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Life Insurance in Alabama

You likely don’t want to think about your own death. It’s important, however, to consider how the people who depend on you will continue to survive financially after you’re gone.

As an Alabama resident, purchasing life insurance is one way you can help ensure that your loved ones will be protected, even if you are not there to take care of them.

Why do I need it?

With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.

Alabama is ranked 49th out of 50 states and the District of Columbia in life expectancy, with a life expectancy of 75.1 years. With this in mind, people living in Alabama may want to consider their life insurance options.

Alabama life insurance specifics

The insurance industry in Alabama is regulated by The State Insurance Code of Alabama. The state uses this code to regulate claims and provide certain provisions to protect Alabama life insurance consumers.

Some of the regulations outlined in the Alabama State Insurance Code include:

  • Incontestability
    According to the state code, an Alabama life insurance policy is considered incontestable after it has been in place for at least two years, except for in cases of non-payment of premiums.
  • Grace Period
    The Alabama state insurance code also requires that 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.

Alabama life insurance state resources

Alabama 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 Alabama life insurance industry.

Alabama Life and Disability Insurance Guaranty Association
State guaranty associations are there to provide financial protection in the event that a life insurance company becomes insolvent.

Life Insurance Company Ratings from A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.

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