Life Insurance in Alaska
Alaska, like most states, does not regulate on the life insurance policy level the way that state Departments of Insurance regulate other insurance such as health or auto. There are few, if any, state regulations that mandate life insurance coverages or how a policy has to be worded or priced.
Regulations regarding Alaska life insurance usually come into play when a claim is filed. These rules typically have to do with payment terms and other issues surrounding the disbursement of death benefits.
Why do I need life insurance?
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.
Alaska was ranked 33rd out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.41 years. With this in mind, people living in Alaska may want to consider their life insurance options.
Alaska life insurance specifics
The insurance industry in Alaska is regulated by The State Insurance Code of Alaska. Under this code, you are insured various protections and provisions when purchasing any Alaska life insurance policy, such as:
- Free Look
Life insurance policies in Alaska are required to include a 10-day free look period during which you can review all of your policy details. If you decide to return your policy within 10 days of its issue date, you can return the policy for a refund.
- Grace Period
Alaska life insurance companies allow for a grace period of 30 days beyond the due date of your premium payment. You can make your payment any time within this 30-day period without your life insurance company cancelling your policy due to non-payment.
If you pass away during the grace period, the death benefit will be paid out, but it will be reduced by the amount of premium payments that are still due on the policy.
Alaska life insurance state resources
Department of Commerce, Community, and Economic Development Division 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 Alaska life insurance industry.
Alaska Life and Health Insurance Guaranty Association
State guaranty associations are there to provide protection for your life insurance coverage, even 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.