Life Insurance in Nevada
Nevada, 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. Regulations regarding Nevada life insurance policies usually come into play when a claim is filed and have to do with payment terms and other issues surrounding the disbursement of death benefits.
Under state insurance codes, provisions are provided to protect the rights of Nevada life insurance consumers, as well as the sellers of life insurance policies in Nevada.
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.
Nevada was ranked 36th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.11 years. With this in mind, people living in Nevada may want to consider their life insurance options.
Nevada life insurance specifics
The insurance industry in Nevada is regulated by The State Insurance Code of Nevada. The state uses this code to regulate claims and provide certain provisions to protect Nevada life insurance consumers, such as:
- Free Look Period
According to the Nevada 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 (within 10 days of 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 Nevada state insurance code. If you miss a premium payment for any reason, all Nevada life Insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.
Nevada life insurance state resources
Nevada 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 Nevada life insurance industry.
Nevada Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Nevada, 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.