A Guide to Life Insurance in Alabama (AL)

Alabama Life Insurance is an important topic to consider if you are currently living in the state of Alabama, but haven’t yet got yourself covered by life insurance and are looking for some Alabama Life Insurance Quotes to get you started.

It may be that you already have some level of cover perhaps as a result of a benefit you receive from your employer, or else through having been in the armed forces. But it is nevertheless important to look at the total amount of life insurance that you currently have, because you need it to be sufficient to enable any beneficiary’s you may have to not have any problems as they go about their everyday business in Alabama.


Some Considerations Before Getting Alabama Life Insurance Quotes…


There are some important aspects to consider before you finalise the type of life cover that will work best for you.


1/ How much cover do you actually need?

It is not always obvious how much life cover you really need, but nevertheless it is something that you can have a good estimation of if you work back from how much you currently earn now, and what your current level of expenses are.

If you look at your everyday living expenses, such as the cost of the mortgage on your home in Alabama, how much you spend on your children’s education, and what you spend on a monthly basis, then you can start to work back from there.

How much of a cushion that you give your family is up to you to decide. But you should try to give them at least a couple of years’ worth of breathing space, so that they can find their feet again. In order to do that you need to work out your expenses quite carefully, as you may find that you actually spend more than you might have imagined on the cost of living.


2/ Is Alabama any different in terms of death rates than any other state?


It is interesting to consider death rates and mortality rates when looking into the specific subject of life insurance in Alabama, because this will have been a key consideration for the insurance underwriters in working out the specific cost of life insurance in Alabama, and hence what you will ultimately pay ion premiums for your cover.

The Center for Disease Control and Prevention (http://www.cdc.gov/nchs/deaths.htm) has published statistics that show that in 2007 the average life expectancy at birth in the United States as a whole had reached 77.9 years, and that between 2000 and 2007 the age adjusted death rates for men had actually decreased by 14% for men, and 12% for women.

So people are definitely living longer.

However, Alabama actually has one of the highest death rates in the whole of the US, placing in the bottom ten states in terms of overall life expectancy. It had a death rate of 930.3 per 100,000 of population, compared to the average across all the states of 760.3 deaths per 100,000 population.

So, looked at strictly impartially, if you live in Alabama, then it is especially important to sort out some Alabama Life Insurance Quotes, as the raw statistics are against you.

There is however no need to panic, as life insurance and term life insurance in Alabama are just as easy to get a hold of as in any other state, with over 2000 insurance providers available nationwide. And you can easily see some of the very best Alabama life insurance quotes if you search above.

Two Important Alabama Life Insurance Measures

There are two main provisions relating to Alabama Life Insurance that you should be aware of, as they are state specific.

The first important thing to note is that you are entitled to a grace period of 30 days. This means that if you miss a payment that your life insurance company in Alabama MUST give you up to 30 days to make the payment, before they are allowed to cancel your policy.

The second is that there is a free look provision which means that you will have a minimum of ten days after you have taken out the Alabama Life Insurance to change your mind.

These are set down in the Alabama Insurance Code which sets down the rules and regulations of how matters relating to insurance should be handled in the state of Alabama. This is a fairly lengthy tome, so don’t read it unless you love reading legal documents!

But the main provisions relating to Alabama Life Insurance laws and regulations are set down in Chapter 15, “Life Insurance Contracts and Annuity Contracts in Alabama” (http://alisondb.legislature.state.al.us/acas/CodeOfAlabama/1975/131961.htm)

Alabama Life Insurance Resources

The ‘Grace Period’ Rule in the Alabama Insurance Code -

(http://alisondb.legislature.state.al.us/acas/CodeOfAlabama/1975/27-15-3.htm)



Alabama Department of Insurance


The mission statement of the Alabama Department of Insurance is to “Serve the people of Alabama by regulating the insurance industry, providing consumer protection, promoting market stability, and enforcing fire safety standards and laws”.

It is a fairly old website, and the design doesn’t seem to have been updated in a while. But if you are interested in the knitty-gritty of insurance in Alabama, then it is a useful stopping point.

http://insurance.state.al.us/

Alabama Life & Disability Insurance Guarantee Association

These are the people that you would turn to in the event of their being an Alabama Insurance company insolvency, and you were a policy holder who needed support.

http://www.allifega.org/

Alabama Life Insurance Company Search

If you are looking for financial specifics on a life insurance company that trades in Alabama (rather than say just looking for Alabama Life Insurance Quotes). Then there is a useful Alabama Insurance Company search on the Alabama Department of Insurance’s website.

AIUA – Alabama Insurance Underwriting Association

The nature of Life Insurance in Alabama is that it depends a lot on insurance underwriters deciding what life cover should cost. You can find out more about how that specifically relates to Alabama if you check out the AIUA’s website here:

https://aiua.org/

Alabama Life Insurance Companies Financial Stability Ratings

If you are looking to assess the financial stability of a financial institution (something that could clearly be very useful for a long term financial commitment like life insurance). Then you can turn to a company like Demotech which allows you to search for an Alabama Insurance Company by name and see their financial stability rating.

http://www.demotech.com/01_pages/fsr/search.aspx



 

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