Life Insurance in Washington
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 Washington resident, purchasing life insurance is one way you can 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.
Washington was ranked 11th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.99. With this in mind, people living in Washington may want to consider their life insurance options.
Washington life insurance specifics
The insurance industry in Washington is regulated by The State Insurance Code of Washington. The state uses this code to regulate claims and provide certain provisions to protect Washington life insurance consumers, such as:
- Free Look Period
According to the Washington state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund. - Grace Period
A grace period is allowed on late payments under the Washington state insurance code. If you miss a premium payment for any reason, Washington life insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.
Washington life insurance state resources
Washington 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 Washington life insurance industry.
http://www.insurance.wa.gov/
Washington Life & Disability Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Washington, even in the event that a life insurance company becomes insolvent.
http://www.walifega.org/
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
www.standardandpoors.com/en_US/web/guest/home
www.moodys.com
