Utah Life Insurance

Utah life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

  • Briefly describes Utah life insurance regulations.

  • Explains the protection of the Utah Guaranty Association.

  • Links to more information about life insurance in Utah.

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Utah life insurance rights and regulations

The insurance industry in Utah is regulated under Title 36 of the Utah Statutes. These statutes outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

One consumer protection required, by law, on all Utah life insurance policies is a 30-day grace period on late premium payments. During this window, an insurer will not cancel the policy, and coverage will continue uninterrupted so long as the account is brought current.

And while Utah does not specify a particular claims procedure all insurers must follow, the state does provide some regulation. Improper claim practices are outlined in the statutes.

However, Utah law extends some protections to insurers, too. Consumer misrepresentation on a policy or application, if discovered within the first two years of the policy, can result in its cancellation. The insurer won't be obligated to honor any claims.

And purposeful misrepresentation can be considered fraud and prosecuted accordingly.

A misstatement of age can be discovered at any time and will result in the reduction of death benefits to reflect the actual age of the insured.

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If you are ready to apply for a Utah term life insurance policy, or if you just want a quick online quote, visit Netquote now.
If you are not sure about what type of life coverage you want, you can also try Insurecom. They will put you in touch with agents who can answer any questions that you might have.

The Utah Life Insurance Guaranty

Licensed insurance companies in Utah pay annual fees to the Utah Life and Disability Insurance Guaranty Association. This organization is designed to protect insurance consumers, like you, by helping cover policies lost through insurance company insolvency.

However, there are restrictions on this protection. In Utah the compensation for lost death benefits is limited to $300,000, and compensation for net cash values is limited to $100,000. These limits are per person, and apply even in the event of multiple policies with a higher total amount of coverage.

And your insurer must be licensed in Utah to qualify for the guaranty's backing. To check the status of an insurer, you can call the Utah Insurance Department at 801-538-3805.

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Apply for a quote with confidence at Netquote
(for Utah term life insurance), or Insurecom.
Your insurer will be licensed in Utah.

More UT life insurance help

If you want more help getting the best value on your UT life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about UT life insurance laws and regulations, visit the official website of the Utah Insurance Department.

For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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