Life Insurance in South Dakota
As a South Dakota resident, purchasing life insurance today is a smart move you can make to be sure that your loved ones will always be financially protected, even if you are not there to take care of them.
When shopping for life insurance in South Dakota, you need to be aware that there are certain provisions that vary from state to state. South Dakota State Department of Insurance issues regulations for life insurance policies pertaining to free look time frames, premium payment grace periods and other features.
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.
South Dakota was ranked 19th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.57. With this in mind, people living in South Dakota may want to consider their life insurance options.
South Dakota life insurance specifics
South Dakota regulates its insurance industry through The State Insurance Code of South Dakota. Under the code, those purchasing life insurance in South Dakota are afforded certain protections such as:
- Free Look Period
According to the South Dakota 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 South Dakota state insurance code. If you miss a premium payment for any reason, all South Dakota life insurance providers must give you at least 30 days or four weeks to bring the account current before the insurer can cancel the policy for non-payment.
South Dakota life insurance state resources
South Dakota Division of Insurance
The purpose of the Division of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the South Dakota life insurance industry.
South Dakota Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in South Dakota, 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.