Best States For Life Insurance On The Basis of Cost

Life Insurance Cost in Texas

S&P Global Market Intelligence data show that the average Texas life insurance premium is $633, or $52 per month.

Top Life Insurance Companies in Texas

You want to pick a life insurance company that’s able to cover insurance claims when needed. You can often evaluate a company’s general stability by looking at its market share, as the two characteristics tend to go hand in hand. About 35% of the market share in Texas is held by the top seven life insurance carriers. The top life insurance company in Texas is Northwestern Mutual, which holds a 7.0% market share. Refer to the table below for the top insurance carriers in Texas.

Life Insurance Laws in Texas

Life insurance laws in Texas are governed by the 2005 Texas Insurance Code and Title 28 of Texas Administrative Code. Notable laws regarding life insurance in Texas include:

• A 30-day payment grace period for a Texas policyholder to prevent insurance companies from canceling the policy during that time frame.
• Insurance providers in Texas must pay death benefits to beneficiaries in a timely manner—usually within a month of the claim. If a company takes more than 60 days to process and settle claims, they will be charged accrued interest on the proceeds.
• As an insured, your beneficiaries can claim death benefits, even if the insurance company goes bankrupt. This is backed up by the Texas Life, Accident, Health & Hospital Service Insurance Guarantee Association.
• There are guarantees of up to $300,000 for death benefits that are lost, and $100,000 for lost cash surrender value under the Texas Life, Accident, Health & Hospital Service Insurance Guaranty Association.
• Most of the insurance companies in Texas provide seven to 30 days for a person who has recently bought life insurance. This gives enough time for the insured to make changes if required. If a person cancels their policy within this time period, you can get a full refund of any premiums you have paid so far.

The average life insurance cost in Florida is about $627 per year, or $52 per month.

Top Life Insurance Companies in Florida

When choosing a life insurance company in Florida, as in other states, it’s important to understand its financial strength and where it stands in the market. The market share of a life insurance carrier in Florida is calculated by dividing the amount of premiums it writes by the total number of policies sold in the state. In Florida, the top seven life insurance providers hold close to 37% of the market. Have a look at how the top Florida insurance companies compare below.

Florida Life Insurance Laws  

Similar to Texas, Florida life insurance laws are regulated by Title 37 of the Florida Statutes.  Insurance companies in Florida are also required to have anti-fraud departments.  If you’re purchasing life insurance in Florida, here are some things you need to know:

• Florida law requires insurance carriers to find and notify any of the beneficiaries within 120 days of acknowledging the death of the insured. If they aren’t able to locate any of the beneficiaries, then the proceeds go to the Florida state government until the required beneficiary is found.
• A 10-day “free-look” period is provided by most life insurance companies in Florida. This gives the potential policyholder time to cancel their coverage/get a refund of the premiums paid.
• A 30-day payment grace period for a policyholder in Florida ensures that the insurance company does not cancel the policy during that time frame.
• If the death benefits aren’t paid by the company to the beneficiary within 30 days, then the amount goes to accrued interest from the date of death.
• As an insured, your beneficiaries can claim death benefits, even if the insurance company goes bankrupt. This is backed up by the Florida Life & Health Insurance Guaranty Association.
• There will be guarantees of up to $300,000 for death benefits that are lost, and $100,000 for lost cash surrender value under the Florida Life & Health Insurance Guaranty Association.

Life Insurance Cost in Georgia 

The level of coverage you get is one of the main variables influencing the price of life insurance in Georgia. Georgia’s average annual life insurance premium is about $630.

Although a minimum coverage amount may result in lower premium costs, it might not be enough to pay for all the expenses of your dependents. Therefore, it’s essential to consider what amount of insurance would be sufficient to ensure that your family or dependents are entirely covered.

Top Life Insurance Companies in Georgia 

It is challenging for you to choose the best life insurance provider among the many in Georgia. Let’s take a look at some factors that can help you decide which one to go with.

When looking for life insurance in Georgia, it’s important to take an insurer’s market share into account since it reflects on the insurer’s credibility. The top seven life insurance companies in Georgia account for 36.84 % of the state’s entire life insurance market.

Georgia Life Insurance Laws 

In Georgia, the life insurance laws are governed by Title 33 of the Georgia Code, which is a part of the 2006 Georgia Code. The laws are quite similar to those in the states mentioned above.

• Under the Georgia Life & Health Insurance Guaranty Association, there are guarantees of up to $300,000 for death benefits that are lost.
• A 30-day payment grace period for a policyholder in Georgia ensures that the insurance company does not cancel the policy during that time frame.
• If the benefits aren’t paid by the company to the beneficiary within 30 days, then the amount goes to accrued interest from the date of death.
• A 10-day “free-look” period is provided by most life insurance companies in Georgia. This gives the potential policyholder time to cancel their coverage/get a refund of the premiums paid.

Life Insurance Cost in New York

The cost of life insurance depends on the length and value of your policy, as well as your age and general health. New York has a higher average annual life insurance premium than the rest of the U.S., at around $675 per year, or $56 per month.

Top Life Insurance Companies in New York

When looking for life insurance, it’s crucial to understand a company’s market share or the number of policies it has written relative to the overall number of policies written by the state.  Companies with sizable market shares typically have more financial stability and will pay claims promptly and fairly.

We have made it easy for you by analyzing the seven most popular life insurance companies in New York, which cover about 53.99% of the overall market. Take a look at the table below.

New York Life Insurance Laws  

Life insurance regulations in New York are settled by Article 32 of New York Consolidated Law. The laws, although quite similar to those of Texas, Florida, and Georgia, do have varying conditions when it comes to claim settlements.

• Under the Life Insurance Company Guaranty Corporation of New York, there are guarantees of up to $500,000 for lost death benefits.
• If the death benefits aren’t paid by the company to the beneficiary within 30 days, the amount goes to accrued interest from the date of death.
• A 61-day payment grace period for a policyholder in New York ensures that the insurance company does not cancel the policy during that time frame.
• A 10-day “free-look” period is provided by most life insurance companies in New York. This gives the potential policyholder time to cancel their coverage/get a refund of the premiums paid.