Minnesota Life Insurance

Buying Minnesota 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 were out of the picture?” The answer is Minnesota Life Insurance. Purchasing Minnesota 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.

There are certain provisions that do vary from state to state regarding Life Insurance regulations. You should be aware of these rules as you shop for Minnesota Life Insurance.

Why Do I Need Minnesota Life Insurance?

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

Minnesota is ranked 2nd out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 78.8 years. While that is a very high ranking, still for every 100,000 people in Minnesota, almost 700 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to over 1700, and at 75 to 84 almost 5000 Minnesotans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Minnesota can be found at: http://www.cdc.gov/nchs/pressroom/data/Minnesota09.pdf

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

Like most states, Minnesota’s Department of Insurance relies on The State Insurance Code of Minnesota to standardize Life Insurance polices to some degree. The state uses this code to regulate claims and provide certain provisions to protect Minnesota Life Insurance consumers. Such as:
Death Benefit Processing: Under the State Code, Minnesota Life Insurance companies are obligated to pay death benefits in a timely manner. In addition insurance companies must also pay interest on a claim from the first day it is filed until the date of settlement. If the full death benefits are not paid within 2 months from the date proof of death was filed with the Minnesota Life Insurance company, the rate of interest will increase.
Grace Period: The Minnesota State insurance code also requires that all Minnesota Life Insurance companies allow a 30-day grace period on late payments. You can be confident that no matter why you are late, the insurance company must -by law - give you 30 days to bring the account current before the insurer can cancel the policy for non-payment.

State regulations also provide some protections to Minnesota Life Insurance companies against potential insurance fraud. A Minnesota life insurance company may dispute any information you may have put in your Minnesota Life Insurance application for up to two years from issuance of the policy. If they find any discrepancies, especially as relates to medical conditions, dangerous lifestyle or job related activities, or tobacco use -they can terminate the policy immediately.

Minnesota Life Insurance State Resources

Minnesota 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 Minnesota Life Insurance industry.
http://www.state.mn.us

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

Minnesota Life Insurance Company Ratings - These companies provide ratings for Minnesota 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