Virginia Life Insurance Key Terms

Learn about a few terms associated with Virginia life insurance policies

Virginia life insurance offers financial protection to the families of policy holders in the event of death. There are many different types of life insurance products. Make sure you get one that will meet your financial needs if a family member dies prematurely.

Take the time to understand some of the various terms associated with Virginia life insurance. This way you'll be able to purchase the best policy for your family or offer a proper policies to the employees of your company. Here are some Virginia life insurance key terms along with some helpful links to help get you started.

 

Term life insurance

Term life insurance refers to a protection that is granted from the insurance company to the policy holder. It guarantees a determined amount of monetary coverage for a certain amount of time should the covered person die. An example would be that a 30-year-old male might purchase 20-year term life insurance for $100,000. If they die between 30 and 50 years of age, their beneficiaries will receive $100,000.
Try: Visit the website for New York Life for an in-depth discussion on the parameters of term life insurance. They also provide a link to their several offices within the state of Virginia.

Virginia group life insurance

Group life insurance is a form of protection which is usually purchased or offered through your employment by an insurance company. The rates are based on your line of work and may be lower than the rates for individual policies because the insurance company is providing a set amount of coverage for a group. It should be noted that group life insurance will expire when you leave your place of employment.
Try: Spend some time at Insure Me.com for additional information on how group life insurance works within the state of Virginia.

Virginia life insurance quote

A life insurance quote is the amount of money a potential policy holder can expect to pay as a monthly premium for life insurance coverage. This amount fluctuates based on several factors including, but not limited to: age, amount of coverage, family history and more. These ratios act in direct proportion, meaning the more coverage you would like, the more you will pay per month.
Try: Visit American Term Life Insurance for additional information on Virginia life insurance quotes. To find out about how much life insurance you need -- and how much you'll pay a month -- check out the calculator at Northwestern Mutual Life Insurance, one of the largest life insurers in Virginia.

Virginia life, accident and sickness and insurance guaranty association

The Virginia Life, Accident and Sickness and Insurance Guaranty Association is a state-run department which provides a backup funding source for policy holders in case a life insurance company becomes insolvent. This means even if a life insurance company goes bankrupt, the policy holder will still have some recourse to recoup part or all of their benefits.
Try: Look up Virginia Life, Accident and Sickness and Insurance Guaranty Association for additional information on the protection provided in the case of an insolvency of a Virginia life insurance company.

10-day right to examine policy

The 10-day right to examine policy refers to a Virginia law that allows any policy holder to examine the contents and terms of their policy for a period of 10 days. If the policy holder chooses to cancel or forfeit their policy they may do so without incident and must be refunded any monies paid.
Try: Take the time to peruse the website for the Virginia State Legislature for additional information on the 10-day right to examine policy.

Universal life insurance

Universal life insurance refers to a policy that covers an individual over the span of their entire life. There is not a term where the policy suddenly ends. The policy is payable to the beneficiaries upon the death of the policy holder. These policies may also be drawn against for other investments such as real estate or annuities.
Try: Check out the website for Prudential for additional information on what a universal life insurance policy might look like. Prudential, which has a large footprint within the state of Virginia, also provides a list of offices in the state by town.

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