Montana Life Insurance

Buying Montana 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 Montana Life Insurance. Purchasing Montana 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 Montana Life Insurance.

Why Do I Need Montana Life Insurance?

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

Montana is ranked 25th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 77.2 years. While that is a relatively high ranking, understand that for every 100,000 people in Montana, almost 800 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 2000, and at 75 to 84 well over 5000 Montanans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Montana can be found at: http://www.cdc.gov/nchs/pressroom/data/Montana09.pdf

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

Like most states, Montana’s Department of Insurance relies on The State Insurance Code of Montana to standardize Life Insurance polices to some degree. The state uses this code to regulate claims and provide certain provisions to protect Montana Life Insurance consumers. Such as:
Death Benefit Processing: Under the State Code, Montana Life Insurance companies are obligated to pay death benefits as soon as possible to grieving families. 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 60 days from the date a Montana Life Insurance claim was made, the rate of interest will increase.
Grace Period: The Montana State insurance code also allows for some leniency on late payments, and all Montana Life Insurance companies are required to give at least a 30-day grace period for missed 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 Montana Life Insurance companies against potential insurance fraud. A Montana life insurance company may dispute any information you may have put in your Montana 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.

Montana Life Insurance State Resources

Montana 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 Montana Life Insurance industry.
http://sao.mt.gov/

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

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