Rhode Island Life Insurance

Have you ever just taken a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is Rhode Island Life Insurance. Purchasing Rhode Island Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

When shopping for Rhode Island Life Insurance, you need to be aware that there are certain provisions that vary from state to state. The Rhode Island State Department of Insurance issues regulations for Rhode Island Life Insurance policies pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements.

Why Do I Need Rhode Island Life Insurance?

You may wonder why you need Rhode Island Life Insurance. Take a look at these figures.

Rhode Island is ranked 9th out of 50 states and the District of Columbia with a life expectancy of 78.3 years. Though Rhode Island makes the Top Ten, don’t be fooled, you still need Rhode Island Life Insurance. Here’s why. For every 100,000 people in Rhode Island, more than 1,000 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to over 2,500, and at 75 to 84 nearly 6,000 Rhode Islanders die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Rhode Island can be found at: http://www.cdc.gov/nchs/pressroom/data/RhodeIsland09.pdf

For more reasons why you should apply for Rhode Island Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

Rhode Island Life Insurance Specifics

Rhode Island regulates its insurance industry through The State Insurance Code of Rhode Island. Under the code, those purchasing Rhode Island Life Insurance are afforded certain protections, such as:

Free Look: Under State Code a “free look” means you are entitled to change your mind.
All sellers of Rhode Island Life Insurance plans are obligated to include the Free Look provision. With Free Look, you can choose to cancel your life insurance policy for any reason, even after you have signed the contract with the insurance company and received all policy documents. In most cases the free look period is at least a 20 days without penalty. Some Rhode Island Life Insurance Companies give as many as 30 days, while others only offer a 10 day period to review a policy and cancel without penalty.

Death Benefit Processing: In Rhode Island, your beneficiaries are entitled to swift and efficient payment of death benefits. If all documentation is in order the norm is within 60 days. The State Code also provides for Rhode Island Life Insurance companies to pay interest on death benefits. With a Rhode Island Life Insurance policy, interest begins to be applied to a death benefit as soon a claim is filed.

Most Rhode Island Life insurance policies will cover accidental deaths even if they occur within the first 2 years that a policy is in effect. Suicide is not covered by any Rhode Island Life insurance policy that is less than 2 years old.

Life insurance purchasers are not the only ones protected by state regulations. Rhode Island Life Insurance sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, a Rhode Island Life Insurance company can question any information you stated on your Rhode Island Life Insurance application for up to two years from the purchase of the policy. Any discrepancies, especially those related to medications or tobacco use, can result in revocation of the policy. Allowances for misstatement of age are given. If age is found to be incorrect, the policy rate will likely be adjusted to reflect the accurate age, but not terminated entirely.

Rhode Island Life Insurance State Resources

Rhode Island 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 Rhode Island Life Insurance industry. 
http://www.dbr.state.ri.us/

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

Rhode Island Life Insurance Company Ratings These companies provide ratings for Rhode Island Life Insurance Companies based on financial strength and past performance.
http://www.ambest.com/
http://www.moodys.com/cust/default_alt.asp
http://www2.standardandpoors.com

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