When looking into getting some Alaska Life Insurance Quotes it is important that you become aware of the different factors that need to be borne in mind, both in terms of general considerations with life insurance in general, and also with life insurance in Alaska in particular.
Alaska Life Insurance - The Facts...
One of the factors that you should consider is the mortality rate and you can see some interesting specifics about the mortality rate in Alaska at the website of the Center for Disease Control here -
This talks about some of the leading ways that people in Alaska die, such as cancer rates, deaths from stroke, heart disease, accidents and other less common factors like kidney disease and septicaemia.
It is fascinating to look at these raw statistics, because it is these same facts and figures about the death rates in Alaska that the insurance companies are using to calculate how much they should charge for life insurance in Alaska, and it is this that ultimately affects your bottom line and how much cash you have to spend in order to get properly covered.
In addition to Alaska specific factors when looking at the life insurance rates, there are also many other considerations that cross state lines and are applied across the whole country.
These would include such factors as:
1/ Your current age (obviously the older you are the more your life insurance is going to cost you, regardless of whether you are in Alaska or Alabama!)
2/ Your occupation – If you are a deep sea diver, a professional rock climber or take part in some other hazardous occupation, then you can certainly expect to pay more for your cover.
In Alaska this could also include certain jobs in the oil industry, fisherman (which is one of the most dangerous occupations there is if you look at the different job related death statistics) or having to work in remote locations.
3/ How much cover you need – You may find that certain companies will be better at covering certain amounts than others, and that it is well worth getting several different life insurance quotes in order to make sure that you get the best possible deal.
In terms of overall state responsibility, life Insurance in Alaska is a little different from say auto insurance or motorcycle insurance, where there are specific state mandates, and rules that are specific to Alaska.
In the case of life insurance there is very little in the way of requirements for you to take out life insurance as a legislative requirement in Alaska, but obviously you need to be aware that life insurance is not primarily about protecting yourself from being sued or legal hassles (say as might be the case with auto insurance in the event of an accident. But is more designed to take care of your family financially when you aren’t around to do so.
Hence getting Alaska Life Insurance Quotes is really more a matter of being a responsible Alaskan and making sure that your families’ immediate future is protected financially.
Alaska Life Insurance – The Detail
The details of insurance in Alaska are taken care of from a legal perspective by Title 21 of the Alaskan Statutes.
Many of the provisions are fairly standard across the different states, but there are some that it is worth taking note of before you buy any life insurance.
The first important legal provision is that you are entitled to a 30 day period of grace before the insurance company can cancel your policy. In effect, then if you a miss a payment it means that you have up to 30 days to make good on it.
And that during that 30 day period you would still be covered. If there was a claim for example on an Alaskan Life Insurance policy that you took out, then the premium would be deducted from any claim amount, but importantly you would still be covered.
Secondly, it is worth noting death benefits in Alaska have to be paid out within 60 days of a claim.
This means that as long as you have filled out all the forms correctly, that you can expect any life insurance you took out in Alaska to be promptly paid out, and for the insurance company to not be able to drag their heels on payment.
On the flip side of this is the fact that there are lots of laws relating to telling the truth on your insurance application. If you lie about anything such as your age, job, health status etc. Then the insurance companies are entitled to not pay out on life claims. So, make sure that you act with due care and probity when filling out your Alaska life insurance forms.
Alaska Life Insurance – Other Resources
Alaska Division of Insurance
In Alaska it is the Alaska Division of Insurance who are responsible for Alaska Life Insurance. Their mission statement is as follows:
“The mission of the Division of Insurance is to assure competitive, viable, ethical and lawful insurance is available to Alaskans”.
This handles both information relating to Alaskan Insurance Companies as well as the public. So it makes an interesting stopping off point to look into the industry.
If you would prefer to deal with someone in person with regards to getting Alaska Life Insurance then you could contact the AIIAB.
These are primarily a trade association for insurance agents and brokers in Alaska, but they do also offer a consumer information section that will allow you locate an insurance agent that is local to you.
Even if you do go this route it is still well worth getting a few Alaska Life Insurance Quotes online first, as they are free to get and will give you a better idea about the kind of prices that you might expect to pay for your life cover.