapest Life Insurance for Seniors in Henderson
Life insurance premiums for seniors in Henderson range from around $49 to $101 per month.
MoneyGeek found that the two most affordable life insurance companies for seniors in Henderson are, on average:
- MassMutual: $49 per month
- Mutual of Omaha: $55 per month
Our table below shows the complete list of the cheapest life insurance providers for seniors in Henderson.
Best Life Insurance Companies for Seniors in Henderson, NV
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Henderson 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
Insurance carriers use age as a determinant of risk classification – with seniors being labeled as higher risk because their policy is likely to outlive them.
Seniors might want to consider getting less coverage since most elderly individuals do not need huge amounts of life insurance. This strategy often works because the beneficiaries of most seniors are likely to be financially independent adults and their policies are only meant to cover the costs of their funeral and burial arrangements, debt obligations and estate taxes, which are not substantial expenditures.
With this in mind, MoneyGeek’s sample coverage policy for seniors is less than the coverage for other profiles.
Cheapest Life Insurance for Smokers in Henderson
Smokers in Henderson should expect to pay premiums ranging from around $137 to $309 monthly for their life insurance policy.
On average, MoneyGeek found that the following companies offer the cheapest rates for smokers in Henderson:
- Transamerica: $137 per month
- MassMutual: $162 per month
The table below shows MoneyGeek’s comprehensive list of the best and most affordable life insurance companies in Henderson with their respective rates.
Best Life Insurance Companies for Smokers in Henderson, NV
Rates were determined by analyzing quotes for a 30-year-old male smoker in Henderson who is 5 feet 10 inches tall, weighs 194 pounds and 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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Providers consider smokers as being riskier to insure and require them to pay higher premiums. Smoking predisposes individuals to many serious and long-term health risks, such as cancer, lung diseases and heart disease, among many others, making smokers more likely to die earlier than non-smokers.
One way to save on insurance is by finding cheap life insurance for individuals who smoke. We also recommend buying a longer-term policy, with at least a 20-year term to protect against dramatic increases in premiums that insurers typically charge smokers, especially as they age.
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Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed May 17, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 24, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 17, 2022.
- S&P Global. "2020 Annual Report." Accessed May 17, 2022.