Anyone concerned about their beloved ones' future and wants to provide them with financial security should consider getting life insurance. However, before purchasing a policy in the state of Nevada, Bryan Zane Terry & Associates, LLC has prepared a list of things you should know:
Life Insurance Standards and Regulations in the Silver State
- Life insurance in the Silver State is regulated by the Nevada Revised Statutes - the code of law, the purpose of which is to protect the consumer in mind.
- Insurance companies in Nevada provide policyholders with a 10 day "free look" period. This period allows to "test" the insurance policy and back-out for a full refund if the policy is not what a policyholder expected. Also, during these 10 days, policyholders can review the document containing life insurance standards and regulations and see anything they do not like about it.
- Protection of personal information. All insurance companies selling life insurance policies must take measures in protecting policyholders' privacy. They are required to release all the personal information they have about their customers, per their request. However, they are not allowed to share personal information about policyholders with other agencies and institutions.
- According to the Silver State law, insurance companies can set their own policy regarding claiming payments. This means that they are not required to make timely payments of claims once they receive the proof of death.
- If an insurance company goes out of business, the Nevada Life and Health Insurance Guaranty Association will cover up to $300,000 in lost death benefits.
Life insurance is not just a luxury - it is a beneficial investment that can guarantee financial security for policyholders' beneficiaries. If you are a resident of the Silver State and are looking for a trustworthy insurance company to purchase a life insurance policy, Bryan Zane Terry & Associates, LLC is ready to assist you. Do not hesitate to give us a call to talk to one of our knowledgeable and highly-qualified agents.