Life insurance can be one of the best ways to protect your family against unforeseen accidents or health problems and invest in the future. This allows family members to access the money immediately if the primary income source for them is suddenly lost due to illness or other incidents that cause sudden death. Companies that provide these services and products are subject to state oversight in a number of ways.
Life insurance options in Virginia
There are various options when it comes to life insurance. The two most common types of policies are whole and term life insurance. As the name suggests, whole term life insurance lasts for the entirety of your life. A term life insurance policy will be active for only a set period before the policy lapses. There are different benefits for each type of policy, and they can be discussed between you and an agent at Star City Insurance.
Virginia has specific requirements and regulations regarding life insurance, just like every other state. The commonwealth provides insurance information on its state corporation commission website. All companies that sell life insurance in the state must go through a process to become licensed and approved based on meeting specific standards and complying with relevant guidelines. They also need to publish standards of suitability used by the insurer in writing. Advertising regarding insurance policies in Virginia is also regulated. This is to make sure potential consumers are not misled into buying a product that they may not need or understand. This functions alongside more general consumer protection measures. Any policy also needs to state its benefit clearly, and designation amounts to avoid disputes or conflicts later. Part of the regulations governing insurance companies also prevent practices that would include conflicts of interest or improper behavior by agents.
While it is not essential to know the specifics of all regulations, they are in place to protect you and make sure the insurance industry is regulated for your benefit.
Get set up with a new life insurance policy today from Star City Insurance
For help or information about getting started with a life insurance policy in Virginia, contact an agent from Star City Insurance. We will be able to provide greater detail about insurance rules and can answer any questions you may have.