Life insurance provides financial security for your loved ones. Life insurance can cover funeral costs, lost wages and more. A quality life insurance company is financially stable and offers excellent customer service. Our partners at ConsumerAffairs researched the best life insurance in Las Vegas to protect your family.
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Nearly 40 percent of Las Vegas residents are 55 or older. It’s very common for people in this age bracket to seek life insurance options so their family is protected from financial hardships. The death benefit from a life insurance policy can be used to:
Cover funeral and medical expenses
Pay off remaining debts
Replace lost wages
Provide an education fund for children
Getting life insurance is a good idea if you have a spouse or children depending on your income. Even if you don’t have a spouse or children, life insurance helps support other family members who may need it, such as older relatives who need additional care as they age.
Types of life insurance in Las Vegas
Customers can choose between many different policy options. The most common life insurance plans in Las Vegas are:
Term life insurance is a straightforward option that provides a lump sum of money to your beneficiaries if you die within the term of the policy. The term of coverage is usually between 10 and 30 years. This type of insurance provides no return on investment if you live past the end of the policy.
Whole life insurance covers the insured person for their entire life. Whole life policies give a guaranteed return on investment and accumulate a cash value over time that can be withdrawn by the policyholder. These policies have a guaranteed return on investment and are usually more expensive than term life policies.
Other types of policies available in Las Vegas include universal life insurance, which has both a death benefit and cash value component, and burial insurance, which provides a smaller death benefit to cover burial costs and generally does not require a medical examination.
The cost of life insurance in Las Vegas
Insurance companies in Las Vegas use multiple factors to determine the monthly cost of your policy. The type of coverage and benefit amount are significant factors, but actuaries from the company also look at:
Nicotine and alcohol use
Whether you work in a hazardous profession
Choosing a life insurance company in Las Vegas
Because of the importance and value of life insurance policies, it’s crucial to purchase coverage from a reputable company that is there for your beneficiaries when needed. Well-respected, national companies like Prudential Financial, State Farm and MetLife provide policies to Las Vegas residents and have long-standing reputations for excellent service.
You can also check a company’s business credit rating with independent agencies such as Standard and Poor’s, Moody’s or AM Best. Consumer reviews are an excellent way to see how a company treats its clients. You want to feel secure with your policy, so you don’t want to seek coverage from a failing or unpopular company.
PolicyGenius consolidates your insurance offers in one spot by letting you apply online and receive multiple insurance quotes within minutes. The company’s advisers do not work on commission and are committed to guiding their customer to the right policy. Las Vegas customers appreciate the easy and straightforward application process.
EverQuote makes finding life insurance easy by letting you submit one application and then reaching out to providers on your behalf. The company matches you with companies that provide multiple insurance options, including whole life, term life and universal life insurance. Las Vegas customers praise the company’s efficiency.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.