Life Insurance in Virginia
As a Virginia resident, purchasing life insurance today is a smart way you can help 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 Virginia, you need to be aware that there are certain provisions that vary from state to state. The Virginia State Bureau of Insurance issues regulations for Virginia life insurance policies pertaining to free-look time frames, premium 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.
Virginia was ranked 24th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.18. With this in mind, people living in Virginia may want to consider their life insurance options.
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 Period
According to the Virginia 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 Virginia state insurance code. If you miss a premium payment for any reason, most Virginia life insurance providers must give you at least 31 days or four weeks to bring the account current before the insurer can cancel the policy for non-payment.
Virginia life insurance state resources
Virginia Bureau of Insurance
The purpose of the Bureau of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Virginia life insurance industry.
Virginia Life & Health Insurance Guaranty Fund
The state guaranty association is there to provide protection and continuing life insurance coverage in Virginia, 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.