We have gathered important information for people who are looking to buy a life insurance policy in North Carolina. Let us help you out by providing you the key information so that you do not have to spend hours researching different life insurance companies.
There are several considerations NC residents need to keep in mind while shopping for life insurance.
The foremost question is whether you are looking for a whole life policy or term life policy. In both cases, the life insurance premium will be determined by several factors such as your age, health, job, lifestyle, and other such things.
Life insurance premiums in North Carolina are generally higher for older people as well as for smokers and people with a history of health complications. NoExam.com ensures that you get to compare life insurance quotes from the best companies offering coverage to people in North Carolina.
Here is an example quote for a 39 years old woman living in Charlotte, NC. Provided that the woman is 5’3” tall and weighs 119 pounds, she may have to pay $522 in annual premium for obtaining a $1,000,000 20 year term life policy.
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If the above-mentioned woman is looking to buy a $1,000,000 whole life policy then she will have to pay nearly 10x the annual premium. For this quote, it is assumed that she does not have an adverse medical history and does not smoke.
Chapter 58 of the state statutes govern the operations of life insurance companies in North Carolina. The statute enumerates various rights of the life insurance policyholders. It also governs the best practices for the insurance industry to be followed.
North Carolina provides a free-look period of 10 days. During this period, the holder may check out its various features and may decide to return the policy to receive a full refund.
The minimum grace period allowed in North Carolina is 30 days while many insurance companies provide a longer grace period out of their own accord.
The 30 days starts from the due date of the missed payment. The policy remains active during this time and does not lapse. The insured remains covered during the grace period.
Grace period helps both the insured and insurance company as it removes the requirement of new underwriting in the cases of a delay in payment of policy premium. New underwriting is required when a new policy is issued or a lapsed policy has to be reinstated.
North Carolina endeavors to protect the insurance policyholders in the state through the North Carolina Life and Health Insurance Guaranty Association.
If an insurance company files for bankruptcy or is unable to settle the claim, then the association guarantees up to $300,000 in death claim benefits per person.
Similarly, the cash surrender value is guaranteed up to $100,000 per person regardless of the number or the size of the policies.
North Carolina Life & Health Insurance Guaranty Association contact information:
PO Box 10218
Raleigh, NC 27605-0218
North Carolina requires that the insurance company fulfills the claim within 30 days of receipt of documents. If such payment is not made, then interest is paid on the claim to the beneficiary. Owing to this rule, most of the insurance claims are settled within 30 days of submission.
To ensure that buyers are not duped by the insurance companies with the use of overly technical language, the state requires that the documents must be readable and understandable by the average person.
North Carolina Department of Insurance