If you are in the market to purchase, or if you already have purchased life insurance in Alaska, here is some important information you may need to know.  Always inform yourself of rules and regulations governing your life insurance policies in your state.

Alaska Rules and Regulations

Alaska life insurance companies are regulated under Title 21 of the Alaska Statutes.

Grace Period

Residents of Alaska enjoy strong regulatory protection with regard to life insurance ownership.  Residents are allowed a 30-day window after a missed premium payment or after a policy is void of any cash value, where the life insurance policy will remain in force for the insured.  If the insured dies during this period, the insurance coverage is still valid, and a death benefit will be paid to the beneficiary in full.

Free Look


Residents also have a 10 day free look period in Alaska.  This 10 day free look period allows residents to return an insurance policy for 10 days after the policy is delivered.  During this period the owner is entitled to a full refund of all premiums paid.  If the insured dies during this period, the death benefit will still be paid, but not after the policy has been “free looked”.


The death benefit it guaranteed by the Alaska Life and Health Insurance Guaranty Association, even if your insurance company were to fail.  In Alaska, this guarantee will protect you for up to $300,000 in death benefit, and $100,000 of policy cash value.  If your insurer becomes insolvent, rest easy knowing that the Life and Health Guaranty will protect you.  Be aware though that if you have a larger policy, or multiple policies, these amounts are a maximum payment per insured person, so it is wise to always only purchase life insurance from financially sound companies.

Timely Payment

Alaska requires that insurance companies must make a timely death benefit payment to the beneficiaries in case there is a death claim.  Payments are almost always made within two months, and a failure to do so by the insurance company may result in large fines to the company.

Useful Contacts

Alaska Division of Insurance

Telephone:  1-800-467-8725


Alaska Life & Health Insurance Guaranty Association

1007 West 3rd Ave., Suite 400

Anchorage, AK 99501

Telephone:  907-243-2311