Massachusetts Life Insurance

SaveOnLifeInsuranceNow.com is your source for cheap term life insurance quotes in MA. Over 420 life insurance companies are licensed to sell cheap life insurance products in Massachusetts, employing about 30,000 people in the state. 20 companies are domiciled in MA. 3 million people in the state are covered under individual life insurance policies (over $50 billion in total). The policyholders in MA have $700 billion in death benefit coverage. The average coverage is $160,000 per policyholder.

Life insurance companies paid $10 billion in the form of death benefits in 2008. Annuity benefits paid in the state in 2008 totaled $2 billion.

Massachusetts Life Insurance Regulations

Chapter 175 of the Laws of Massachusetts outlines claims procedures and policy requirements in the State of Massachusetts. Inaccurate statements made on the life insurance policy can be grounds for policy cancellation if discovered within the first 2 years. Death benefits will be canceled if a misstatement of age will be discovered. Death by suicide is not covered (in the first two policy years).

Find cheap life insurance online in minutes. Compare rates online!Consumers are entitled to a 10-day “free look” to decline the policy and get a full refund, and some life insurance companies will provide consumers with up to 30 days free look period. There’s also a 30-day grace period on late premium payments.

Massachusetts Health Facts

Life expectancy at birth is rather high (about 79 years) in MA. the state ranks 5 out 50 for life expectancy. The data was taken from the American Human Development Report.

The total population is 6 million people in the state, 5% of Massachusetts residents are uninsured. The median income is $59,000 per year. Cancer and heart disease are the leading causes of death in the state. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

Compare cheap life insurance online. Request free insurance quotes now.

Massachusetts Department of Insurance

One South Station, 5th Floor

Boston, Massachusetts 02110

Web site: http://www.state.ma.us/doi/

Phone: (617) 521-7794

Consumer Hotline: (617) 521-7794