Indiana Life Insurance

Indiana life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

  • Briefly describes Indiana life insurance regulations.

  • Explains the protection of the Indiana Guaranty Association.

  • Links to more information about life insurance in Indiana

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Indiana life insurance rights and regulations

The insurance industry in Indiana is regulated under Title 27 of the Indiana Insurance Code. Under this title, claims procedures and policy requirements are overseen by the state in order to protect you, the consumer.

One such consumer protection is the the grace period provision included in all Indiana life insurance policies. A policyholder has an entire month to make up a late premium payment, during which time the policy cannot be cancelled.

Insurers are also obligated to settle claims as quickly as possible. If the claim is not settled within two months of the company's receipt of necessary records, the death benefit should start accruing interest.

However, Indiana also extends some protections to insurers. If an insurer discovers any inaccurate statements made on the policy or application within the first two years of its life, the policy may be cancelled. Premiums will be refunded, but claims won't be honored.

A misstatement of age will usually only result in a recalculation of benefits.

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If you are ready to apply for an Indiana 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 Indiana Life Insurance Guaranty

If your company is licensed in Indiana your policy is backed by the Indiana Life and Health Insurance Guaranty Association. This organization will help protect you, the insured, should your insurance company go bankrupt.

However, this protection is restricted. Compensation for cash surrender is limited to $100,000, and compensation for death benefits to $300,000.

And the insurer must be licensed in the state of Indiana for its policyholders to qualify for the protection. You can check your insurer's status by calling the Indiana Insurance Department at 317-232-2385.

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

Other notes on Indaina life insurance.

Insurance illustrations, which are financial projections made by insurers, are allowed in Indiana, but they are regulated by the state.

Viatical settlements, which are agreements between an insured and a third party, are also allowed but regulated. Under a viatical settlement, a third party buys a life policy from the insured, pays the premiums, and becomes the policy's beneficiary. Indiana's regulations are outlined in Title 750. You should talk to an agent before arranging a viatical settlement.

More IN life insurance help

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

To read more about IN life insurance laws and regulations, visit the state's official website at the Indiana Department 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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