Alaska Life Insurance

Alaska, like most states, does not regulate on the policy level the way that state Departments of Insurance regulate other insurance such as health or auto. In other words there are few if any state regulations that mandate life insurance coverages, or how a policy has to be worded or priced. Regulations regarding Alaska Life Insurance usually come into play when a claim is filed, and have to do with payment terms and other issues surrounding the disbursement of death benefits.  

Why Do I Need Alaska Life Insurance?

You may wonder why you even need it? Take a look at these figures.

Alaska is ranked 26th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 77.1 years.  For every 100,000 people in Alaska, almost 1300 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number nearly doubles to 2500, and at 75 to 84 well over 6000 Alaskans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Alaska can be found at: http://www.cdc.gov/nchs/pressroom/data/state_profile_AK.htm

For more reasons why you should apply for Alaska Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

Alaska Specifics

The insurance industry in Alaska is regulated by The State Insurance Code of Alaska. Under this code, you are insured various protections and provisions when purchasing any Alaska Life Insurance Policy, such as:
Processing of Death Benefits: All Alaska Life Insurance companies are required to process death claims promptly under the State Code. As long as all of the paper work is in order, beneficiaries can expect payment of death benefits within 60 days.

In Alaska, life insurance claims must be filed not only with your life insurance company but with the Alaska State Department of Insurance as well.

Grace Period: Alaska Life Insurance companies must allow a 30-day grace period on late payments. That means if you miss a premium payment for any reason, you must be given 30 days to rectify the situation and bring the account current before the insurer can cancel the policy for non-payment.

The Alaska Life Insurance state regulations are in place to protect the providers of Alaska Life Insurance as well. For example, Alaska life insurance companies may challenge any information you reported on your Alaska Life Insurance application for up to two years from the effective date of the policy if they find any discrepancies or misinformation.

Alaska Life Insurance State Resources

Alaska Department of Insurance:  The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Alaska Life Insurance industry.
http://www.dced.state.ak.us/insurance/

Alaska Division of Insurance Life Insurance Producer Database  - A searchable database of more than 20,000 entries of licensed sellers of Alaska Life Insurance.
http://www.dced.state.ak.us/insurance/apps/producersearch/InsLicStart.cfm

Alaska Life & Health Insurance Guaranty Association - State guaranty associations are there to provide protection and continuing Alaska Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.aklifega.org/

Alaska Life Insurance Company Ratings - These companies provide ratings for Alaska Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/

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