Maryland Life Insurance

Buying Maryland Life Insurance can be a little awkward. Nobody wants to think of his or her own death, or the death of a loved one. But just take a moment to think, “How would I provide for my family if I was not in the picture?”  The answer is Maryland Life Insurance. Purchasing Maryland Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

Why Do I Need Maryland Life Insurance?

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

Maryland is ranked 35th out of 50 states and the District of Columbia in Life Expectancy, with an average life expectancy of 76.3 years.  For every 100,000 people in Maryland, almost 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 Marylanders die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Maryland can be found at: http://www.cdc.gov/nchs/pressroom/data/Maryland09.pdf

For more reasons why you should apply for Maryland 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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Maryland Life Insurance Specifics

The insurance industry in Maryland is regulated by specified title of The State Insurance Code of Maryland. The state uses this code to regulate claims and provide certain provisions to protect Maryland Life Insurance consumers. Such as:
Death Benefit Processing: According to the State Code Maryland 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 Maryland interest begins to be applied to a death benefit as soon a claim is filed. If your Maryland Life Insurance Company fails to pay the claim within 30 days, the interest rate increases on the 31st day. 
Grace Period: The Maryland State insurance code also requires that all Maryland Life Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment.

The Maryland Life Insurance state regulations also provide some protections to the life insurance companies against consumer fraud. For example, Maryland life insurance companies may challenge any information you reported on your Maryland Life Insurance application for up to two years from the effective date of the policy. If they find any discrepancies or misinformation, they can terminate the policy immediately.

Maryland Life Insurance State Resources

Maryland 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 Maryland Life Insurance industry.
http://www.mdinsurance.state.md.us/sa/jsp/Mia.jsp

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

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