Updated: May 22, 2024
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When you pass away, life insurance financially safeguards your beneficiaries by replacing the household's lost income and covering funeral expenses.
To help you select the best life insurance in Spring Valley, Nevada, MoneyGeek’s guide outlined the cheapest companies and rates based on buyer profile, including gender, age and lifestyle habits.
BestLife InsuranceSpring ValleyBest Life Insurance Companies in Spring Valley, NV, for 2023
MassMutual offers the most affordable life insurance in Spring Valley for both men and women. For a policy with a $250K coverage limit, men and women pay an average of $11 per month and $9 per month, respectively.
Though a policy with a $250K coverage limit is cheaper, it may not provide enough coverage. For added coverage, consider getting the state-recommended coverage amount of $788K, which has been calculated using state-specific factors like average cost of living, income, personal debt and age. In Spring Valley, MassMutual has the cheapest policies with coverage limits of $788K for men at an average of $21 per month, while Nationwide offers the most affordable policies for women at $15 per month.
Cheapest For | $250K Coverage | $788K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
For men, the cost of life insurance in Spring Valley is 2% more expensive than the average cost in Nevada. On the other hand, life insurance for women living in this city is 7% less expensive than the state average.
This difference in cost shows the significant impact of gender on the price of life insurance. More often than not, life insurance for men is more expensive than life insurance for women.
Gender is one of the main factors that impacts the cost of life insurance. Men in Spring Valley pay an average of $19 per month for a $250K policy while women only pay $15 per month.
On average, a policy with the state average coverage amount costs $44 per month for men and $34 per month for women. These averages are based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and age. A 10-year term policy costs $27 per month for men and $21 per month for women, regardless of coverage amount.
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $21 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $22 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $26 |
| AAA | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $39 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $28 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $34 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Spring Valley 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.
Men have shorter lifespans than women because they’re more likely to engage in risky activities, avoid doctors and have fewer social connections. Because of this, women typically live longer than men and often pay less for life insurance.
Despite paying higher premiums than women, men are more likely to have life insurance. Women may benefit from purchasing a life insurance policy because insurance remains inexpensive while financially protecting their families.
The top three companies in Nevada are Prudential Financial Inc., New York Life and Lincoln Financial with respective market shares of 6%, 6% and 5%.
The total market share of the seven most popular companies in Nevada is 35%. The table below shows all seven of these companies, as well as their market shares.
| New York Life | Market Share6% |
| Prudential | Market Share6% |
| Lincoln Financial | Market Share5% |
| Northwestern Mutual | Market Share5% |
| Transamerica | Market Share4% |
A company's market share is the percentage of total revenues that it generates within an industry. Companies with a high market share have sold more policies than their competitors and are more popular among consumers.
MoneyGeek obtained the market share data from the 2020 S&P Global data report, based on total premiums recorded in Spring Valley.
Young people in Spring Valley can purchase life insurance at a cost between $14 and $23 per month. The following companies offer the cheapest policies to young people in the city:
The table below shows a complete list of companies and their average policy rates for young people.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$19 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Spring Valley who is 5 feet 10 inches in height and weighs 165 pounds with a 20-year term contract at the average coverage need of $270K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance costs less for young people, specifically those who are 25 years old or younger. Though the cost of a life insurance policy increases over time, buying a policy while you’re young will help you save money in the long term, as you’ll receive a cheaper starting rate compared to purchasing one when you’re older.
The cost of life insurance for seniors in Spring Valley ranges from $40 per month to $81 per month. Seniors can purchase the most affordable policies from the following companies:
A complete list of life insurance companies in Spring Valley and their respective rates for seniors is included in the table below.
| MassMutual | Monthly Cost$39 |
| Mutual of Omaha | Monthly Cost$45 |
| Nationwide | Monthly Cost$45 |
| State Farm | Monthly Cost$47 |
| AAA | Monthly Cost$59 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Spring Valley who is 5 feet 10 inches tall and weighs 194 pounds with a 10-year term contract at the average coverage need of $80K.
Seniors pay more for their life insurance policies because their policies are likely to outlive them. Therefore, companies see them as high-risk customers. However, seniors can save money on life insurance by purchasing low-coverage policies. A policy with less coverage, like MoneyGeek’s sample coverage amount of $80K, is typically sufficient since seniors’ beneficiaries are usually financially independent. This lower coverage is enough to cover funeral expenses and arrangements.
Life insurance costs significantly more for smokers. In Spring Valley, those that smoke will pay between $110 and $249 per month. The following companies offer the least expensive policies for smokers:
Other companies in Spring Valley that offer life insurance to smokers are listed in the table below, alongside the cost of their average monthly premium.
| Transamerica | Monthly Cost$110 |
| MassMutual | Monthly Cost$131 |
| State Farm | Monthly Cost$135 |
| Nationwide | Monthly Cost$142 |
| Mutual of Omaha | Monthly Cost$145 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Spring Valley who is 5 feet 10 inches tall and weighs 194 pounds with a 20-year term contract at the average coverage need of $788K.
Life insurance companies consider smokers as high-risk individuals because of the negative effects of smoking on one’s health. As a result, life insurance for smokers is significantly more expensive compared to that for a non-smoker. Smokers can purchase a policy with a 20-year term to avoid the exponential increase in the premium cost as they get older.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
