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What you should know about life insurance in your state?

Saturday, February 25th, 2012

Life insurance holds the same importance for anyone living anywhere in the US. While life-expectancies are increasing, thanks to advances in the medical sciences, you cannot take chances. There are no hard and fast rules that govern the sale of insurance policies on the national level. This means that the regulation and licensing of insurance providers and agents falls to state agencies. While auto insurance and health insurance are subject to a lot of scrutiny and regulation as far as wording of policies and prices go, life insurance is relatively untouched. But certain areas such as underwriting and medical requirements differ from one state to another. State rules and laws do come into the picture in cases where there are dispute over a claim.

Careful examination of state policies regarding life insurance will reveal certain trends and benefits that can be useful. State wise lists detailing the life insurance regulations are available online and these give you invaluable information on the state-specific regulations that govern the purchase of life insurance. The basic rules are more or less the same.

What are some common tips to save money on state life insurance?

  • Term insurance often works out cheaper than whole life given the fact that you only pay for smaller time periods. This gives you lots of insurance for much better prices.
  • If you need to incorporate life-style changes, go ahead and do so. Smokers and obese individuals have to often pay much higher premiums. Preferred rates are offered to those who sport healthy lifestyles. By quitting smoking or reducing your weight, you can save money by paying lower premiums – and of course live longer!
  • Before signing on any contract, examine alternative solutions. Online resources are great when it comes to comparing insurance quotes. Use the same set of criteria to get comparable quotes from different insurance providers.
  • Opting to pay annual premiums instead of monthly ones can lead to significant savings on service charges. Find out your state insurance service charges for both monthly and yearly ayments.
  • Buy state insurance when you are young. The older you get, the more you are going to have to pay. Save dollars by investing when you are younger.
  • Invest in riders rather than cancelling the current policy and purchasing a different state insurance policy.

Online resources that explain state insurance policies have links to various state regulations.

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