Maine Life Insurance (ME)

The state of Maine enforces laws and regulations that help to financially protect both consumers and insurers.

Maine Life Insurance Laws Protecting Consumers (ME)

Maine’s life insurance industry is regulated under Title 24 of the Maine Insurance Code. Policy requirements and claims procedures are overseen here to protect insurance consumers in the state.

30-day Grace Period: Allows life insurance policyholders one month to catch up on a late premium payment without the concern of their policy being canceled by the insurer. Any policy terminated by the insurer must be over thirty days past due.
Your insurer’s claim procedure should be outlined in your policy, as there are no specific regulations on this topic. All claims must be settled in a timely manner, but that manner is up to the discretion of the insurer.

Maine residents, request a free life insurance quote now!

Maine Life Insurance Laws and Regulations Protecting Insurers (ME)

Misstatements or Fraudulent Findings: Life insurance companies have two years from a policy’s effective date to discover any misstatements or fraudulent findings directly on a policy or on the application for coverage. Any negative items found may result in policy termination. Any age related errors will result in a recalculation of the death benefit, appropriate to the age of the insured.

Additional Life Insurance Regulations in Maine (ME)

An arrangement made by an insured individual and a third party, also known as a Viatical Settlement, is both legal and regulated in the state of Maine. The third party will “buy the policy” from the insured, pay all premiums, and will be the sole beneficiary of the policy.

Life insurance policyholders in Maine are also protected in the unfortunate event that their life insurance company should become insolvent by the Maine Life & Health Insurance Guaranty Association. All licensed insurers in the state pay fees to the Guaranty Association, who will then cover part of the lost policies.

Benefit maximum compensations are set at $300,000 per death benefit and $100,000 per cash surrender. In order to qualify for this protection, your life insurance company must be licensed in the state of Maine, and your policy premiums need to be current.

Protect the future of those you love by requesting a Maine life insurance quote today!

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