Life Insurance in Rhode Island
As a Rhode Island resident, purchasing life insurance today is one way you can help to ensure that your loved ones will always be financially protected, even if you are not there to take care of them.
When shopping for life insurance in Rhode Island, you need to be aware that there are certain provisions that vary from state to state. The Rhode Island State Department of Insurance issues regulations for Rhode Island life insurance policies pertaining to free-look time frames, payment grace periods and other features.
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.
Rhode Island was ranked 15th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.76. With this in mind, people living in Rhode Island may want to consider their life insurance options.
Rhode Island life insurance specifics
Rhode Island regulates its insurance industry through The State Insurance Code of Rhode Island. Under the code, those purchasing life insurance in Rhode Island are afforded certain protections, such as:
- Free Look Period
According to the Rhode Island state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
- Grace Period
A grace period is allowed on all late payments under the Rhode Island state insurance code. If you miss a premium payment for any reason, all Rhode Island life insurance providers must give you at least 31 days to bring the account current before the insurer can cancel the policy for non-payment.
Rhode Island life insurance state resources
Rhode Island Insurance Division
The purpose of the Insurance Division is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Rhode Island life insurance industry.
Rhode Island Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Rhode Island, even in the event that a life insurance company becomes insolvent.
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.