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Life Insurance in Nebraska

Nebraska, like most states, does not regulate life insurance on the policy level the way that the state Department of Insurance regulates other types of insurance, such as health or auto. However, there are certain provisions pertaining to free-look time frames, grace periods and other policy features.

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

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.

Nebraska was ranked 18th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.58 years. With this in mind, people living in Nebraska may want to consider their life insurance options.

Nebraska life insurance specifics

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

  • Free Look Period
    According to the Nebraska state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (no less than 10 days from the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
  • Grace Period
    A grace period is allowed on all late payments under the Nebraska state insurance code. If you miss a premium payment for any reason, all Nebraska life Insurance providers must give you 31 days to bring the account current before the insurer can cancel the policy for non-payment.

Nebraska life insurance state resources

Nebraska 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 Nebraska life insurance industry.

Nebraska Life & Health Insurance Guaranty Fund
The state guaranty associations is there to provide protection and continuing life insurance coverage in Nebraska, even in the event that a life insurance company becomes insolvent.

Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.

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