Iowa Life Insurance

Iowa does not regulate life insurance the way the state’s Departments of Insurance regulates other insurance products like health or auto. For example, they do not mandate or regulate certain coverages on the policy level. However, Iowa life insurance policy regulations usually come into play once a claim is filed, and deal primarily with payment terms and other issues pertaining to the disbursement of benefits.

Why Do You Need Coverage?

Take a look at these figures.

Of all 50 states and Washington DC, Iowa is ranked in the top 10 as far as life expectancy, with an average of about 78 years. Still, each year, about 2,600 people die between the ages of 55 and 64 years old and almost 4,000 die between the ages of 65 and 74. Another 7,500 or so die between the ages of 75 and 84. There is a good chance that if you’re reading this, you’ll be somewhere in one of those three groups and when the time comes, will you be confident that you have done all you can do for your family?

There are many more reasons why applying for an Iowa life insurance policy may be the right move for you. For more information on finding the right insurance product for you and your family at the best value, take a look at our section called "Most Important Questions ".

Iowa Specifics

Iowa’s insurance industry of over 1,500 insurance companies is regulated by the Iowa Insurance Division, which provides oversight for certain provisions that protect Iowa consumers. One of these provisions is a grace period, which allows a life insurance policy holder 30 days to bring his or her premiums current if a payment is missed, without losing benefits. Another provision is death benefit processing which, according to the State Code, requires that Iowa life insurance companies process all death benefit claims as quickly as possible. If your documents are in order, processing should take place within 30 days. In Iowa, interest begins to be applied to a death benefit as soon a claim is filed and if your life insurance company fails to pay the claim within 30 days, the interest rate increases on the 31st day.

The Iowa insurance state regulations have also been designed to protect life insurance companies against obvious cases of consumer or insurance fraud. This means that you cannot knowingly make misstatements on your application and if you do, the life insurance company has up to 2 years to dispute such statements. If discrepancies or misinformation are found, a policy can be terminated immediately and criminal charges or other penalties may be brought against you.

Iowa State Resources

Iowa 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 insurance industry.

Iowa Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing coverage, even in the event that a company becomes insolvent.

Iowa Company Ratings - These companies provide ratings based on financial strength and past performance.

Related Information

Who Gets Benefits Under Joint Life Insurance?

Under joint life insurance policies, you and your spouse can gain protection for an entire lifetime or for a specific term. Find the best plan for you.

Read More

The Minimum Age for Life Insurance: Getting a Policy at the Right Time

There's no real minimum age for life insurance. Shop around to find the right life insurance policy for your needs.

Read More

Should I Get Life Insurance When I Buy a House?

You don't have to have life insurance with your mortgage, but life insurance can help your loved ones make house payments after you die.

Read More

Why Those Without Dependents Should Still Get Life Insurance

You may not have any dependents, but you still should get life insurance. Here's how a policy can be beneficial for you.

Read More

People With The Greatest Need for Life Insurance

If there are people who depend on you financially, it may be time to start thinking about buying life insurance.

Read More

What Is Life Insurance

Life insurance is insurance that pays out a sum of money upon the death of the insured person. Common types include term life and whole life.

Read More

Life Insurance | What's The Point?

Life insurance protects your loved ones from financial hardship if you die unexpectedly.

Read More

Life Insurance Overview

This life insurance overview will help you better understand your life insurance coverage. If you're looking for a policy, a licensed agent can help.

Read More

How Long You Need Life Insurance Coverage

How long should you have life insurance for? There are three key indicators that can help you determine the answer.

Read More