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Life Insurance in Connecticut

Connecticut, like most states, does not regulate on the life insurance policy level the way that state Departments of Insurance regulate other insurance such as health or auto. There are few, if any, state regulations that mandate life insurance coverages or how a policy has to be worded or priced.

Regulations regarding Connecticut life insurance usually come into play when a claim is filed. These rules typically have to do with payment terms and other issues surrounding the disbursement of death benefits.

Why do I need life insurance?

With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.

Connecticut was ranked 4th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 80.56 years. With this in mind, people living in Connecticut may want to consider their life insurance options.

Connecticut life insurance specifics

The State Insurance Code of Connecticut provides regulation for the state’s life insurance industry. Provisions within the code provide a level of standardization and protection for Connecticut life insurance consumers, such as:

  • Free Look period
    In this Connecticut, a state mandated “Free Look Period” allows you to take your life insurance policy out for a test drive. This state code recognizes that policies can be difficult to understand, and it provides consumers with the option to take as much as 10 days to review and cancel a policy without question or penalty.
  • Grace Period
    A 60-day grace period must be given by all Connecticut policies issued in the state of Connecticut on late payments, and policyholders must be given that amount of time to bring their premiums current before the insurer can cancel the policy for non-payment.

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 life insurance customers and the insurance industry dedicated to selling life products.

Connecticut Life and Health Insurance Guaranty Association
State guaranty associations are there to provide protection and continuing life insurance coverage, even in the event that a company becomes insolvent.

Life Insurance Company Ratings From A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.

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