Indiana Life Insurance (IN)

The state of Indiana has laws and regulations in place the help to financially protect both consumers and insurers.

Title 27 of Indiana’s Insurance Code: Regulates the insurance industry in Indiana. Policy requirements and claims procedures are overseen under this title by the state for the consumer’s protection.
30-day Grace Period: Required on all life insurance policies. This allows a policyholder one month to make up a late payment without the worry of their policy being canceled by the insurer.

Insurers are also required by law to settle all claims as quickly as possible. Any settlement not finalized within two months of receiving proof of death shall begin to accrue interest, payable to the beneficiary.

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Indiana Life Insurance Laws (IN)

Indiana also has some protections in force for the insurance companies.

Any statements on an application for coverage or policy itself that are found to be misleading or fraudulent within the first two years of a policy’s life can lead to policy termination. No claims will be settled on the policy but all premium payments will be refunded.
Age Misstatements: Result in a recalculation of death benefits, based on the correct age.
Insurance Illustrations (financial projections made by the insurance companies) are allowed and regulated in the state of Indiana.
Viatical Settlements: These are legal in Indiana. They are made by an insured individual and a third party. The third party pays all premiums on the insured’s life insurance policy and in turn becomes the beneficiary of the policy.

Additional Indiana Life Insurance Regulations (IN)

If your life insurance policy was written by a licensed insurance company in Indiana, your protection is backed by the Indiana Life & Health Insurance Guaranty Association. The Guaranty Association will help cover your benefits should your insurance company become insolvent.

This protection is restricted, with maximum amounts set at $300,000 per death benefit and $100,000 per cash surrender.

In order to qualify for the Guaranty Association benefits, your life insurance company must be licensed in Indiana and your policy premiums must be current.

Indiana residents, request a free life insurance quote now!

Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.

Last Updated: June 16, 2009