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Arkansas Life Insurance

People often underestimate the need for Arkansas life insurance. It’s normal to avoid thinking about your own mortality, but it’s necessary to protect your family and your assets. Whether you live in the Big Apple or enjoy the more relaxed pace found in the country, life insurance is a necessity. Here is what residents of Arkansas should know about life insurance in their state.

 

Arkansas Life Insurance Expectancy Data

An important part of the nation’s heartland, Arkansas ranks very low for life expectancy. Of the 50 state and the District of Columbia, Arkansas ranks 43. People in the state tend to have shorter life expectancies, with the average being only 75.2 years of age. The death rate between age 55 and 64 is high at 1200 for every 100,000 residents. That number doubles to more than 2,500 of every 100,000 residents between the ages of 65 and 74. The death rate for people between 75 and 84 is an astonishing 6,000 for every 100,000 residents.

Arkansas Life Insurance Laws

When you sign up for insurance, you should be aware of the state laws governing insurance companies. The state mandates that companies provide a 30-day grace period for late payments. An Arkansas life insurance policy cannot be cancelled for non-payment until you have gone more than 30 days without making a payment. If you miss a payment by accident, you have a full month to make it before you will lose any benefits.

Arkansas also mandates how long companies can take to issue death benefit payments. You are required to submit documentation of the death to the company, but once that information is received, the company only has two months to process the information and issue payment on an Arkansas life insurance policy.

Insurance companies have a right to expect that you will answer questions on your application honestly. If they find a material misrepresentation during the first two years of the policy, they can cancel the policy. Misstatements regarding age are allowed, provided the information is corrected and premiums are adjusted appropriately. However, if you report that you have never had cancer and a year later the company discovers that this information is incorrect, they can legally cancel the policy. Once the policy has been in force for two years, the company loses the right to challenge information or cancel it upon the discovery of such information.

Finding the Best Rates

Arkansas Life insurance is designed to protect your assets and your family. It will provide your loved ones with the funds they need to care for your children or themselves. It can pay off the mortgage, cover final expenses and even pay for college. It’s a gift to your family, and it will give you peace of mind knowing that they are covered. If you want to make sure your family is taken care of financially, even after you are gone, apply for an Arkansas life insurance policy today and get the coverage you need.