Life Insurance in North Dakota

A life insurance policy represents a contractual agreement between yourself and a life insurance company. The purpose of life insurance is to pay a pre-determined sum of money, known as a death benefit, to your survivors in the event of your death. This death benefit can help them cover your final expenses and help make up for the lack of your income.

Regulations regarding North Dakota life insurance usually come into play when a claim is filed and have to do with payment terms and other issues surrounding the disbursement of death benefits.

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.

North Dakota was ranked 12th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.95 years. With this in mind, people living in North Dakota may want to consider their life insurance options.

North Dakota life insurance specifics

North Dakota regulates its insurance industry through The State Insurance Code of North Dakota. Under the code, those purchasing life insurance in North Dakota are afforded certain protections such as:

• Right to Return
  According to the North Dakota state code, life insurance companies are required to give you a Right to Return period to review your policy and decide if you want to keep it. If you decide during this period (within 20 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 North Dakota state insurance code. If you miss a premium payment for any reason, all North Dakota life Insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.

North Dakota life insurance state resources

North Dakota 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 North Dakota life insurance industry.
http://www.nd.gov/ndins/

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