The Facts About South Dakota Life Insurance
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Individuals and businesses looking to purchase life insurance in South Dakota should familiarize themselves with the state of life insurance. The insurance industry in the state is regulated to ensure that consumers and businesses are protected. This results in life insurance standards that may be different from those available in other states. Meyer Insurance operates in strict adherence to the written rules of policy requirements and claims procedures.
A free look period is a time given to new policyholders to try out the policy and then return it if they desire. Such policyholders will get a full refund should they choose to return the policy. The state has set this period at ten days, but individual insurance companies may choose to have longer periods based on their company policy.
The state laws protect the privacy of customers. This means that the insurance companies cannot share customers’ information or medical records with any institution or agency. It is still important for customers to find out the policy of their insurer regarding policyholder privacy.
The state gives insurance companies a period of two months to make payment on a life insurance claim after the claim has been filed. This is aimed at ensuring that insurance companies do not withhold benefits without any substantial reason. Insurers that make late payments may be penalized, with the account of the insured accruing interest.
The South Dakota Life and Health Insurance Guaranty Association will backup policies in case an insurance company becomes insolvent. Each life insurance policy with up to $300,000 in lost death benefits will be protected, provided the insured was up to date with premium payments.
Meyer Insurance strives to offer its customers superior services at all times. If you wish to purchase life insurance from us, kindly give us a call or visit our offices. Our friendly staff will be happy to serve you regardless of where you are in South Dakota.