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Life Insurance in Massachusetts

Massachusetts, 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 Massachusetts 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. You should be aware of these rules as you shop for life insurance in Massachusetts.

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.

Massachusetts was ranked 5th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 80.41 years. Even with this in mind, people living in Massachusetts may want to consider their life insurance options.

Massachusetts life insurance specifics

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

  • Free Look
    According to the state code, a free look provision must be included in every individual Massachusetts life insurance policy. This period allows you to change your mind even after you have signed the contract with the insurance company and received all policy documents. If you return the policy within this period, you won’t face any financial penalty. The Massachusetts life insurance free look period can vary in length, depending on your provider.
  • Grace Period
    The insurance code also requires that Massachusetts life insurance companies allow a grace period on late payments after your first policy year. If you miss a premium payment for any reason, you must be given time (usually 30 days) to bring the account current before the insurer can cancel the policy for non-payment.

Massachusetts life insurance state resources

Massachusetts Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance customers and the Massachusetts life insurance industry.
https://www.mass.gov/orgs/division-of-insurance

Massachusetts Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Massachusetts, even in the event that a life insurance company becomes insolvent.
http://www.malifega.org/

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

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