Life Insurance In Alaska: Who's Covered?

how many people get life insurance in alaska

Life insurance is a tax-free lump sum paid to beneficiaries after the policyholder's death. In Alaska, life insurance companies are regulated under Title 21 of the Alaska Statutes. The average life insurance premium in Alaska is $655 per year, or $54 per month, which is higher than the national average of $631 per year. The top life insurance providers in Alaska include Nationwide, GEICO, and Mutual of Omaha. Alaska life insurance specifics include a 10-day free-look period, during which policyholders can review their policy details and request a refund by returning it, and a 30-day grace period for premium payments.

Characteristics Values
Average monthly premium for life insurance $65 for women and $81 for men
Average life insurance premium per year $655
Average life insurance premium per month $54
National average for life insurance per year $631
Alaska's rank in life expectancy in 2014 33rd out of 50 states
Life expectancy in Alaska in 2014 78.41 years

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Life insurance premiums in Alaska

Alaska does not have many state regulations governing life insurance policies, leaving pricing to the insurance companies. However, the State Insurance Code of Alaska provides certain protections for consumers. For example, Alaska mandates a 10-day "free look" period during which consumers can review their policy and return it for a refund if desired. Additionally, there is a 30-day grace period for late premium payments, ensuring that the policy won't be cancelled immediately for non-payment.

According to MoneyGeek, the average monthly premiums for life insurance in Alaska are $65 for women and $81 for men. These averages are influenced by factors such as age, health, occupation, coverage amount, and term length.

When considering life insurance in Alaska, it is essential to compare quotes from multiple providers and carefully review the coverage options, taking into account your specific needs and financial situation.

Some of the top-rated life insurance providers in Alaska include Nationwide, State Farm, GEICO, and Mutual of Omaha. These companies offer a range of policy options and have high customer satisfaction ratings.

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Whole life insurance in Alaska

Whole life insurance is a type of life insurance that provides coverage for the entirety of the policyholder's life, rather than for a specified term. In Alaska, whole life insurance is offered by several companies, with State Farm and Nationwide being among the most popular providers.

When considering whole life insurance in Alaska, it is important to understand the specific regulations and resources related to life insurance in the state. Alaska, like most states, does not have extensive regulations for life insurance policies. However, the State Insurance Code of Alaska provides certain protections and provisions when purchasing any life insurance policy in the state. For example, Alaska requires a 10-day "free look" period during which policyholders can review their policy details and request a refund if they are unsatisfied. Additionally, Alaska life insurance companies offer a grace period of 30 days beyond the due date of premium payments, ensuring that policies are not cancelled immediately due to non-payment.

When choosing a whole life insurance provider in Alaska, it is essential to consider various factors such as coverage needs, budget, and the company's reputation. State Farm, the leading provider of whole life insurance in Alaska, is known for its high customer satisfaction, variety of products, and strong financial stability. Nationwide, another top-rated company, offers diverse policy options and exceptional customer service.

It is worth noting that the cost of life insurance in Alaska can vary based on personal factors such as age, health, occupation, and lifestyle. When exploring whole life insurance options, be sure to compare different providers, consider your specific needs and financial capacity, and ask any questions you may have about the policy details.

Overall, whole life insurance in Alaska can provide individuals with long-term financial security and peace of mind, knowing that their loved ones will be protected in the event of their passing.

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Term life insurance in Alaska

Term life insurance is a common type of life insurance that provides coverage for a specific period, often called the "term." Unlike whole life insurance, which offers lifelong protection, term life insurance is designed to meet an individual's needs for a defined period, making it a popular choice for those with temporary insurance requirements.

In Alaska, the life insurance industry is regulated by The State Insurance Code of Alaska, which provides various protections and provisions for consumers. While Alaska does not heavily regulate life insurance policies, certain rules come into play when a claim is filed, primarily regarding payment terms and the disbursement of death benefits.

When considering term life insurance in Alaska, it's worth noting that the state ranked 33rd out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.41 years. This factor may influence an individual's decision to opt for life insurance coverage.

Several reputable companies offer competitive term life insurance options in Alaska. According to MoneyGeek, Nationwide is the best term life insurance provider in the state for both men and women, with a MoneyGeek score of 97 and a monthly premium of $18 for both genders. GEICO and Mutual of Omaha are close contenders, with scores of 96 and monthly premiums of $14 and $17, respectively. These companies stand out for their financial stability, customer satisfaction, and diverse product offerings.

When choosing a term life insurance plan in Alaska, individuals should consider their specific needs, budget, and the provider's reputation. Additionally, factors such as age, health status, occupation, coverage amount, and term length can influence the cost of term life insurance.

Alaska also offers a Voluntary Supplemental Benefits (VSB) plan for state employees, which includes life insurance, critical illness coverage, and short and long-term disability benefits. This plan is administered by MetLife and provides comprehensive protection for state workers.

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Average cost of life insurance in Alaska

The average cost of life insurance in Alaska varies depending on several factors, including age, health status, occupation, coverage amount, and term length. Here is an overview of the average monthly premiums for life insurance in the state:

  • The average monthly premium for life insurance in Alaska is $65 for women and $81 for men, according to one source.
  • Another source provides slightly different figures, stating that the top life insurance provider in Alaska, Nationwide, offers a monthly premium of $21 for women and $22 for men.
  • For young adults, Nationwide offers a lower monthly premium of approximately $12 for men and $11 for women.
  • For seniors, the average monthly cost of life insurance is higher. Nationwide, the top provider for this demographic, charges a monthly premium of $69 for men and $67 for women.

When considering life insurance in Alaska, it is essential to compare quotes from multiple providers as rates can vary significantly. Additionally, factors such as age, health, and coverage amount will influence the final cost of your policy.

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Life insurance regulations in Alaska

One such regulation is the 30-day grace period that life insurance companies must provide after a missed premium payment or when a policy has no cash value. During this period, the policy remains in force, and if the insured dies, the beneficiary will receive the full death benefit. Additionally, residents of Alaska have a 10-day free-look period during which they can return a life insurance policy for a full refund of premiums paid. This period begins on the policy delivery date, and the death benefit will still be paid out if the insured dies during this time.

The Alaska Life and Health Insurance Guaranty Association guarantees the death benefit, ensuring that beneficiaries receive up to $300,000 in death benefits and $100,000 in policy cash value, even if the insurance company becomes insolvent. Insurance companies are required to make timely death benefit payments, usually within two months, to avoid hefty fines.

The State Insurance Code of Alaska provides various protections and provisions when purchasing life insurance. The state's Department of Insurance is responsible for executing state insurance laws to protect insurance consumers and the industry. Additionally, the Alaska Life and Health Insurance Guaranty Association offers further protection in the event of a life insurance company's insolvency.

Frequently asked questions

The average life insurance premium in Alaska is $655 per year, or $54 per month, which is higher than the national average of $631 per year.

Age, gender, smoking status, health, lifestyle, family medical history, driving history, and the length of the term are all factors that impact the cost of life insurance in Alaska.

Nationwide is the top provider for the best life insurance in Alaska for both men and women, with a MoneyGeek score of 97 for both.

The cost of life insurance in Alaska for men varies depending on age, health, occupation, and lifestyle. For the top-rated Nationwide policy, the average monthly premium is $22.

Life insurance in Alaska is regulated under Title 21 of the Alaska Statutes. The State Insurance Code of Alaska provides various protections and provisions when purchasing life insurance, such as a 10-day free look period and a 30-day grace period for late payments.

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