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Life Insurance in Vermont

Life insurance is meant to provide your beneficiaries with the means to help cover your final expenses and make up for the lack of your income. The Vermont State Department of Insurance oversees the sale of life insurance, ensures that providers are properly licensed and makes available certain guaranteed protections for Vermont life insurance consumers.

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.

Vermont was ranked 7th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 80.24. With this in mind, people living in Vermont may want to consider their life insurance options.

Vermont life insurance specifics

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

  • Free Look Period
    According to the Vermont 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 late payments under the Vermont state insurance code. If you miss a premium payment for any reason, most Vermont life insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.

Vermont life insurance state resources

Vermont Insurance Division
The purpose of the Vermont Insurance Division is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Vermont Life Insurance industry.

Vermont Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Vermont, 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.

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