Life Insurance in New Mexico
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 New Mexico 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.
New Mexico was ranked 34th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.35 years. With this in mind, people living in New Mexico may want to consider their life insurance options.
New Mexico life insurance specifics
The insurance industry in New Mexico is regulated by The State Insurance Code of New Mexico. The state uses this code to regulate claims and provide certain provisions to protect New Mexico life insurance consumers, such as:
- Incontestability
According to the New Mexico state code, life insurance policies are considered incontestable after they have been in place for at least two years, except for in cases of the insured not paying their premiums. - Grace Period
A grace period is allowed on all late payments under the New Mexico state insurance code. If you miss a premium payment for any reason, all New Mexico life Insurance providers must give you at least 30 days or four weeks to bring the account current before the insurer can cancel the policy for non-payment.
New Mexico life insurance state resources
New Mexico Office of Superintendent of Insurance
The purpose of the Office of Superintendent of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the New Mexico life insurance industry.
http://www.nmprc.state.nm.us/id.htm
New Mexico Life & Disability Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in New Mexico, even in the event that a life insurance company becomes insolvent.
http://www.nmlifega.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
