Life Insurance in New Hampshire
As a New Hampshire resident, buying life insurance can help safeguard your family’s financial future. Life insurance helps to protect your family from loss of income if you are suddenly out of the picture.
Certain New Hampshire life insurance policies, such as whole life insurance, allow you to accrue cash value as part of your policy. Purchasing life insurance today is one smart 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 vary from state to state regarding life insurance regulations. You should be aware of these rules as you shop for life insurance in New Hampshire.
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.
New Hampshire was ranked 9th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 80.15 years. Even with this in mind, people living in New Hampshire may want to consider their life insurance options.
New Hampshire life insurance specifics
New Hampshire’s Department of Insurance relies on The State Insurance Code of New Hampshire to standardize life insurance policies to some degree. The state uses this code to regulate claims and provide certain provisions that protect New Hampshire life insurance consumers, such as:
- Free Look Period
According to the New Hampshire state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund. - Grace Period
A grace period is allowed on all late payments under the New Hampshire state insurance code. If you miss a premium payment for any reason, all New Hampshire life Insurance providers must give you at least 31 days to bring the account current before the insurer can cancel the policy for non-payment.
New Hampshire life insurance state resources
New Hampshire Insurance Department
The purpose of the Insurance Department is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the New Hampshire life insurance industry.
http://www.nh.gov/insurance/
New Hampshire Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in New Hampshire, even in the event that a life insurance company becomes insolvent.
http://www.nhlifega.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
