Nebraska Life Insurance

Nebraska, like most states, does not regulate life insurance on the policy level the way that states' Departments of Insurance regulate other types of insurance such as health or auto. However, there are certain provisions that do vary from state to state regarding regulations pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements. You should be aware of these rules as you shop for Nebraska Life Insurance.    

Why Do I Need Nebraska Life Insurance?

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

Nebraska is ranked 16th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 77.8 years.  That is a high ranking, but still - for every 100,000 people in Nebraska, almost 800 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to over 2,000, and at 75 to 84 almost 5,000 Nebraska residents die for every 100,000 in the state. More on mortality by age, sex and race, and the leading causes of death in Nebraska can be found at: http://www.cdc.gov/nchs/pressroom/data/Nebraska09.pdf

For more reasons why you should apply for Nebraska 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.

Nebraska Life Insurance Specifics

The insurance industry in Nebraska is regulated by specified title of The State Insurance Code of Nebraska. The state uses this code to regulate claims and provide certain provisions to protect Nebraska Life Insurance consumers, such as:

Free Look: According to the State Code a “free look” provision must be included in every Nebraska Life Insurance plan. The free look allows you to change your mind even after you have signed the contract with the insurance company and received all policy documents. Most companies give at least a 10-day cancellation without penalty period. In some cases it may be as much as 30 days.

Grace Period: The Nebraska State insurance code requires that all Nebraska Life Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment.

Death Benefit Processing: According to the State Code, Nebraska Life Insurance companies are required to process any death benefit claim as soon as possible. If all documentation is in order this usually means within 2 months. The Nebraska life insurance code also allows for the accumulation of interest on death benefits that are not paid in a timely manner.

Nebraska Life Insurance companies are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime, and affects the rates everyone in the state pays for Nebraska Life Insurance. Insurance companies can challenge any information you put on an Nebraska Life Insurance application for up to 2 years.

If any discrepancies or misinformation is discovered, the life insurance policy may be terminated immediately. Allowances for misstatement of age are given, and may be corrected without penalty at any time while the Nebraska State Life Insurance policy is in effect.

Nebraska Life Insurance State Resources

Nebraska 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 Nebraska Life Insurance industry.
http://www.doi.ne.gov/

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

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

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