Life Insurance in West Virginia
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 West Virginia State Department of Insurance oversees the sale of life insurance, ensures that providers are properly licensed and makes available certain guaranteed protections for West Virginia 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.
West Virginia was ranked 47th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 76.03. With this in mind, people living in West Virginia may want to consider their life insurance options.
West Virginia life insurance specifics
The insurance industry in West Virginia is regulated by The State Insurance Code of West Virginia. The state uses this code to regulate claims and provide certain provisions to protect West Virginia life insurance consumers, such as:
- Free Look Period
According to the West 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 West Virginia state insurance code. If you miss a premium payment for any reason, most West Virginia 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.
West Virginia life insurance state resources
West Virginia Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the West Virginia life insurance industry.
West Virginia Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and continuing life insurance coverage in West 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.