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Did You Know?Minnesota State Facts
- Minnesota was the 32nd state in the USA; it became a state on May 11, 1858
- St. Paul is the capital of MN
Mark M. Minneapolis, MN
April 8, 2011
Minnesota is the 12th largest state in United States. It is located in the mid western regions of the county and has and has an approximate population of 5.3 million. Minnesota stands at 2nd position in list of 50 States in life expectancy chart. The life expectancy of the state is very high 78.8 years in comparison to other states. There are many reasons why you should opt for Minnesota Life Insurance. Though it may sound weird, in this world of uncertainty, your family has some kind of financial support even after your death if you have some kind of life insurance. Minnesota Life insurance has many regulations and provisions in place to protect the interests of the policy holders.
Death Benefit Processing:
The insurance company has to settle the claim in a timely manner (within 30 days) after the company receives a proper proof of death of insured person. The company is obliged to make payment within 30 days, if it fails to do so it has to pay the interest over the amount.
Life Insurance Grace Period:
Minnesota Life insurance consumers have a grace period of 30 days in case of non payment of premium amount. The insurance company cannot cancel the policy for non-payment and the insured have coverage for that grace period.
Minnesota residents have many options to choose from when it comes to life insurance. You need to take into consideration all wealth (security benefits, saving bonds and available cash) that you will leave behind for your dependants. Life insurance can prove to be the best medium to bridge the gap between financial needs of your dependants and available wealth.
Residents of Minnesota have option of two different types of policies, Term Life insurance and Whole Life insurance. There are few basic differences in these two types of policies.
Whole Life insurance is available for lifetime. Since it is based on built cash value, the premiums are generally high. If you are not able to adjust to the high costs of whole term life insurance (after signing for it) you can cancel the policy during the look over period without penalty. The look over period is generally fixed by the State.
Thus with so many options and provisions to benefit the consumer, the Minnesota Life insurance policy will guarantee a peace of mind as it guarantee financial assistance to your family(beneficiary) after your death.