Life insurance in the District of Columbia
You likely don’t want to think about your own death. It’s important, however, to consider how the people who depend on you will continue to survive financially after you’re gone.
As a resident of Washington, D.C., purchasing life insurance is one way to help ensure that your loved ones will always be protected, even if you are not there to take care of them.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Maryland and Virginia were ranked 25th and 24th, respectively, out of 50 states in life expectancy in 2014, with life expectancies of 79.16 and 79.18 years. With this in mind, people living in the District of Columbia may want to consider their life insurance options.
Washington, D.C., life insurance specifics
The insurance industry in Washington, D.C., is regulated by Title 31 of The Insurance Code of Washington, D.C. The state uses this code to regulate claims and provide certain provisions to protect life insurance customers. One of these provisions includes:
- Grace Period
The Washington, DC State insurance code also requires that all Insurance companies allow a 30-day grace period on late payments of premiums. If you are late with a monthly payment, you must be given 30 days to bring the account current before the insurer can terminate the policy for non-payment, regardless of the reason of the missed payment. The insurance company can charge interest for late payments, however.
Washington, DC life insurance state resources
Washington, DC Department of Insurance, Securities and Banking
The purpose of the Department of Insurance, Securities and Banking is to faithfully execute the District’s insurance laws in a manner that protects insurance customers and various financial industries.
http://www.dbfi.dc.gov
Washington, DC Life and Disability Insurance Guaranty Association
State guaranty associations are there to provide protection and continuing coverage, even in the event that the company selling life plans becomes insolvent.
http://www.dclifega.org/
Life Insurance Company Ratings from A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
