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Arizona Life Insurance

Arizona life insurance is not regulated by the State Department the way health and auto insurance are. However, there are still certain laws that pertain exclusively to the life insurance industry. These include free-look periods, illustration requirements and some underwriting requirements. You can also expect to submit to a health exam before receiving an insurance policy.

Why Is Arizona Life Insurance Important?
Arizona residents live an average of 77.5 years, ranking the state number 22 out of all 50 states and the District of Columbia. Despite this healthy life expectancy, people do still perish at younger ages. Residents between the ages of 55 and 64 pass away at a rate of 900 for every 100,000 residents. The number doubles to 2,000 for people between 65 and 74 years of age. It more than doubles to 5,000 for people between the ages of 75 and 84. More information about the mortality rates in the state is available through the Center for Disease Control.

Specifics of Arizona Life Insurance
The State Insurance Code of Arizona regulates the life insurance industry in the state. Claims are regulated and the government ensures that consumers are provided with certain provisions including the following:

Grace Period – Every life insurance company offering products in the state of Arizona is required to grant a 30-day grace period when payments are missed. The policy can only be cancelled after that fully thirty days has passed without payment.

Death Benefit Processing – Arizona requires companies to process Arizona life insurance benefit payments in two months or less. Documentation must be in order, and consumers are urged to file the paperwork as soon as possible. Death benefits not paid within this time period are subject to interest payments, effectively increasing the payout for the beneficiaries.

Insurance fraud is a serious offense, and the state also has statutes in place to prevent it from happening. One such provision is an insurer’s ability to confirm and question information submitted on your application for a period of two years. During this time, if they find misinformation, the policy can be terminated. If the misstatements relate to age, then the consumer can make a correction without being charged a penalty.

State Resources
The Arizona Department of Insurance works to ensure that Arizona life insurance laws are obeyed at all times. This agency works on the behalf of consumers. http://www.id.state.az.us/

The state of Arizona has a fund that will provide uninterrupted coverage to consumers should an insurance company close due to bankruptcy or some other catastrophic problem prevents the company from paying claims.

The Arizona Corporation Commission oversees investment products and securities of insurance companies to ensure fiscal responsibility and financial soundness.

You can find rating for companies offering life insurance in Arizona by looking at companies like A.M. Best and Moody’s. These agencies look strictly at the financial strength of an institution and can help you choose one that is solid. www.ambest.com www.moodys.com

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