Nevada Life Insurance

nevada life insurance text overlaying image of valley of fire Life insurance is a must if you want to make sure your family is financially protected in the future. But before you purchase a policy in the state of Nevada, you will need to give careful attention to a number of different considerations. Not only are there a huge amount of policies to choose from, but you should also know that there are a wide variety of regulations surrounding policies and insurance companies. So, before you make a choice regarding your life insurance policy, it is in your best interest to obtain as much information as you can about the market in Nevada. That might sound like a daunting task, but don’t stress: EZ has got you covered! First, read our comprehensive guide below. Then speak to one of our knowledgeable agents about finding the perfect policy for you.

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How Life Insurance Works in Nevada

When you purchase life insurance, you enter into a legally binding agreement with your chosen insurance company. You agree to pay the company the necessary premiums. In return, your chosen beneficiaries will be given a lump-sum, tax-free payout (known as a death benefit) if you die while your insurance policy is still in effect. They will be able to use this death benefit however they choose. Whether it’s investing it, paying off debt, saving for the future, or simply replacing your income.

If you have dependents, debts, or other financial obligations that must be met even after your death, you should seriously consider purchasing life insurance. But if you are the primary or sole provider for your family, a policy is an absolute necessity. Having the right policy will mean your loved ones will be able to maintain their current standard of living if you die unexpectedly. 


Types of Nevada Life Insurance

Because there are so many different types of life insurance policies available on the market today, almost anyone can find one that is right for them. You’re sure to find one that works for you. But first you’ll have to make some decisions regarding what you’re looking for. The first decision you’ll have to make is between the two main types of life insurance:

  • Term life insurance
  • Permanent life insurance

When deciding whether to purchase term or permanent life insurance, it is critical to consider how long you want the policy to cover you for. As well as how much you’re willing to spend on premiums and how much you want the death benefit to be. You should also think about what extra features, if any, you’d like your policy to have. 


Term Life Insurance

Because of its lower premiums, term life insurance has become the more popular type of life insurance policy. Term life tends to be cheaper than permanent life because a term life policy will not cover you indefinitely. Instead, when you buy term insurance, you choose how long you want to be covered, or your policy’s “term”. The average term is usually 15 years. But you can also find policies with terms as short as one year and as long as 30 years. 

These policies are also fairly straightforward. For example, with most term life policies, your monthly premium will never change. And if you die while the policy is still in effect, your beneficiaries will receive a tax-free death benefit.

There are several types of term life policies available, including:

Level Term Life Insurance

When you buy level term life insurance, the total amount of the death benefit and the total amount of the premiums are both fixed. This means they will not change over the policy’s term. The majority of people opt for level term life insurance policies.

Annual Renewable Term Life Insurance

Annual renewable life insurance is a one-year term life insurance policy. You will be able to renew your policy on an annual basis. But your premiums will most likely rise each year.

Increasing Term Life Insurance

An increasing term life insurance policy will accumulate an ever-increasing death benefit over the course of the coverage period. For example, the amount of the benefit might increase by 5% each year. Unlike with other types of term life, there is a chance that the price of increasing term premiums will fluctuate.

Decreasing Term Life Insurance

The death benefit associated with decreasing term life insurance gradually decreases over the policy’s duration. But the premiums do not change. These types of policies are often purchased for coverage while repaying a mortgage or other loan. The value of the death benefit will decrease as the loan is repaid. 

Return-of-Premium Life Insurance

With return-of-premium (ROP) term life insurance, your premium payments will be reimbursed if you don’t die before the expiration date of the policy. While many people find the return of premiums to be appealing, it’s important to note that the cost of ROP policies is significantly higher than that of other term life policies.


Permanent Life Insurance

Permanent life insurance differs from term life insurance in a few significant ways. First, as long as you continue to pay your premiums on time, your permanent life insurance policy will remain in effect for the rest of your life. These policies also have a few extra features, like cash value. Which is a type of savings account that accrues interest and can be borrowed against or even used to pay your premiums. Finally, because of these differences, premiums are usually higher for permanent life policies than they are for term policies. 

But, as with term life, there are numerous permanent life insurance policies to choose from, including:

Whole Life Insurance

Whole life insurance has a guaranteed death benefit and fixed premiums. In addition to providing a death benefit, a whole life insurance policy can accumulate cash value and earn interest at a predetermined, tax-free rate.

Universal Life Insurance

If you select universal life insurance, you will get a policy with a lot of options and flexibility. With UL, you can change the amount of the death benefit as well as the amount of your premium payments. You can lower your premiums by either choosing to lower the amount of the policy’s death benefit, or, once you’ve accumulated enough cash value, you can use that to help pay your premiums (thus lowering them).

Indexed Universal Life Insurance

The cash value of indexed universal life, unlike that of whole life, can be invested in a stock index. Which is a predetermined grouping of different stocks, so you have an opportunity to earn a bit more in interest. IUL premiums can be adjusted in the same way that other universal life policy’s premiums can. They can increase and decrease in tandem with the cash value of the policy. Eventually, you may not have to pay a premium because the cash value will cover it all.

