How to shop for life insurance coverage in New Hampshire
Although most life insurance policies are uniform, there are some regulations in the state of New Hampshire which are applicable only to this state. If you plan to purchase a policy, here are some pointers that may help you.
- Discuss with your insurance representative the ideal plan for you. If you go for coverage for a certain period only, you may as well buy a term life insurance. If you wish to have more riders and long term benefits with the potential of lifetime investment, whole or permanent life insurance is the best choice.
- Know how much of a premium you are able to afford. Assess your own income and find out how much you can deduct from it for your premium allotment. Do not buy a life insurance policy that will cost more than you can pay for.
- Identify your beneficiaries. Normally, the immediate family is the designated beneficiary. However you are free to indicate anyone whom you wish to benefit from your insurance proceeds.
- Find out the other perks or riders of the plan you are buying and if you can afford to pay additional cost for them, then do so.
- Ask your insurance agent for other options. Usually, agents will offer you the policy which will benefit them in terms of commissions. Insist to see other plans so you can select the best premium rates.
- Make sure the life insurance company is reputable and has been in the business for a considerable period of time. Avoid buying policies from companies that just sprouted from somewhere. Companies that operate globally are more reliable than those who operate locally only.
More on New Hampshire life insurance featuresMuch like other states, New Hampshire has its own implementing state guidelines to protect insured people. The objective is for beneficiaries to rightfully obtain the correct amount they are due them when their insured benefactor dies. The following particulars are included in the exclusive features of New Hampshire life insurance:
- Speedy processing of death benefits. This is mandatory for all life insurance companies to abide by. The priority concern of the state is the welfare of the beneficiaries hence it makes certain that life insurance companies that operate in New Hampshire have enough financial resources to award proceeds when they become payable and due. In the case of death benefits, insurance companies are required to give the amount within 30 days as long as all claim documents are in order.
- Time allowance. If a client is unable to update his premium payments, his policy still continues as he is given a grace period of 30 days to settle his dues. This is to give him time to recover and to make up for the delayed payments so his policy will not go to waste when it is cancelled. However if he is still not able to settle the fees within the given time, his coverage will cease.
- Protection from fraud. New Hampshire life insurance law also gives protection to insurance companies from fraudulent policy holders. If a policy is found to be full of wrong information especially about the client’s health condition, the policy will be terminated at once.
Obtaining life insurance in New Hampshire is a wise investment for any individual. Aside from the protection that it gives to the beneficiaries, there is also a promise of potential cash value in the future especially when the plan is permanent or whole life insurance.