Life Insurance Information For Consumers

Term life insurance does have a downside: It’s limited. A policy is typically purchased for a 10-, 20-, or 30-year term—after that, the coverage ends and you don’t get any of your money back. When your term policy expires, you often have an option to convert it to permanent, or cash-value, insurance,.... Life Insurance Information For Consumers Many New Yorkers spend substantial sums of money each year on life insurance premiums with very little idea of what they are getting for their money. Often buyers don’t realize that there are major differences in the types of life insurance they can buy and the sources for such coverage.. Prepared by the National Association of Insurance Commissioners. The National Association of Insurance Commissioners is an association of state insurance regulatory officials. This association helps the various insurance departments to coordinate insurance laws for the benefit of all consumers.. A life insurance company orders a consumer report from the Medical Information Bureau (MIB), a CRA. Information in the MIB report leads to further investigation of the applicant. The application for insurance is rated or declined because of information learned from the investigation, whether the decision was based partly or completely on the information..

Consumers overestimate the cost of life insurance, especially younger generations; 44 percent of Millennials overestimate the cost at five times the actual amount. Half of all consumers say they are more likely to purchase life insurance if priced without a physical examination.. We are the Insurance Information Institute. Since 1960, we have been the trusted source of unique, data-driven insights on insurance to inform and empower consumers. We serve consumers, media and professionals seeking insurance information. Learn More ... Life Insurance 8 smart steps for buying life insurance..

NAIC Products provide reliable data, information and technology applications for regulators, consumers and industry. Technology Solutions (myNAIC) Automated Valuation Service (AVS) State Based Systems (SBS) SERFF OPTins I-Site +. Congressionally requested study that assesses life insurance policies and the adequacy of consumer information. Suggests that there may be information problems in some segments of the market.. You're not alone. Lots of people get overwhelmed when shopping for insurance. If you don't know the difference between a variable annuity and variable life insurance policy, we can help. AM Best has a variety of resources that explain different types of insurance and related products, how they work, and when you should consider buying them..