Alaska Life Insurance

Most Alaska life insurance laws deal specifically with policy claims. All the same, you should be familiar with basic state regulations in order to make wise coverage decisions.

This page:

  • Briefly describes Alaska life insurance regulations.

  • Explains the protection of the Alaska Guaranty Association.

  • Links to more information about life insurance in Alaska

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Alaska life insurance rights and regulations

The insurance industry in Alaska is regulated under Title 27 of the Alaska Insurance Code. Under this title, claims procedures and policy requirements are overseen by the state for the benefit and protection of consumers.

Alaska life insurance law requires that insurance companies allow policyholders a grace period of 30 days on late premium payments. This means you have a month to make up a late payment before your insurer can cancel the policy.

And insurance providers should settle claims as quickly as possible. This usually means the insurer will provide a settlement within two months of receiving adequate documentation.

However, Alaska provides some protection for insurers, too. Life insurance providers may contest statements you make in your application for up to two years from the effective date of the policy. If they find a misstatement they have a right to cancel the policy.

And, under Alaska law you must file a life insurance claim not only with your insurer, but with the Alaska Division of Insurance as well.

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If you are ready to apply for an Alaska term life insurance policy, or if you just want a quick online quote, visit Efinancial now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Alaska Life Insurance Guaranty

The Alaska Life and Disability Insurance Guaranty Association helps protect you against an insurance company's failure.

Life insurance companies in Alaska pay fees to belong to this organization, which, in return, guarantees to pay an amount for your death benefit or cash surrender should the insurance company go bankrupt. In Alaska, a policy's death benefit can be protected up to $300,000 and a policy's cash surrender up to $100,000.

However, in order to qualify for the protection offered by this organization, your coverage must be provided by a licensed insurance company. To find out if your insurance company is licensed, contact the Alaska Department of Insurance at 1-800-INSURAK.

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Apply for a quote with confidence at Efinancial
(for Alaska term life insurance), or InsureME.
Your insurer will be licensed in Alaska.

Viatical settlements

The Alaska Insurance Director also regulates the transaction of viatical settlement contracts for the protection of viators, insured, and insurers.

(These settlements are basically purchasing agreements between the insured individual and a third party in which the third party buys the policy from the insured, takes over the premium payments, and becomes the policy's beneficiary.)

Always seek the aid of a licensed insurance agent when arranging a viatical settlement.

More AK life insurance help

If you want more help getting the best value on your AK life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about AK life insurance laws and regulations, visit the state's official website at the Alaska Division of Insurance.

Learn even more:

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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