Delaware Life Insurance

Purchasing a Delaware life insurance policy today is the smartest move you can make to ensure that your loved ones will always be protected, even if you are not there to take care of them. A life insurance plan at its most basic level is a contract between you and an insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

Why Do I Need A Policy?

You may wonder why do you even need life coverage? Take a look at these figures.

Delaware is ranked 29th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 76.8 years.  For every 100,000 people in Delaware, almost 1,000 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2,200, and at 75 to 84 nearly 7,000 Delawareans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Delaware can be found at: http://www.cdc.gov/nchs/pressroom/data/Delaware09.pdf

For more reasons why you should apply for life insurance, and for help in finding the best type for your needs, at the best value, take a look at our section called "Most Important Questions".

Delaware State Specifics

The insurance industry in Delaware is regulated by The State Insurance Code of Delaware. The state uses this code to regulate claims and provide certain provisions to protect Delaware consumers, such as:

Death Benefit Processing: As a resident of Delaware and beneficiary of a Delaware insurance policy, it is your right as recognized by the State Code to a swift and reasonable payment of death benefits. Companies selling Life products are required to process any claim as soon as possible, and that should never be longer than 30 days as long as all documentation is in order.

Grace Period: You have 30 days to bring your premiums current if you have missed a payment, and not lose your benefits. This is known as a Grace Period and is a provision of the Delaware insurance code.

Delaware state regulations have also been designed to protect the companies against obvious cases of consumer insurance fraud. You cannot knowingly make misstatements on your insurance application. Companies have up to 2 years to dispute such statements. If they find any discrepancies or misinformation, they can terminate the policy immediately, and you may be subject to criminal charges or other penalties.

Delaware Life Insurance State Resources

Delaware 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 Delaware Life Insurance industry. 
http://www.delawareinsurance.gov/

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

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