Virginia Life Insurance
If you are looking for Virginia life insurance policies, AccuQuote.com can help you compare prices, features and financial strength of hundreds of Virginia life insurance policies. For nearly 20 years we have consistently delivered the best values to tens of thousands of people. We can answer your questions, identify important issues and make meaningful recommendations for a variety of life insurance products and services.
Why Do I Need Life Insurance in Virginia? Here are some quick facts
Virginia is ranked 12th highest populated state in the US. Life Expectancy of residents in Virginia is 76.8 years. For every 100,000 people in Virginia, the death rate is
|Age Range||# of Approx. Deaths Every Year|
|Between the ages of 55 and 64||800|
|Between the ages of 65 and 74||2000|
|Between the ages of 75 and 84||
These figures tell us why we should secure our life by purchasing Virginia Term Life Insurance.
Benefits of Having Life Insurance in Virginia
The State Insurance Code of Virginia regulates the life insurance industry in the state. The code safeguards the interests of anyone purchasing Virginia Life Insurance Policy through provisions such as:
Free Look: Under the State Insurance Code of Virginia, every life insurance plan must contain a "free look" provision. This "free look" allows you to cancel your policy even if you have signed a contract and have received all policy documents from the life insurance company. Most companies will give a 10-day period for cancellation of the policy, but some may even extend this "free look" period to 30 days.
Processing of Death Benefits: All Virginia Life Insurance companies are required to settle death claims as soon as possible. If all documents are in order, this is usually 2 months. The State Insurance Code of Virginia allows for accumulation of interest on death benefits if they are not paid in a timely manner.Under the State Insurance Code, Virginia life insurance companies have the right to review a policy for any discrepancies up to two years after it has been issued. If there are any discrepancies or inconsistencies in the information provided, the policy can be terminated. Misstatement of age is an exception. In such a case, the policy rate may be adjusted to reflect the correct age
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