Nevada Life Insurance
Find the right life insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
No one enjoys thinking about their impending death, but as we age, start families and reach other milestones, it's one of those unavoidable responsibilities. You may be wondering how to protect your Nevada loved ones in the event of your death. Life insurance is extremely complex and little understood by most consumers, which is why some 65 percent of Nevada residents say they have not yet purchased a policy or believe they do not have enough life insurance.
Before you search for life insurance quotes, however, there are several factors to keep in mind.
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Life Insurance Facts and Statistics
According to the LIMRA:
- 30 percent of U.S. households have no life insurance at all; only 44 percent have individual life insurance.
- 50 percent of U.S. households (58 million) say they need more life insurance. The average amount of coverage for U.S. adults has declined to ($167,000) , down $30,000 from the average coverage in 2004.
- While 4 in 10 households with children under 18 now include a mother who is either the sole or primary earner for her family yet, among women who have life insurance, their coverage is only 69 percent of the average coverage on men.
- Of consumers who believe they need life insurance, 86 percent haven’t bought it because they think it is too expensive.
Why is Life Insurance Important in NV?
The main reason people buy life insurance to to avoid burdening their family and loved ones with costly, end-of-life and burial expenses. With the average funeral costing around $10,000 in Nevada these days, even a basic life insurance policy with funeral expense benefits can be extremely helpful.
Not only do you want to be sure your family is not financially impacted by your death, but you may want to leave them with an extra cushion of support, especially if you are the primary income earner in the household. You may want a more comprehensive life insurance policy that can leave a legacy for your children or favorite charity.
When Should I Buy Life Insurance?
Most people decide life insurance is a must-have when they:
- Buy a house
- Marry
- Have Children
- Start a business
- Accumulate debt
Whether you have just settled down in Nevada to start your family, or you have recently become your own boss and set up a business, life insurance can mean the difference between enabling your family to focus on their time together instead of worrying about how they will pay the mortgage or if the business will survive without you.
What Kinds of Life Insurance are Available in Nevada?
Most people think that they can purchase a life insurance policy from their employer, but only 56 percent of workplaces offer group life insurance policies. Even among those with employer-provided benefits, while the group rates may be lower, often times these life insurance policies lack in coverage.
In Nevada, independent insurance agents are able to find consumers the following types of affordable life insurance policies:
- Term life insurance: A term life policy is in force for a specific time and has a face value (coverage amount) that you specify when you buy the policy. In the event that you die within the specified term, the insurance company pays the face value of the policy as a death benefit to your beneficiaries.
- Permanent life insurance: A permanent life insurance policy (which includes whole life, universal life and variable life insurance) is in force for your lifetime as long as you continue to make your premium payments. Like term life insurance, permanent life insurance pays a death benefit. But it also has an accumulating cash value.
What Type of Life Insurance is Best for Me in Nevada?
The type of life insurance you need depends on what you would like the benefits to do for your loved ones. If your main concern is making sure your family can afford to lay you to rest, a basic term life insurance policy with burial benefits would suffice.
However, if you are planning on paying college tuition for any children down the road, perhaps a policy that accumulates cash value and pays higher death benefits would be more appropriate. If you are looking for a policy with an investment vehicle to pay for things like a mortgage, a business loan, or to set up an estate or trust for loved ones or a cherished non-profit organization, a whole, universal or variable life insurance policy is more appropriate. The main differences among these types of policies is the amount of risk you are willing to take with the investment aspect of the policy.
What Will My Life Insurance Quote Look Like?
No two life insurance quotes for the same person will look alike. That's because insurance companies use complex algorithms to calculate their life insurance premium rates, and no two companies use the same equations. In general, the quotes and rates you will see depend on several factors, including:
The type of life insurance: Term insurance costs less than permanent life insurance because it only pays a death benefit and does not build up cash value.
How much life insurance you need: A $20,000 term policy will cost far less than a $1 million term insurance policy.
Your age: The cost of life insurance climbs significantly as you age.
Your health: If you have no health conditions, your costs will be lower than if you have heart disease, diabetes or other chronic conditions.
Whether you buy medically underwritten life insurance: While it is possible to buy “no exam life insurance,” your costs will be much higher because the life insurance company is taking a higher risk to insure you than if you took a medical exam.
It's best to buy life insurance while you are young and healthy. A non-smoking, young, healthy woman can find coverage for as little as $20 per month, whereas a middle aged, smoking man may be quoted at several hundred dollars per month for the same coverage. It's important to shop around and compare several quotes and benefits packages from a variety of Nevada life insurance companies to ensure the rates and coverage you receive are the best available.
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Where Can I Find Life Insurance in NV?
You want to be sure your loved ones are taken care of long after you no longer can. That's why you are looking for a life insurance policy that can be there for them.
Knowledgeable, independent insurance agents on the Trusted Choice network are always available to explain your various life insurance options, answer any questions you may have, and even assist your loved ones in filing a benefits claim. These agents have years of experience working with Nevada insurance providers, enabling them to locate you a number of quotes from a variety of providers, which ensures that the policy you buy offers the best coverage at the most affordable rates. Contact a Trusted Choice member agent near you to find out how you can obtain the perfect life insurance policy that meets your needs and budget.