Virginia Life Insurance

Have you ever just taken a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is Virginia Life Insurance. Purchasing Virginia Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

When shopping for Virginia Life Insurance, you need to be aware that there are certain provisions that vary from state to state. The Virginia State Department of Insurance issues regulations for Virginia Life Insurance policies pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements.

Why Do I Need Virginia Life Insurance?

You may wonder why you need Virginia Life Insurance. Take a look at these figures.

Virginia is ranked 28th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 76.8 years.  Taking a look at that figure in greater detail, we find that for every 100,000 people in Virginia, almost 800 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to nearly 2,000, and at 75 to 84 over 5,000 Virginia residents die for every 100,000 in the state. More on mortality by age, sex and race, and the leading causes of death in Virginia can be found at: http://www.cdc.gov/nchs/pressroom/data/Virginia09.pdf

For more reasons why you should apply for Virginia 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.

Virginia Life Insurance Specifics

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

Free Look: According to the State Code a “free look” provision must be included in every Virginia Life Insurance plan. The free look allows you to change your mind even after you have signed the contract with the insurance company and received all policy documents. Most companies give at least a 10-day cancellation without penalty period. In some cases it may be as many as 30 days.

Death Benefit Processing: According to the State Code, Virginia Life Insurance companies are required to process any death benefit claim as soon as possible. If all documentation is in order, this usually means within 2 months. The Virginia life insurance code also allows for the accumulation of interest on death benefits that are not paid in a timely manner.

Virginia Life Insurance companies are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime and affects the rates everyone in the state pays for Virginia Life Insurance. Insurance companies can challenge any information you put on a Virginia Life Insurance application for up to 2 years.

If any discrepancy or misinformation is discovered, the life insurance policy may be terminated immediately. Allowances for misstatement of age are given, and may be corrected without penalty at any time while the Virginia State Life Insurance policy is in effect.

Virginia Life Insurance State Resources

Virginia 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 Virginia Life Insurance industry. 
http://www.scc.virginia.gov/division/boi/

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

Virginia Life Insurance Company Ratings – This company provides ratings for Virginia Life Insurance Companies based on financial strength and past performance.
http://www.ambest.com/