Nebraska Overview

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April 8, 2011

Nebraska is located in the mid-western region of the US. The capital city of Nebraska is Lincoln whereas the largest city is Omaha. In terms of life expectancy, Nebraska ranks 16th among the 50 US states. It has a life expectancy of 77.8 years. If you are a Nebraska resident and wish to obtain a life insurance policy, you need to know about the life insurance law of the state.

Nebraska life insurance industry is regulated under Chapter 44 of the Nebraska Statutes. It mentions the policy requirements and claims procedures pertaining to the insurance policy.

• Life Insurance Grace period:

  The Nebraska life insurance law makes it mandatory for the insurance companies in the state to allow a grace period of 30 days in the event of late payments. This means that in case you miss paying your monthly premium on time, your Nebraska insurance provider can terminate your policy before allowing you a period of 30 days to make the payment.

• First look:

  The Nebraska life insurance law makes it mandatory for the insurance companies to offer a period to the policy-holders. This free-look period provides you a certain amount of time to make up your mind whether you are satisfied with the insurance policy. If you cancel your life insurance policy within the duration of the free-look period, you will get full refund. Majority of the Nebraska life insurance companies offer a 10-day free-look period; however, there are some others who offer a 30-day free-look period.

• Death Benefit processing:

  As per this law, nsurance providers in Nebraska should make swift payment of death benefits to the beneficiaries of the policy-holders, provided all the documents are in order. Typically, insurance companies are required to make the payment within a couple of months after the claim is made.

  Following are some clauses and exclusions contained in Nebraska life insurance policies:

• Grace Period clause:

  It indicates the number of days that your insurance provider will grant you in case you fail to pay your monthly premium on time.

  It protects the death benefit that is paid out to your beneficiary in case your creditors try to obtain the death benefits.

• Incontestable clause:

  It safeguards you by allowing your insurance provider only a certain specific period to dispute your policy.