Minnesota Life Insurance

Compare cheapest life insurance quotes on SaveOnLifeInsuranceNow. Over 20,000 people are employed in the life insurance industry. There are 450 life companies licensed to sell life insurance products in Minnesota. Life insurance companies provide $6 billion in mortgage loans on farm, residential, and commercial properties. 15 life insurers are domiciled in the state.

There are 3 million individual life insurance policy holders in Minnesota. The cheapest term life insurance coverage amounts $130,000. There is $580 billion is in death benefit coverage. Group life insurance coverage amounts to $220 billion, and individual life insurance coverage totaled $40 billion in 2008. Over $1 billion was paid in annuity benefits in 2008.

Minnesota Life Insurance Regulations

Chapter 61A of the Minnesota Statutes regulates the life insurance industry in the state. Life insurance companies may cancel a policy within 2 years from the effective date of the policy if they find any misstatement. In case of a misstatement of age, the death benefits will be recalculated. Policy holders have 30 days grace period on late premium payment found. All proceeds must be paid by life insurance companies within 2 months of receiving proof of death.

Minnesota Health Facts

The life expectancy at birth is 79 years, which ranks Minnesota 2 out 50 for life expectancy. The major causes of deaths are heart disease and cancer. The data was taken from the American Human Development Report (2008-2009).

More than 5 million people life in Minnesota. 9% of the population is uninsured. The annual median income is $56,000. More information about state demographics, economy, health costs, and insurance coverage can be found at www.statehealthfacts.org.

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Minnesota Department of Insurance

85 7th Place East, Suite 500

St. Paul, Minnesota 55101-2198

Web site: http://www.insurance.mn.gov/

Phone: (651) 296-2488

Consumer Hotline: Statewide (MN) toll free (800) 657-3602