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Staying on top of all insurance
is not an easy task,
we work with a large network of carriers and brokers, from all across
the country, who can offer you a wide range of insurance policies.
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The insurance industry in
Term Insurance Life Alabama is regulated under Title 27 of the Code of Alabama.
The state uses this code to regulate claims procedure and policy
requirements in an effort to protect you, the consumer. One such consumer
protection is guaranteed by the "free look" provision that must be
included in every life insurance policy.
provision allows you to change your mind about purchasing the insurance
after even you've signed the policy.
Most companies allow you 10 days to do this, but you may have up to 30,
depending on the insurer. If you decide against the coverage, the company
must cancel the policy and return your premium without penalty.
Life Alabama companies to allow a 30-day grace
period on late payments. If you miss a payment, you have 30 days to bring
the account current, and the company cannot cancel your policy during
However, with consumer protections also come responsibilities.
Life Alabama companies have some protections against consumer
For example, Alabama life insurance companies may contest statements
you've made on your application for up to two years from the effective
date of the policy. If they find any misstatements they can terminate the
Alabama life insurance
policyholders are also protected by the Alabama Life and Disability
Insurance Guaranty Association. This organization will help
compensate you should your licensed insurance company become insolvent
and your policy lost.
But there are restrictions. The amount of reimbursement for lost cash
values may not exceed $100,000 per insured individual or $300,000 for all
benefits including cash values. In cases where you own two policies
totaling more than $300,000, you are only entitled to receive up to
$300,000 in reimbursement.
Furthermore, an insurance company needs to be licensed in the
state of Term Insurance
Life Alabama in order for its policy holders to be covered by the
association. For licensing information, check with the Alabama
Department of Insurance at (334) 241-4141.
Your insurer will be licensed in Alabama.