Iowa Life Insurance (IA)

The state of Iowa has laws and regulations that financially protect both consumers and insurers.

IowA Life Insurance Laws Protecting Consumers (IA)

Title VIII of the Iowa Insurance Code: Regulates the insurance industry of Iowa. All claims procedures and policy requirements are overseen by the state in order to protect its consumers.
10-day “Free Look”: Within the first ten days of a policy, any policyholder may cancel the policy for any reason, and is entitled to a full refund of all premiums paid.
All life insurance claims must be settled as quickly as possible, according to Iowa law. If a settlement is not paid within thirty days of receiving proof of death, the insurance company must pay interest on the benefits, payable at the time of settlement.
Any requests made by a policyholder regarding their credit report or medical examination will be handled in a timely manner, according to Iowa law.
The state of Iowa does not have a specific claims regulation, the law states that each company must include an outline of their procedures with every policy.

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Life Insurance Regulations Protecting IowA Insurers (IA)

Insurance laws are also put into place to protect the insurance companies.
If an insurer finds any fraudulent or misleading statements on a policy or application for coverage within the first two years, the policy will be canceled. All premiums will be refunded, but no claims will be honored.
Age Misstatements: Results in a recalculation of death benefits to reflect the correct age.
Life Insurance Illustrations: (An insurer’s financial projection) are legal and regulated by Iowa state law.

Additional Iowa Life Insurance Regulations (IA)

If your life insurance policy was written by a licensed life insurance company in the state, the Iowa Life & Health Insurance Guaranty Association will back your purchased coverage amount in the event that your insurance company was to become insolvent. Maximum payment amounts are limited to $300,000 per death benefit and $100,000 per cash value.

In order to qualify for this benefit, your life insurance company must be licensed in the state of Iowa and your policy premiums up to date.

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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