What should I know about life insurance when relocating to Nevada?

Relocating to Nevada has positive implications for life insurance planning—Nevada's no-income-tax environment, favorable trust laws, and no estate tax make it a particularly attractive state for insurance-based wealth strategies. Your existing policies generally remain in force when you relocate—coverage is portable across state lines.

You should update your address with all carriers and agents upon moving to Nevada. As a Nevada resident, you gain access to Nevada's consumer protection laws, including Nevada's free look periods, grace period requirements, and the Nevada Life and Health Insurance Guaranty Association coverage.

If you had policies from a high-income-tax state, your premium payment source changes to Nevada—but the policies themselves don't change. The Nevada tax environment improves the after-tax net return on any cash value life insurance strategies, as policy loan income remains free from both federal and state income tax.

This is a good time to review all existing policies with an agent to ensure they still meet your needs, carriers are appropriately rated, and coverage amounts remain adequate given any change in financial obligations from the move. Nevada's lower property tax rates and no-income-tax may change your overall financial picture in ways that affect optimal coverage levels. Agents in our network welcome relocating professionals and can provide a comprehensive coverage review.