A North Dakota Life Insurance policy represents a contractual agreement between yourself and a life insurance company. The purpose of North Dakota Life insurance is to pay a pre-determined sum of money, known as a death benefit,  to your survivors in the event of your death, to cover expenses and make up for the lack of your income. Some North Dakota Life Insurance polices, known as Permanent Life insurance policies, also have a cash value. Regulations regarding North Dakota 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 North Dakota Life Insurance?

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

North Dakota has a fairly high Life Expectancy rate, and is ranked 8th out of 50 states and the District of Columbia with a life expectancy of 78.3 years.  Still, for every 100,000 people in North Dakota, over 950 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number comes close to tripling at over 2,500, and at 75 to 84 nearly 6,000 North Dakotans die for every 100,000 residing in the state. Last year, almost 64,000 North Dakotans died of heart disease. More on mortality by age, sex and race, and the leading causes of death in North Dakota can be found at:
http://www.cdc.gov/nchs/pressroom/data/NorthDakota09.pdf

For more reasons why you should apply for North Dakota 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.

North Dakota Life Insurance Specifics

North Dakota regulates its insurance industry through The State Insurance Code of North Dakota. Under the code, those purchasing North Dakota Life Insurance are afforded certain protections such as:

Free Look: Under State Code a “free look” means you are entitled to change your mind.
All sellers of North Dakota Life Insurance plans are obligated to include the Free Look provision. With Free Look, you can choose to cancel your life insurance policy for any reason, even after you have signed the contract with the insurance company and received all policy documents. In most cases, the free look period is at least a 20-days without penalty. Some North Dakota Life Insurance Companies give as much as 30 days to review a policy and cancel without penalty.

Death Benefit Processing: In North Dakota your beneficiaries are entailed to swift and efficient payment of death benefits. If all documentation is in order the norm is within 60 days. The State Code also provides for North Dakota Life Insurance companies to pay interest on death benefits. With a North Dakota Life Insurance policy, interest begins to be applied to a death benefit as soon as a claim is filed.

Life insurance purchasers are not the only ones protected by state regulations. North Dakota Life Insurance sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, a North Dakota Life Insurance company can question any information you stated on your North Dakota Life Insurance application for up to two years from the purchase of the policy. Any discrepancies, especially those related to medications or tobacco use, can result in revocation of the policy. Allowances for misstatement of age are given. If age is found to be incorrect, the policy rate will likely be adjusted to reflect the accurate age, and not terminated entirely.

North Dakota Life Insurance State Resources

North Dakota 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 North Dakota Life Insurance industry. 
http://www.nd.gov/ndins/

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

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