South Dakota Life Insurance

Have you ever just taken a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is South Dakota Life Insurance. Purchasing South Dakota 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.

When shopping for South Dakota Life Insurance you need to be aware that there are certain provisions that vary from state to state, and the South Dakota State Department t of Insurance does issue regulations for South Dakota Life Insurance policies pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements.

Why Do I Need South Dakota Life Insurance?

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

South Dakota is ranked 18th out of 50 states and the District of Columbia with a life expectancy of 77.7 years.  When we look at that ranking in detail we discover that for every 100,000 people in South Dakota, more than 1000 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to nearly 2500, and at 75 to 84 over 6000 South Dakotans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in South Dakota can be found at: http://www.cdc.gov/nchs/pressroom/data/SouthDakota09.pdf

For more reasons why you should apply for South 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.

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South Dakota Life Insurance Specifics

South Dakota regulates its insurance industry through The State Insurance Code of South Dakota. Under the code those purchasing South 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 South Dakota Life Insurance plans are obligated to include the Free Look provision. With Free Look, you can chose 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 South Dakota Life Insurance Companies give as much as 30 days, while still others only offer a 10 day period to review a policy and cancel without penalty.
Death Benefit Processing: In South 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 South Dakota Life Insurance companies to pay interest on death benefits. With a South Dakota Life Insurance policy, interest begins to be applied to a death benefit as soon a claim is filed.

Most South Dakota Life insurance policies will cover accidental deaths even if they occur within the first 2 years that a policy is in effect; suicide however, is not covered by any South Dakota Life insurance policy that is less than 2 years old.

Life insurance purchasers are not the only ones protected by state regulations. South Dakota Life Insurance sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, an South Dakota Life Insurance company can question any information you stated on your South 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.

South Dakota Life Insurance State Resources

South 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 South Dakota Life Insurance industry. 
http://www.state.sd.us/drr2/reg/insurance/

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

South Dakota Life Insurance Company Ratings These companies provide ratings for South 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