Purchasing a life insurance policy may be one of the most important decisions you ever make. If you are looking for the best value in Minnesota Life insurance policies, AccuQuote can help you compare prices, features and financial strength of dozens of products from highly-rated life insurance companies.
We’d love to help you get the coverage you need to protect your family, and save some money in the process.
Benefits of Minnesota Life Insurance
The State Insurance Code of Minnesota regulates the life insurance industry in the state. The code safeguards the interests of anyone purchasing a life insurance policy through provisions such as:
Processing of Death Benefits: All life insurance companies are required to settle death claims in a timely manner. Companies must pay interest on death benefits from the date a claim has been made until the date it has been settled. If death benefits are not paid within 2 months, the rate of interest will increase.
Grace Period: Life insurance companies must provide a 30-day grace period to insurance holders who miss a payment before canceling their policy.
Life insurance companies are also protected by state regulations. They can to contest any information a consumer puts on the application for up to two years from the effective date of the policy. If there is any discrepancy or if any information has been withheld, the policy can be immediately terminated.
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