Most people with loved ones to care for and businesses to run have thought about how things would change if something happened to them – would their family be financially stable?  Would their business continue to run in their absence?  Virginia Life Insurance helps limit the potential problems that could arise if your family suddenly lost their main source or income, or if your business lost one of its most important employees.  You can shift the risk to the Virginia Life Insurance companies at the lowest possible cost.  Virginia Life Insurance can be used for replacing lost income, paying off a mortgage or other debts, pay the Virginia Estate Tax for those with a high net worth, and other uses.

The Virginia Department of Insurance regulates the state-specific laws that apply to Virginia Life Insurance.  Some of those laws include:

Free Look Period – All Virginia Life Insurance policies are required to allow the purchaser a period of a minimum of 10 days to have a “free look” at the actual policy contract and its provisions.  Most insurance companies allow up to 30 days for the “free look” period to be completed.  If for any reason the policy owner is not satisfied with the contract, they can return it with written notice to the insurance company within the allowed time for a full refund of any premiums paid, and the contract will be cancelled back to its original effective date.

Payment of Claims – If death occurs, Virginia Life Insurance companies are required to pay the death benefit for the beneficiary or beneficiaries within a timely manner once the claim is submitted and any other requirements have been satisfied

Life Settlements – Every state has different laws regarding the use of life settlements (the sale of a life insurance policy for a lump sum cash amount).  Virginia mandates that insurance brokers participating in life settlements have a separate, specific license, and that the person selling the policy meet certain financial criteria.  

Contestability Period – Like other states, Virginia Life Insurance policies are subject to a two year period of contestability from the insurance company.  If death occurs within the first two years, the company reserves the right to investigate the claim and may deny paying the claim if fraud was involved or the insured committed suicide.  After the first two policy years, the company is no longer allowed to contest the payment of a death benefit.  If the age was misstated on the policy, the company also reserves the right to take back any unpaid premiums (based on the actual age versus the stated age), or request that back premiums be paid if the policy is still in force and the insured is still alive.  

The premiums and underwriting for Virginia Life Insurance policies can vary significantly between companies.  The easiest way to know you are getting the absolute best deal is to seek the help of an independent agent who works with multiple insurance companies and can give you an honest, unbiased opinion of which will work best given your personal medical history and other criteria.  TermInsuranceBrokers allows you to compare rates from over 45 of the best life insurance companies, but also offers a unique process for high risk life insurance cases to shop the full medical history with multiple companies to get you the best risk classification that results in the lowest possible premium.

While TermInsuranceBrokers.com services all cities in Virginia, a short list of major cities covered is as follows:

Alexandria
Annandale
Arlington
Ashburn
Bailey’s Crossroads
Blacksburg
Burke
Centreville
Chantilly
Charlottesville
Chesapeake
Dale City
Fairfax
Fredericksburg
Gainesville
Hampton
Harrisonburg
Haymarket
Herndon
Hopewell
Leesburg
Lynchburg
Manassas
McLean
Newport News
Norfolk
Oakton
Portsmouth
Reston
Richmond
Roanoke
Springfield
Staunton
Sterling
Suffolk
Tyson’s Corner
Virginia Beach
Winchester
Woodbridge