Montana Life Insurance (MT)

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

MonTana Life Insurance Laws Protecting Consumers (MT)

The Montana Statutes are the regulating force behind the insurance laws of Montana. Within these statutes, claims procedures and policy requirements are outlined for protecting both life insurance consumers and companies.

One such protection for consumers is the 30-day grace period. Under this law, an insurance company cannot terminate a life insurance policy for non payment unless the premium is more than one month past due. As long as the consumer makes the required payment within this thirty day window, their policy cannot be cancelled.

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Another is regarding the settlement time for a death benefit. The life insurance company has 60 days from the date the appropriate proof of death is received to finalize a claim. Any time after the first thirty days, the insurer must pay interest on the benefit, which must be paid in the final payment.

MonTana Life Insurance Laws and Regulations Protecting Insurers (MT)

In order to protect life insurance companies, the law states that an insurer has the right to contest any statements made on either an application for life insurance coverage or on a policy itself within the first two years of the policy’s life. Any fraudulent findings or misstatements can result in a policy cancellation. No claims will be settled, but all premium payments will be refunded. Any errors found in the age of the insured will simply result in a recalculation of the death benefit, reflecting the correct age.

Additional MonTana Life Insurance Regulations (MT)

The Montana Life & Health Insurance Guaranty Association helps to cover Montana life insurance policyholders in the event that their life insurance company becomes insolvent. The insurer pays fees to the Guaranty Association which, in turn, will compensate you with part of your policy benefit.

Limits are in place for benefit compensation. In Montana, $300,000 is the set maximum amount for death benefits, and $100,000 as the maximum for cash surrender.

In order to qualify for these benefits, your policy premiums need to be current and your insurer must be licensed in the state of Montana.

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