Connecticut Life Insurance

Connecticut, like most states, does not regulate life insurance products on the policy level the way that states' Departments of Insurance regulate other insurance such as health or auto. Regulations usually come into play when a claim is filed, and have to do with payment terms and other issues surrounding the disbursement of death benefits. Under state Insurance Codes, provisions are provided to protect the rights of consumers living in the state of Connecticut, and the sellers of Insurance polices.  

Why Do I Need A Policy?

You may wonder why you even need to acquire a life insurance policy in the state of Connecticut? Take a look at these figures.

The good news is Connecticut is ranked in the top 5 states for Life Expectancy. Connecticut is 4th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 78.7 years.  But before you think that means you do not need life coverage, think again. For every 100,000 people in Connecticut, more than 700 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number nearly triples to 2,000, and at 75 to 84 nearly 5,000 residents die for every 100,000 in Connecticut. More on mortality by age, sex and race, and the leading causes of death in Connecticut can be found at:
http://www.cdc.gov/nchs/pressroom/data/Connecticut09.pdf

For more reasons why you should apply for a policy, and for help in finding the best type of coverage for your particular needs, at the best value, take a look at our section called Most Important Question.

Connecticut Specifics

Specific title within The State Insurance Code of Connecticut provides regulation for this complex industry. Provisions within the Code provide a level of standardization and protection for Connecticut consumers, such as:

The Free Look: In this industry, a state mandated “Free Look” provision allows you to take your policy out for a test drive. The state code recognizes that polices can be difficult to understand, and provides consumers with the option to take as much as 30 days to review and cancel a policy without question or penalty.    

There are protections in place to safeguard the interests of companies selling life products as well. Under the Code, insurance companies can review your application for up to two years, even if they have approved it and issued a policy. If you are found to have been deceitful on your application, the policy can be canceled. An allowance for giving the wrong age is provided, and if age has been misstated, the policy rate may be adjusted to reflect the actual age, and not terminated entirely.

Connecticut State Resources

Connecticut 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 insurance industry dedicated to selling life products. 
http://www.ct.gov/cid/site/default.asp 

Connecticut Life & Health Insurance Guaranty Association - State guaranty associations are there to provide protection and continuing coverage, even in the event that a company becomes insolvent.
http://www.ctlifega.org/

Connecticut Company Ratings - These companies provide ratings for Companies based on financial strength and past performance
http://www.ambest.com/

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