Variable Universal Life Insurance

The cash value of a variable universal life (VUL) policy, like the cash value of other permanent life insurance policies, can be invested. But with VUL, you can invest your cash value using subaccounts, which are similar to mutual funds. The premiums, like those of traditional universal life insurance, can be changed. 

Final Expense Life Insurance

A final expense life insurance policy is a type of whole life insurance that pays out a small benefit. Usually $2,000 to $35,000. This death benefit is intended to cover final expenses such as a burial, cremation, or funeral services. However, your beneficiary will be free to spend the death benefit money however they see fit, such as on a vacation or to pay their taxes.

This type of policy could be a good option for you if you need immediate coverage and are worried that you might not qualify for a traditional life insurance policy. Final expense can also be a good supplemental policy. But you should also be aware that, as pointed out above, the death benefit for these policies is small. They can also be a bit expensive when compared to other policies.


Nevada Life Insurance Laws

When it comes to life insurance, the federal government generally leaves consumer protection and insurance industry regulation up to the individual states. So, Nevada has consumer protections in place, including life insurance laws. The insurance industry in Nevada is primarily governed by Title 57 of the Nevada Revised Statutes, though other legal provisions have been adopted as consumer protection laws. The insurance industry in Nevada is regulated by the Division of Insurance, which is part of the Department of Business and Industry.

Free Look Period

Life insurance companies in Nevada are required to offer a 10-day “free look” period to new policyholders. During these 10 days, you’ll have the option to cancel the insurance policy and receive a full refund. 

Personal Information Protections

There are laws in Nevada that require life insurance companies to take steps to protect your privacy. These laws can be found in the state’s insurance code. In the state of Nevada, if you make a request, your insurer is required to provide you with access to any and all personal information they have on file. It is also against the law for them to disclose any of your private information to any other organizations. Including medical records.

Benefit Guarantee

Even if your life insurance company goes out of business, the Nevada Life and Health Insurance Guaranty Association will cover your death benefit and cash value, if you have any. This organization provides coverage for all insurance policies offered by Nevada insurers who are in compliance with state regulations and hold valid business licenses.

A maximum of $400,000 in lost death benefits and a maximum of $100,000 in lost cash value are both covered by the Nevada Life and Health Insurance Guaranty Association. But they will only cover these amounts if your insurance premium payments are up-to-date.

Settlement Timelines

The majority of states have enacted laws that make it mandatory for insurance companies to make claims payments within a reasonable amount of time after receiving proof of death. Nevada, however, has not. The state allows individual insurers to determine their own procedures for handling claim payments. Check with your insurance provider to learn more about how they handle claims.


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The Cost

There are a number of variables that can impact the cost of your premiums, including your age, current health, and even your gender. Get in touch with one of our EZ agents to receive the quickest and most accurate information regarding potential costs. If you provide them with some information about what you require, they will be able to use that information to find you free personalized quotes. But to give you an example of what life insurance premiums look like in Nevada, a 30-year-old man in good health who does not smoke could pay anywhere from $20 to $61 per month for a $788,000 policy with a 20-year term.


Nevada Life Insurance Resources

In Nevada there are several resources in place to help you if you have any problems with your insurer or policy. These resources include:

  • The Nevada Division of Insurance – The Department of Insurance in Nevada, which regulates insurance transactions in the state, is tasked with protecting consumer rights. Residents of the state have access via the division’s website to a variety of educational resources, as well as a service that verifies licenses and an online complaint form. A link to the policy locator service offered by the NAIC is also provided by the DOI. This service assists individuals in locating information pertaining to a deceased family member or friend’s insurance policy.
  • Nevada Life & Health Insurance Guaranty Association – Check the list of members to see if your life insurance provider is included on it; if they are, you are assured of receiving a payout even if your insurance company goes out of business. This organization will pay a death benefit of up to $400,000 and a cash surrender value of up to $100,000 for an insurance policy.



  • Does Nevada require life insurance?

No, you will never be forced to get life insurance. It is always your choice.

  • What are the best life insurance companies in Nevada?

In Nevada, there are a lot of good ways to get life insurance. Nationwide, Progressive, Mass Mutual, Mutual of Omaha, and Transamerica are at the top of the list.

  • How much does life insurance cost in Nevada?

There are many things that can affect how much life insurance costs, but here’s an example. A healthy 30-year-old woman in Nevada will pay an average of $30.63 a month for a 20-year term policy that costs $788,000 and lasts for 20 years. A healthy 30-year-old man, on the other hand, will pay about $36.32 for the same policy.


EZ Can Help!

At EZ, we understand that you want to find financial security for your family without depleting your savings account. We also know how frustrating looking for the right insurance policy can be. So, we make every effort to simplify the process of purchasing life insurance. And we offer all of our services for free. You will not be charged any additional fees for assistance with anything, from answering basic questions to navigating policy selection to enrollment process and beyond. Simply enter your zip code in the space provided below or call us at 877-670-3560 to get started.

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  • Let us help you choose the right Life Insurance Plan for you & your family.

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About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.