Iowa Life Insurance

Iowa, like most states, does not regulate life insurance the way that states Departments of Insurance regulate other insurance such as health or auto, in other words by mandating or regulating certain coverages on the policy level. Regulations regarding Iowa 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 Iowa Life Insurance?

You may wonder why do I even need Iowa Life Insurance? Take a look at these figures.

Iowa is ranked 7th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 78.3 years.  For every 100,000 people in Iowa, 900 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2200, and at 75 to 84 well over 5000 Iowans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Iowa can be found at: http://www.cdc.gov/nchs/pressroom/data/Iowa09.pdf

For more reasons why you should apply for Iowa Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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Iowa Life Insurance Specifics

The insurance industry in Iowa is regulated by specified title of The State Insurance Code of Iowa. The state uses this code to regulate claims and provide certain provisions to protect Iowa Life Insurance consumers. Such as:
Grace Period: You have 30 days to bring your Iowa Life Insurance premiums current if you have missed a payment, and not lose your benefits. This is known as a Grace Period and is a provision of The Iowa State insurance code.
Death Benefit Processing: According to the State Code Iowa Life Insurance companies are required to process any death benefit claim as soon as possible. If all documentation is in order this usually means within 30 days. In Iowa interest begins to be applied to a death benefit as soon a claim is filed. If your Iowa Life Insurance Company fails to pay the claim within 30 days, the interest rate increases on the 31st day. 

The Iowa Life Insurance state regulations have also been designed to protect Iowa life insurance companies against obvious cases of consumer or insurance fraud. You cannot knowingly make misstatements on your Iowa Life Insurance application. Iowa Life Insurance Companies have up to 2 years to dispute such statements. If they find any discrepancies or misinformation, they can terminate the policy immediately, and you may be subject to criminal charges or other penalties

Iowa Life Insurance State Resources

Iowa Department of Insurance  - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Iowa Life Insurance industry.
http://www.iid.state.ia.us/

Iowa Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing Iowa Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.ialifega.org/

Iowa Life Insurance Company Ratings - These companies provide ratings for Iowa Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/
http://www2.standardandpoors.com
http://www.moodys.com