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Life Insurance in Delaware

If you live in Delaware, purchasing a life insurance policy today is smart way to help 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. If you pass away while your policy is in force, the payout can help cover your final expenses and help make up for the lack of your income.

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.

Delaware was ranked 30th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.72 years. With this in mind, people living in Delaware may want to consider their life insurance options.

Delaware life insurance 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 life insurance consumers, such as:

  • Grace Period: You have 30 days to bring your premiums current if you have missed a payment, and the insurance company won’t decrease or terminate your benefits. This is known as a Grace Period and is a provision of the Delaware insurance code.
  • Free Look
    According to the state code, a free look provision must be included in every Delaware life insurance policy. This period allows you to change your mind even after you have signed the contract with the insurance company and received all policy documents. If you return the policy within 10 days of the policy issue date, you won’t face any financial penalty.

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 both insurance consumers and the Delaware life insurance industry.

Delaware Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and help continue Delaware life insurance coverage, even in the event that a life insurance 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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