Life Insurance in Indiana
You likely don’t want to think about your own death. It’s important, however, to consider how the people who depend on you will continue to survive financially after you’re gone.
As an Indiana resident, purchasing life insurance is one way you can help ensure that your loved ones will always be protected, even if you are not there to take care of them.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Indiana was ranked 40th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 77.69 years. With this in mind, people living in Indiana may want to consider their life insurance options.
Indiana life insurance specifics
The life insurance industry in Indiana is regulated by the The State Insurance Code of Indiana. The state uses this code to regulate claims and provide certain provisions to protect customers, such as:
- Incontestability
Your life insurance policy is considered incontestable in Indiana after it has been in place for two years, except for in cases where you missed premium payments. - Grace Period: You have 31 days to bring your premiums current if you have missed a payment, without losing your benefits. This is known as a grace period.
Indiana life insurance state resources
Indiana Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance customers and the insurance industry.
http://www.in.gov/idoi/
Indiana Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing coverage, even in the event that an insurance company becomes insolvent.
http://www.inlifega.org/
Life Insurance Company Ratings From A.M. Best and Standard and Poors
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
www.standardandpoors.com/en_US/web/guest/home
