Life Insurance in Montana

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 a Montana 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.

There are certain provisions that vary from state to state regarding life insurance regulations. You should be aware of these rules as you shop for life insurance in Montana.

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.

Montana was ranked 27th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.93 years. With this in mind, people living in Montana may want to consider their life insurance options.

Montana life insurance specifics

Montana’s Department of Insurance relies on The State Insurance Code of Montana to standardize life insurance policies to some degree. The state uses this code to regulate claims and provide certain provisions to protect life insurance customers in Montana, such as:

• Grace Period
  A grace period is allowed on all late payments under the Montana state insurance code. If you miss a premium payment for any reason, all Montana life Insurance providers must give you one month (not less than 30 days) to bring the account current before the insurer can cancel the policy for non-payment.
• Incontestibility
  According to the Montana state code, a life insurance policy must be considered incontestable after the policy has been in place for two years. The only exception is for the non-payment of premiums.

Montana life insurance state resources

Montana 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 Montana life insurance industry.
http://sao.mt.gov/

Montana Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Montana, even in the event that a life insurance company becomes insolvent.
http://www.mtlifega.org/

Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
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
www.moodys.com