Like most Midwesterners, the citizens of Utah place a great deal of value on fiscal responsibility and responsibility toward family. Life insurance gives you a way to ensure that your loved ones and dependents will be financially secure in the event of your untimely passing. Unfortunately, a large number of American adults report that they either do not carry a life insurance policy or that the policies they do have are insufficient to meet their family's needs. As a resident of Utah, you have many different options when it comes to life insurance; and rate quotes for these policies may be lower than you think.
Life Expectancy Rates in the U.S. Compared to Utah
- Overall: United States, 78.9; Utah, 80.2
- Among men: United States, 76.3; Utah, 78.3
- Among women: United States, 81.3; Utah, 82.1
- Among Caucasians: United States, 78.9; Utah, 80.1
- Among Hispanic-Americans: United States, 82.8; Utah, 82.1
- Among Asian-Americans: United States, 86.5; Utah, 84.6
Why Utah Residents Should Think About Life Insurance
Life insurance is all about being prepared for the unexpected. It is important to consider how those who depend on you would fare financially if you were to meet an untimely demise. If you do not have sufficient coverage in place, your spouse might not be able to afford to stay in the family home, your children may not be able to afford to go to college, or your family may suffer difficult financial setbacks.
You may only need to purchase a small policy if all you need to cover are funeral expenses and estate settlement costs. Or, you may choose to purchase a larger policy that can provide enough coverage to secure your children’s future and enable your loved ones to maintain their current lifestyle for years to come. Some types of life insurance policies can even provide you with a sum of money that you can access at any time if you suffer financial hardship while you are still living.
Leading Causes of Death in Utah
- Heart disease
- 162.6 deaths per 100,000 people
- Ranks 47th among states
- 139.4 deaths per 100,000 people
- Ranks 50th among states
- Chronic lower respiratory disease
- 33.9 deaths per 100,000 people
- Ranks 47th among states
- Accidents or unintentional injuries
- 34.0 deaths per 100,000 people
- Ranks 39th among states
- 45.4 deaths per 100,000 people
- Ranks 32nd among states
- 30.4 deaths per 100,000 people
- Ranks 6th among states
- Alzheimer’s disease
- 21.5 deaths per 100,000 people
- Ranks 35th among states
- 10.1 deaths per 100,000 people
- Ranks 42nd among states
With Life Insurance, It Does Not Pay to Procrastinate
Those who are young and in good health rarely spend time thinking about what-if scenarios regarding death. Your chances of living well into your retirement age are good, particularly as a resident of Utah, which has the 10th highest life expectancy of the 50 states. However, while a life insurance policy may not seem necessary to you now, this is exactly the right time to buy a policy.
By purchasing early, you can get a great rate on a policy, and if you are buying a permanent policy, you can lock that low rate in for the rest of your life. Also, if you hold off on buying this type of insurance and then receive a dire diagnosis or become severely injured in an accident, you may find it very difficult to find an affordable policy. Do not wait until something bad happens to start thinking about this coverage.
Utah Residents Can Choose from a Variety of Policy Types
There are many different types of life insurance policies available for purchase. For many residents of Utah, deciding which type of policy to purchase is the most difficult part of obtaining coverage. The type that is right for you depend on your financial situation, your family situation, your goals, and your needs; but there are really no right or wrong answers. You should choose the type of policy that most appeals to you. Life insurance policies fall under two main categories: term life and permanent life. Within each of these categories, you may find hybrids or specialized policy types, but the most important things to understand are the differences between term and permanent coverage.
- Term life insurance: This is designed to provide coverage for a given number of years, also referred to as a term. Once the term is up, the policy expires and ceases to be. If you still want coverage at that time, you will need to purchase a new policy, which will most likely come at a much higher rate.
- Advantages: Term coverage enables you to purchase a high amount of coverage at a very low, affordable rate. This coverage will then be available to you during the years that you are likely to need it most, such as while you still owe a mortgage on your home and your kids still live at home.
- Disadvantages: These policies eventually expire and it may be difficult or impossible to get the same type of coverage at a later date. Additionally, term policies carry no cash value, so when your policy expires or you close it out, you will have nothing to show for it.
- Permanent life insurance: This coverage, which includes whole life and universal life insurance, is designed to last for as long as you continue to make payments on your premiums. Not only do these policies provide death benefits to your beneficiaries, but they can also be used as an investment vehicle.
- Advantages: These policies do not expire. You can lock in a low rate while you are young and keep that rate for the remainder of your life. These policies also accrue a cash value that can be borrowed against or cashed out at any time if needs so dictate.
- Disadvantages: This coverage is significantly more expensive than term coverage, so you may not be able to purchase as large a policy. These policies are most advantageous to purchase while you are still young. If you attempt to purchase permanent life insurance when you are older, you may find them to be cost-prohibitive.
Life Insurance Quotes in Utah Can Vary Significantly
Life insurance rates will vary from one person to another and from one policy type to another. There are many different factors that can determine how your quotes are calculated. Among them are:
- Where you live (in this case, being a resident of Utah is to your advantage since your life expectancy rate is high)
- Your age and your health history
- The health histories and ages of death (if applicable) of immediate family members
- Your height to weight ratio
- Your blood pressure and your cholesterol readings
- Whether or not you use tobacco (tobacco users pay significantly higher rates than non-tobacco users)
- The type of policy you are purchasing (term coverage costs much less than permanent coverage)
- The amount of coverage you purchase
When you call to request quotes, insurance companies may give you an estimate of how much your policy will cost, but in many cases, your actual costs will not be calculated until after a physical exam is administered by the insurance company.
Utah Residents Can Easily Compare Life Insurance Quotes
When you begin looking into life insurance for the first time, it can be very difficult to decide both which type of policy is best for you, and how much coverage is adequate to protect your family. Fortunately, help is available to you. You can contact an independent insurance agent in our network for answers to your questions and guidance when comparing policies. These agents can explain the various types of insurance to you in detail so that you can make an informed decision when you buy your policy.
Find an agent with an office in Utah today to get more information, and you can start comparing life insurance quotes in no time.