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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.
You can choose the policy that best fits your needs and budget, with
the confidence of knowing that you are matched with carriers who want
to insure you, so let our team of insurance
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Insurance carriers wanting your business. Our Service is second
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desiring your business.
The insurance industry in the State of Illinois is
regulated under Act 5 of the Illinois Insurance Code.
Under these codes, claims procedures and policy requirements are
overseen by the state in order to protect you, the consumer.
One such protection is guaranteed by the ten-day "free look" period
included in every Term Life
Insurance Illinois policy.
During this window, a new
policyholder can change her mind about the coverage and still receive a
fullrefund of paid premiums.
A policyholder is also entitled have her medical records disclosed
to a physician of her choice, if requested. (Insurers are not,
however, obligated to release these records to the insured.)
Once a claim has been made, insurers are allowed 30 days (after receipt
of medical records and proof of death) to deny or pay it. Benefits will
begin to accrue interest during any time over this deadline.
And, while there are no specific claim procedures mandated by the
state, there are improper claim practices ruled unacceptable, (as
outlined in 50 IL Admin Code 919).
However, Term Life
Insurance Illinois law also extends some protections to insurers.
Life Insurance companies can develop and administer their own claims
procedures, so long as they are not in violation of the code. (Claims
procedures should be clearly stated in the policy.)
Illinois also enforces no final limit on the amount of time a
company can take to investigate a claim. The state recognizes that a
claim involving investigation or split proceeds may take some time.
Misrepresentation by a policyholder or applicant can be considered
fraud and prosecuted.
Term Life Insurance Illinois companies in Illinois retain the
right to investigate any claim received within two years after the
policy is issued. If they find any omissions or inaccuracies, they can
rescind the policy and refund the premiums.
Death by suicide may be excluded for the first two years of the policy
at the insurer's discretion.
Licensed life insurance companies in Illinois are
backed by the Illinois Life and Health Insurance Guaranty
Association, which helps cover policyholders in case of insurer
insolvency.
However, this protection is restricted. Compensation for lost death
benefit proceeds may not exceed $300,000 per insured individual
and compensation for cash values can't exceed $100,000. These limits
apply even in the event of multiple policies with a higher total
coverage amount.
A Term Life
Insurance Illinoisinsurer must be licensed in Illinois for its policyholders to
qualify for this protection. You can check the status of your insurer
by calling the state's Department of Insurance toll-free at
(877) 527-9431.
Your insurer will be licensed in Illinois.
