Montana Life Insurance

Montana 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 Montana life insurance regulations.

  • Explains the protection of the Montana Guaranty Association.

  • Links to more information about life insurance in Montana

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Montana life insurance rights and regulations

The insurance industry in Montana is regulated under Montana statutes. These laws outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

One consumer protection lies in the 30-day grace period on late premium payments required on all Montana life insurance policies. An insurer cannot cancel a policy because of failure to pay during this grace period, and coverage will continue uninterrupted so long as the account is brought current.

Montana life insurers should also settle claims within 60 days of receiving proof of death. If settlement is finalized more than 30 days after receipt of proof of death, the death benefits should begin accruing interest, which will be included in the final payment.

However, Montana insurance law extends protections to insurers, too. Companies can contest statements made on a life insurance policy or application for up to two years from the effective date of the policy. Misstatements can result in policy cancellation (and the refund of paid premiums).

A misstatement of age on the policy will result in the recalculation of death benefits to reflect the actual age of the insured.

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If you are ready to apply for a Montana 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 Montana Life Insurance Guaranty Association

The Montana Life and Health Insurance Guaranty Association helps protect policyholders in Montana against their insurance company's failure. An insurer pay fees to the organization, which, in turn, covers part of its policies if the company goes bankrupt.

The protection does have limits, though. The maximum compensation for death benefits in Montana is $300,000 and the maximum compensation for cash surrender is $100,000.

And, in order to receive the protection this organization offers, your policy must be backed by an insurance company licensed in Montana. To find out the status of your life insurance company, contact the State Auditor’s Office at (406) 444-2040.

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

More MT life insurance help

If you want more help getting the best value on your MT 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 MT life insurance laws and regulations, visit the state's official website at the Montana State Auditor's Office.

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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