The availability of some types of life insurance policies or riders associated with the policies may not be available in every state. In addition, the terms and conditions for life insurance policies may vary by state. Although specific life insurance products and services may vary from state to state or depending on the insurance company, your life insurance policy is applicable regardless of where you purchased it or the state in which you live. This is something to keep in mind when looking for term life insurance quotes.
Because life insurance rates are not federally regulated, the way life insurance premiums are calculated is regulated differently from state to state. What this means is that each state has its own regulations on how much life insurance companies may charge for policies. To find out more about life insurance regulations in a particular state, contact the National Association of Insurance Commissioners (NAIC).
Some Provisions are Similar
When it comes to life insurance policies, there are some provisions that vary from state to state, which is important to know when seeking term life insurance quotes.
The free look provision is something that varies from state to state. The free look provision is a term that describes the period of time immediately after a life insurance policy is issued, usually between 10 and 30 days. During the free look provision period, you may legally cancel your policy and receive a full refund. The free look period is a term that varies depending on the terms of your life insurance policy and the laws of the state in which you purchased the policy.
Regulations regarding your privacy when it comes to your life insurance medical and physical exams may vary from state to state. You may want to verify what your rights to privacy are according to your state when it comes to providing your life insurance company with personal information.
It may also be good to find out whether or not your state allows life insurance policy illustrations.
What are Policy Illustrations?
Insurance policy illustrations are tools that the life insurance carrier provides for clients to help them better understand a policy.
A policy illustration usually has two parts, a guaranteed illustration and the current illustration. A guaranteed illustration is the legally required disclosure of the worst case performance on your policy. The current illustration is the insurance company’s representation of the policy’s performance based on current credit rates and mortality charges that are in effect.
Because so many people use the Internet to obtain quotes for life insurance policies, premiums are often competitively priced. However, if there is a certain type of policy, rider, or other provision you are interested in that may vary from state to state, you may want to find out if it is available in the state in which you are purchasing your life insurance policy.
To learn more about life insurance, or term life insurance quotes, visit Best Life Insurance Deals.