New Mexico 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.
One-third of Americans think they do not have enough life insurance, and this unfortunate fact holds true in New Mexico as well. Residents of this southwestern state understand the importance of family values, and one of the best ways to care for your dependents is by ensuring that your untimely passing would not have serious financial consequences for those you leave behind.
Whether you want a small policy to cover your final arrangements or a large policy that will ensure a prosperous future for your spouse or children, there is an insurance option that is right for you. It is worth your while to learn more about life insurance and get a sampling of quotes in New Mexico. You may be pleasantly surprised.
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Life Expectancy Rates in the U.S. and NM
Overall
- United States: 78.6
- New Mexico: 78.4
Men
- United States: 76.0
- New Mexico: 75.6
Women
- United States: 81.2
- New Mexico: 81.3
Caucasians
- United States: 78.7
- New Mexico: 79.0
Latinos
- United States: 83.5
- New Mexico: 78.8
Native Americans
- United States: 87.3
- New Mexico: 74.8
Statistically speaking, New Mexico’s residents are likely to live well into their golden years. However, life is unpredictable, and accidents and unexpected ailments do strike sometimes. It is therefore important to think about protecting those you would leave behind in the event of a tragedy.
It's Never Too Early to Start Thinking about Life Insurance
From a cost perspective, it's a good idea to start thinking about life insurance when you're young and healthy. The reason for this is that young, healthy applicants get the lowest rates, generally. When it comes to life insurance in New Mexico, procrastination can be costly. While coverage may not seem necessary to you now, if you have loved ones who depend on you financially for care, a policy can save them from financial hardships in the event of a sudden tragedy. Do not wait until you are much older or are diagnosed with a life-threatening illness, because you may find that insurance companies see you as too large a risk to sell you a policy at that point.
Leading Causes of Death in New Mexico
- Heart Disease: 3,224 deaths, ranks 42nd in the nation
- Cancer: 3,358 deaths, ranks 47th in the nation
- Unintentional Injuries: 1,223 deaths, ranks 2nd in the nation
- Chronic Lower Respiratory Disease: 1,022 deaths, ranks 17th in the nation
- Stroke: 806 deaths, ranks 31st in the nation
- Diabetes: 643 deaths, ranks 3rd in the nation
Life insurance allows you to be prepared for the unexpected. In a state that ranks second in the nation for the number of deaths caused by unintentional injuries, it is important to think about how those dependent on you would cope if you were to unexpectedly die in an accident. In a state that ranks third in the nation for the number of diabetes-related deaths, it is shocking that nearly twice as many people in New Mexico died from accidents as did from diabetes in recent years.
Accidents are the leading cause of death for young people — which might be another reason to consider life insurance as a young person. A life insurance policy with suitable coverage may provide the financial stability necessary for your loved ones to maintain their standard of living for years to come. Some policies can even enable you to accrue a large sum of money that you can use if you are faced with a serious financial hardship while you are still living.
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The Two Basic Types of Life Insurance
There are different insurance options available to you, and — if you are like most people — you may find it hard to decide which policy type is the best choice for you. There is no right or wrong answer. Several factors can influence your assessment, including your financial situation and your family’s coverage needs. Ultimately, however, the policy type that is right for you comes down to your own personal preference. Your options are:
- Permanent life insurance: These policies, which include whole and universal life insurance, will stay in effect for as long as you continue to make payments on your premiums. When you purchase permanent life insurance, you can lock in a low rate while you are young and can keep this rate for the duration of your life. Permanent policies have the added advantage of accruing a cash value that can be collected or borrowed against at any time. Many people treat permanent life insurance as an investment vehicle. This is the more expensive option.
- Term life insurance: These policies are significantly less expensive, but they are valid only for a given number of years, referred to as a term. Term policies enable you to have a lot of coverage during the years that you need it most. Some people decide to purchase a 30-year term policy when they buy their first home or after their first child is born. These policies expire at the end of their terms. If you still have the need for life insurance coverage at that time, you will need to purchase a new policy, which has the potential to come at a much higher rate.
Average Rate Quotes for Life Insurance in NM
Rate quotes for life insurance policies are calculated based on several different factors. The majority of New Mexico insurance companies can give you a general idea of what your policy will cost, but most will not quote you a final cost until you have submitted a health history questionnaire and submitted to a physical examination that includes blood work. Whether or not you smoke cigarettes is a huge consideration when insurance underwriters determine rates. Smokers will pay a lot more for coverage because their health and longevity are compromised by tobacco use. Other factors that can influence rate quotes include, but are not limited to:
- Your age at the time of purchase
- Your current health status and health history
- The health history of your immediate family members
- Your height to weight ratio
- The ZIP code in which you live
- Your profession
Where to Get Coverage
You may find it difficult to decide how much coverage you need or which insurance type is best for your particular situation. It will help to discuss your options with a knowledgeable, independent insurance agent in our network. These agents are available to answer your life insurance-related questions and can also provide you with a variety of policies and quotes for your review.
Contact a local agent today to get more information about your life insurance opportunities in New Mexico.