New Hampshire Life Insurance
- Understand your rights when you're purchasing a New Hampshire life insurance policy, and find out how state law protects your interests in the process.
Selecting a New Hampshire life insurance policy is an important decision. The policy you choose can support your dependents or affect the inheritance you leave behind. Every state has its own life insurance laws; even if you've purchased a policy in another state, make sure to check the New Hampshire regulations to ensure you know your rights.
New Hampshire Life Insurance Rules and Specifics
All insurance providers in New Hampshire are regulated by New Hampshire Revised Statutes Title XXXVII - Insurance. This section of state law is enforced by the New Hampshire Insurance Department.
Free Look Period
To provide flexibility, New Hampshire state law mandates a 10-day free look period. It starts from the day you receive the policy. During that time, you're permitted to return the policy. The company is required to void the policy and refund your money in full.
As the owner of a life insurance policy in New Hampshire, you have the right to choose your beneficiaries. If you want the death benefit to go to an organization, state law allows you to select one that's eligible for a charitable deduction. This might include charities, educational institutions or religious organizations.
New Hampshire's grace period rule comes into effect as soon as you make the first on-time premium payment on a life insurance policy. For all ensuing premiums, state law grants you a 31-day grace period. If you can't make a payment on time, you have 31 days from the original due date to bring your account back to good standing. Within this period, the company is required to pay out a death benefit if you pass away — they can, however, deduct the late premium plus interest from the payout.
Interest on Death Benefit
After you die, your life insurance provider must deliver the death benefit to your beneficiaries in a timely fashion — ideally, within 30 days of receiving proof of death. When 30 days pass, the company must pay interest on the claim.
Life Insurance Resources in New Hampshire
New Hampshire Insurance Department
If you need assistance choosing or dealing with a policy, start with the New Hampshire Insurance Department. Call or email the Consumer Services team to ask a question or check the status of a license. The department also offers online tools to help you locate policies, report fraud or make complaints.
New Hampshire Life and Health Insurance Guaranty Association
As you compare insurance companies, it's helpful to see if they're part of the New Hampshire Life and Health Insurance Guaranty Association. This organization guarantees a payout if your provider goes bankrupt; they must be a member for you to qualify.
New Hampshire Estate Planning Council
New Hampshire Estate Planning Council connects consumers with reputable estate planners who can help you direct your life insurance benefits to the correct person.