North Carolina Life Insurance

Buying North Carolina Life Insurance can be a little awkward. Nobody wants to think of his or her own death, or the death of a loved one. But just take a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is North Carolina Life Insurance. Purchasing North Carolina Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

There are certain provisions that do vary from state to state regarding Life Insurance regulations. You should be aware of these rules as you shop for North Carolina Life Insurance.    

Why Do I Need North Carolina Life Insurance?

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

North Carolina is ranked 40th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 75.8 years.  That means for every 100,000 people in North Carolina, almost 750 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 1,600, and at 75 to 84 nearly 5,000 North Carolinians die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in North Carolina can be found at: http://www.cdc.gov/nchs/pressroom/data/NorthCarolina09.pdf

For more reasons why you should apply for North Carolina 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.

North Carolina Life Insurance Specifics

Like most states, North Carolina’s Department of Insurance relies on The State Insurance Code of North Carolina to standardize Life Insurance polices to some degree. The state uses this code to regulate claims and provide certain provisions to protect North Carolina Life Insurance consumers, such as:

Death Benefit Processing:  Under the State Code, North Carolina Life Insurance companies are obligated to pay death benefits in a timely manner. In addition, insurance companies must also pay interest on a claim from the first day it is filed until the date of settlement. If the full death benefits are not paid within 2 months from the date proof of death was filed with the North Carolina Life Insurance company, the rate of interest will increase.

Free Look: According to the State Code, a “free look” provision must be included in every North Carolina 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 many as 30 days.

Grace Period: The North Carolina State insurance code also requires that all North Carolina Life Insurance companies allow a 30-day grace period on late payments. You can be confident that no matter why you are late, the insurance company must, by law, give you 30 days to bring the account current before the insurer can cancel the policy for non-payment.

State regulations also provide some protections to North Carolina Life Insurance companies against potential insurance fraud. A North Carolina life insurance company may dispute any information you have put in your North Carolina Life Insurance application for up to two years from issuance of the policy. If they find any discrepancies, especially as relates to medical conditions, dangerous lifestyles, job related activities, or tobacco use; they can terminate the policy immediately.

North Carolina Life Insurance State Resources

North Carolina 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 North Carolina Life Insurance industry. 
http://www.ncdoi.com/

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

North Carolina Life Insurance Company Ratings - These companies provide ratings for North Carolina 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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