Best Life Insurance Companies in Spring Valley, NV

Based on monthly premium cost, the best life insurance company in Spring Valley is MassMutual. The insurer also offers seniors the best rates, while Transmerica is the preferred life insurance provider for smokers and young people. The most affordable premiums in Spring Valley range from $11 per month for a policy with a $250K coverage limit to $21 per month for a policy with the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Spring Valley, NV, for 2023

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Best Cheap Life Insurance in Spring Valley

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 Life Insurance Companies for Males and Females in Spring Valley
  • Cheapest For
    $250K Coverage
    $788K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Spring Valley for Men and Women

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.

Average Monthly Life Insurance Rates in Spring Valley: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $11
    $21
  • Nationwide
    $12
    $22
  • Mutual of Omaha
    $12
    $23
  • Transamerica
    $12
    $26
  • AAA
    $17
    $39
  • State Farm
    $21
    $45
  • Progressive Life
    $16
    $60
  • Prudential
    $30
    $63
Average Monthly Life Insurance Rates in Spring Valley: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $15
  • MassMutual
    $9
    $15
  • Mutual of Omaha
    $10
    $15
  • Transamerica
    $12
    $28
  • State Farm
    $18
    $34
  • Progressive Life
    $17
    $38
  • AAA
    $15
    $39
  • Prudential
    $18
    $43

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Nevada

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.

Most Popular Life Insurance Companies in Nevada

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  • Company
    Market Share
  • Prudential
    6%
  • New York Life
    6%
  • Northwestern Mutual
    5%
  • Lincoln Financial
    5%
  • Pacific Life
    4%
  • State Farm
    4%
  • Transamerica
    4%
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MONEYGEEK DICTIONARY

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.

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Cheapest Life Insurance for Young People 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:

  • Transamerica: $14 per month
  • Mutual of Omaha: $16 per month

The table below shows a complete list of companies and their average policy rates for young people.

Best Life Insurance Companies for Young People in Spring Valley, NV

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  • Company
    Monthly Cost
  • Transamerica
    $14
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • AAA
    $17
  • Prudential
    $19
  • Nationwide
    $19
  • State Farm
    $19
  • Progressive Life
    $23

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Spring Valley

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:

  • MassMutual: $40 per month
  • Mutual of Omaha: $45 per month

A complete list of life insurance companies in Spring Valley and their respective rates for seniors is included in the table below.

Best Life Insurance Companies for Seniors in Spring Valley, NV

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  • Company
    Monthly Cost
  • MassMutual
    $39
  • Mutual of Omaha
    $45
  • Nationwide
    $45
  • State Farm
    $47
  • AAA
    $59
  • Progressive Life
    $71
  • Transamerica
    $79
  • Prudential
    $81

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Spring Valley

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:

  • Transamerica: $110 per month
  • MassMutual: $131 per month

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.

Best Life Insurance Companies for Smokers in Spring Valley, NV

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  • Company
    Monthly Cost
  • Transamerica
    $110
  • MassMutual
    $131
  • State Farm
    $135
  • Nationwide
    $142
  • Mutual of Omaha
    $145
  • Prudential
    $164
  • Progressive Life
    $211
  • AAA
    $249

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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Insurance Rates

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 the Author


expert-profile

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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