Minnesota Life Insurance

How will your family be taken care of in the event of your death? We have a good answer for you: Minnesota life insurance. For Minnesotans investing in life insurance, requesting an insurance quote is the first step towards helping make your family more secure and independent after your death.

Your quote will be tailored to your needs, your goals and the legal provisions and regulations relevant to life insurance in Minnesota.

What Will Minnesota Life Insurance Do For Me?

You may wonder why you even need Minnesota Life Insurance. Take a look at these figures.

Each year in Utah, approximately 1,500 people die between the ages of 55 and 64, about 2,100 die each year between the age range of 65 and 74, and about 3,600 die each year between the ages of 75 and 84 in the state. Additional info on the leading causes of death in Utah can be found here: http://www.cdc.gov/nchs/data/dvs/MortFinal2007_Worktable23f.pdf

Additional sound reasons to apply for Minnesota life insurance, as well as assistance in finding a solid life insurance value that meets your needs, can be found at our Family Guide to Life Insurance.

Minnesota Life Insurance Specifics

Minnesota’s Department of Insurance relies on Minnesota Statutes 59A-79A to standardize life insurance policies and protect consumers as much as possible. For example: Consumers have a 30 Day Grace Period on Late Payments.The State insurance code requires that all Minnesota life insurance companies allow a 30-day grace period on premium payments. Regardless of why you may be late in paying, insurance companies are mandated to give customers this grace period and allow them to bring the account current before the policy may be cancelled for non-payment.

Time Requirements for Processing Death Benefits: Under the State Code, Minnesota life insurance companies must pay death benefits in a timely manner and they must pay interest on a claim from the first day it is filed until the day it is settled with a stipulation that if the Minnesota life insurance company doesn’t pay full death benefits within 60 days from the date that the proof of death was filed, their interest rate increases.

Additionally, these same state regulations provide protection to the life insurance companies against fraud from consumers. The insuring company may dispute any information provided in the life insurance application for up to two years from the time the policy was started and if discrepancies relating to health, medical conditions, lifestyle, job, or tobacco use are found, the state allows for the immediate termination of the policy.

Minnesota Life Insurance State Resources

Minnesota 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 Minnesota Life Insurance industry.
http://www.state.mn.us

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

Minnesota Life Insurance Company Ratings - These companies provide ratings for Minnesota Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/
http://www2.standardandpoors.com
http://www.moodys.com/cust/default_alt.asp

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