Minnesota Life Insurance (MN)

Minnesota Laws Protecting Consumers (MN)

Minnesota’s life insurance industry is regulated by Chapter 61A of the Minnesota Statutes. They were put into place to outline the claims procedures and policy requirements for insurance consumers of the state. Some regulations in place to help protect consumers include:

One Month Grace Period: This allows a life insurance policyholder 30-days past their premiums due date to make the payment, without fear of their policy being terminated by the insurer.

Minnesota residents, request a life insurance quote today!

All Claims Filed Accrue Interest: Claims accrue interest from the date of death until the settlement is paid. If after 60-days of receiving proof of death, the insurance company still has not made final payment, the rate of interest will increase.

MinNesota Laws Protecting InsurerS (MN)

Chapter 16A of Minnesota extends protection for insurers as well. One regulation in place includes:

• Any fraudulent findings or misstatements on a life insurance policy or application for coverage within the first two years of a policy’s life will result in a policy termination by the insurer. All premiums will be refunded, but no claims will be settled.

Additional MiNnesota Life Insurance Regulations (MN)

When your life insurance company is licensed in the state of Minnesota, your policy is backed by the Minnesota Life & Health Insurance Guaranty Association. If your life insurance company was to become insolvent, the Guaranty Association would help to cover your lost policy.

Maximum benefits are, however, put into place. The maximum compensation for a single death benefit is $300,000, and $100,000 is the maximum for cash surrender.

In order to qualify for these protections by the Guaranty Association, be sure that your life insurance company is licensed in the state and make sure that your premiums are current.

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.