Connecticut Life Insurance

Connecticut, like most states, does not regulate life insurance on the policy level the way that states Departments of Insurance regulate other insurance such as health or auto. Regulations regarding Connecticut Life Insurance usually come into play when a claim is filed, and have to do with payment terms and other issues surrounding the disbursement of death benefits. Under state Insurance Codes, provisions are provided to protect the rights of Connecticut Life Insurance consumers, and the sellers of Connecticut Life Insurance polices.  

Why Do I Need Connecticut Life Insurance?

You may wonder why do I even need Connecticut Life Insurance? Take a look at these figures.

The good news is Connecticut is ranked in the top 5 states for Life Expectancy. Connecticut is 4th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 78.7 years.  But before you think that means you do not need life insurance, think again. For every 100,000 people in Connecticut, more than 700 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number nearly triples to 2000, and at 75 to 84 nearly 5000 residents die for every 100,000 in Connecticut. More on mortality by age, sex and race, and the leading causes of death in Connecticut can be found at:
http://www.cdc.gov/nchs/pressroom/data/Connecticut09.pdf

For more reasons why you should apply for Connecticut Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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Connecticut Life Insurance Specifics

Specific title within The State Insurance Code of Connecticut provides regulation of the Life Insurance industry. Provisions within the Code provide a level of standardization and protection for Connecticut Life Insurance consumers, such as:

The Free Look: In the life insurance industry, a state mandated “Free Look” provision allows you to take your Connecticut Life Insurance policy out for a test drive. The state code recognizes that life insurance polices can be difficult to understand, and provides Connecticut Life insurance consumers with the option to take as much as 30 days to review, and cancel a policy without question or penalty.    

There are protections in place to safeguard the interests of Connecticut Life Insurance companies as well. Under the Code, insurance companies can review your application for up to two years, even if they have approved it and issued a policy. If you are found to have been deceitful on your Connecticut Life Insurance application, the policy can be canceled. An allowance for giving the wrong age is provided, and if age has been misstated, the policy rate may be adjusted to reflect the actual age, and not terminated entirely.

Connecticut Life Insurance State Resources

Connecticut Department of Insurance - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Connecticut Life Insurance industry. 
http://www.ct.gov/cid/site/default.asp 

Connecticut Life & Health Insurance Guaranty Association - State guaranty associations are there to provide protection and continuing Connecticut Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.ctlifega.org/

Connecticut Life Insurance Company Ratings - These companies provide ratings for Connecticut Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/