Nevada Life Insurance

Nevada, 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. Regulations regarding Nevada 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. Under state Insurance Codes, provisions are provided to protect the rights of Nevada Life Insurance consumers, as well as the sellers of Nevada Life Insurance polices.  

Why Do I Need Nevada Life Insurance?

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

Nevada is ranked in 39th out of 50 states and the District of Columbia in life expectancy, with a life expectancy of 78.7 years. For every 100,000 people in Nevada, more than 1,000 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 2,400, and at 75 to 84 nearly 6,000 residents die for every 100,000 in Nevada. More on mortality by age, sex and race, and the leading causes of death in Nevada can be found at:
http://www.cdc.gov/nchs/pressroom/data/Nevada09.pdf

For more reasons why you should apply for Nevada 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.

Nevada Life Insurance Specifics

A specific title within The State Insurance Code of Nevada provides regulation of the Life Insurance industry. Provisions within the Code provide a level of standardization and protection for Nevada Life Insurance consumers, such as:

The Free Look: In the life insurance industry, a state mandated “Free Look” provision allows you to take your Nevada Life Insurance policy out for a test drive. The state code recognizes that life insurance polices can be difficult to understand, and provides Nevada Life insurance consumers with the option to take as much as 30 days to review, and cancel a policy without question or penalty.    

There are protections in place to safeguard the interests of Nevada Life Insurance companies as well. Under the Code, insurance companies can review your application for up to two years, even if they have approved it and issued a policy. If you are found to have been deceitful on your Nevada Life Insurance application, the policy can be canceled. An allowance for giving the wrong age is provided, and if age has been misstated, the policy rate may be adjusted to reflect the actual age, and not terminated entirely.

Nevada Life Insurance State Resources

Nevada 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 Nevada Life Insurance industry.
http://www.doi.state.nv.us/

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

Nevada Life Insurance Company Ratings - These companies provide ratings for Nevada 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/