Life insurance guarantees your dependents get financial support after you pass away. MoneyGeek analyzed how much life insurance companies in Paradise charge per month across gender, age and the policy coverage amount. This guide can help you secure the best life insurance policy in Paradise, Nevada.
Best Life Insurance Companies in Paradise, NV, for 2024
Updated: October 18, 2024
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BestLife InsuranceParadise, NVBest Life Insurance Companies in Paradise, NV, for 2023
Most Popular in Nevada - New York Life
Best for Young People - Transamerica
Best for Smokers - Transamerica
Best Cheap Life Insurance in Paradise
For a coverage amount of $250,000, the cheapest life insurance company in Paradise is MassMutual, charging male buyers an average of $10 per month and female buyers around $8 per month.
A life insurance policy with $250K coverage features a lower premium but offers less support to your beneficiaries after you pass away. Nevada’s recommended coverage amount of $788,000 is based on the state’s averages for cost of living, income, age and personal debt. Policies with this amount provide more coverage to your loved ones which correlate to living in Paradise.
The most affordable life insurance company in Paradise for the $788K recommended coverage limit for men is MassMutual, costing around $20 per month, whereas the cheapest insurer for women is Nationwide, at roughly $14 per month.
Cheapest Companies in Paradise
$250K Coverage | $788K Coverage (Recommended) | |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Life Insurance Costs in Paradise for Men and Women
Based on MoneyGeek’s findings, Paradise life insurance rates for men and women are lower than the average cost of life insurance in Nevada, with men paying about 7% less than the state average and women around 12%.
Life insurance rates vary significantly by gender. In Paradise, men pay an average of $17 monthly, and women about $14 per month for a coverage amount of $250K.
MoneyGeek reviewed life insurance quotes in Paradise for men and women with the Nevada-recommended coverage amount of $788,000 since its basis is per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.
From the findings, the rate for a male buyer is roughly $40 per month, while females pay around $32.
Without regard to the coverage amount, a 10-year term policy in Paradise costs an average of $25 per month for men and $20 for women.
Average Monthly Life Insurance Rates in Paradise: Men
| MassMutual | $10 | $20 |
| Nationwide | $11 | $20 |
| Mutual of Omaha | $11 | $21 |
| Transamerica | $11 | $23 |
| AAA | $15 | $35 |
| State Farm | $19 | $41 |
| Progressive Life | $15 | $55 |
| Prudential | $27 | $57 |
Average Monthly Life Insurance Rates in Paradise: Women
| Nationwide | $9 | $14 |
| MassMutual | $8 | $14 |
| Mutual of Omaha | $9 | $14 |
| Transamerica | $11 | $27 |
| State Farm | $17 | $32 |
| Progressive Life | $16 | $36 |
| AAA | $15 | $36 |
| Prudential | $17 | $40 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Paradise 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
Several factors influence life insurance costs in Paradise, including gender. Women tend to pay lower premiums than men since they often have a longer lifespan. Based on research from Harvard Health Publishing, men often die earlier than women because they are more likely to take riskier jobs, skip doctor’s appointments and suffer from life-threatening illnesses, such as heart disease.
Although women often outlive men, they are less likely to purchase life insurance. However, MoneyGeek recommends that women get coverage regardless of whether they work full- or part-time or stay at home to ensure their beneficiaries get adequate financial support if they pass away unexpectedly.
Most Popular Life Insurance Companies in Nevada
According to MoneyGeek’s research, Prudential Financial Inc. has the largest life insurance market share in Nevada, at around 6%, followed by New York Life with roughly 6% and Lincoln Financial with around 5%.
The total market share for the seven most popular life insurance providers in Nevada is roughly 34%. You can view the table below to compare their rates.
Most Popular Life Insurance Companies in Nevada
| New York Life | 6% |
| Prudential | 6% |
| Lincoln Financial | 5% |
| Northwestern Mutual | 5% |
| Transamerica | 4% |
| State Farm | 4% |
| Pacific Life | 4% |
MONEYGEEK DICTIONARY
The market share of an insurer is the number of policies it has sold in comparison to other insurance companies selling the same insurance product. Companies with a high market share are the most popular.
MoneyGeek determined the market share of life insurance providers in Nevada using the state’s total premium information from the 2020 S&P Global Data reports.
Cheapest Life Insurance for Young People in Paradise
In Paradise, on average, companies charge young buyers between $13 and $22 per month for a life insurance policy.
Based on MoneyGeek’s average rate analysis, the most affordable life insurance in Paradise for young people comes from the following companies:
- Transamerica: $13 per month
- Mutual of Omaha: $14 per month
The following table provides a complete list of life insurance policy companies for young adults in Paradise.
Best Life Insurance Companies for Young People in Paradise, NV
| Transamerica | $13 |
| Mutual of Omaha | $14 |
| MassMutual | $15 |
| AAA | $15 |
| Prudential | $17 |
| Nationwide | $17 |
| State Farm | $18 |
| Progressive Life | $21 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Paradise who is 5 feet 10 inches tall 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
If you are 25 years old or below, your life insurance rates are lower than an older adult. Most insurers consider young people low-risk and offer them a less expensive premium. Since rates increase as you age, MoneyGeek recommends buying life insurance policies at a young age to save on costs.
Cheapest Life Insurance for Seniors in Paradise
In Paradise, seniors can get life insurance at an average monthly cost of $36 to $74.
Based on MoneyGeek’s average rate analysis, the cheapest life insurance companies in Paradise for seniors are:
- MassMutual: $36 per month
- Mutual of Omaha: $41 per month
The table below outlines the providers of life insurance policies in Paradise for seniors, with their rates.
Best Life Insurance Companies for Seniors in Paradise, NV
| MassMutual | $36 |
| Mutual of Omaha | $41 |
| Nationwide | $41 |
| State Farm | $43 |
| AAA | $54 |
| Progressive Life | $65 |
| Transamerica | $72 |
| Prudential | $74 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Paradise 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
Seniors pay more for life insurance because their policies are more likely to outlive them. However, they can find affordable life insurance in Paradise by shopping around. Typically, older buyers have beneficiaries that are financially dependent, so their life insurance policies only pay for funeral expenses and outstanding debts. MoneyGeek considered this fact and used a lower coverage amount for the sample policy than other age groups.
Cheapest Life Insurance for Smokers in Paradise
Smokers pay an average of $101 to $227 monthly for life insurance in Paradise. After collecting average quotes in Paradise for smokers, MoneyGeek found the most affordable life insurance providers are:
- Transamerica: $101 per month
- MassMutual: $119 per month
You can review the following table to compare the life insurance companies in Paradise for smokers and their rates.
Best Life Insurance Companies for Smokers in Paradise, NV
| Transamerica | $101 |
| MassMutual | $119 |
| State Farm | $123 |
| Nationwide | $129 |
| Mutual of Omaha | $132 |
| Prudential | $150 |
| Progressive Life | $192 |
| AAA | $227 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Paradise 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
Life insurance providers in Paradise charge smokers higher rates since they are at a higher risk of developing health-related issues, although you can still get the lowest rate for smokers across various companies by shopping around. For smokers, MoneyGeek recommends buying a longer-term (20-year) policy because rates increase tremendously with age.
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
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 8, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 8, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 8, 2022.
- S&P Global. "2020 Annual Report." Accessed July 8, 2022.