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There are some specific life insurance laws in the state of Virginia. These regulations are enforced by the State Insurance Code of Virginia and protect policyholders. These regulations include: death benefit processing, and free look.
Death benefit processing makes it so that Virginia life insurance companies must process claims within a two-month period. Once all the documentation is given to the life insurance company from your beneficiaries the two-month time frame starts. If the death benefit is not paid in a timely manner, the life insurance company may need to pay the beneficiaries interest.
Free look allows people who purchase a life insurance policy at least a 10-day money back full refund if they decide the life insurance policy is not for them. Some life insurance companies allow for cancellation without a penalty for up to thirty days.
There are also a few Virginia life insurance state resources that are important to keep in mind and jot down just in case you need assistance. These include: The Virginia Department of Insurance, Virginia Life and Health Insurance Guaranty Fund, and Virginia Life Insurance Company Ratings.
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