Rhode Island Life Insurance

Rhode Island life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Rhode Island life insurance regulations.

Explains the Rhode Island Guaranty Association's protection.

Links to more information on life insurance in Rhode Island

Life Insurance for as Little as $20/Month?

Premiums can vary by as much as 50% for the same coverage and options, so it pays to get quotes from as many reputable insurers as possible. Us our quick 60-second quote form to find the coverage that's right for you, and a monthly premium that you can afford. Click here to get your fast free quote

Rhode Island life insurance rights and regulations

The insurance industry in Rhode Island is regulated under Chapter 27 of the Rhode Island Insurance Code. These codes outline claims procedures and policy requirements for the benefit and protection of you, the consumer.

One such consumer protection is the 10-day "free look" provision contained, by law, in every Rhode Island life insurance policy. During this window, a new policyholder can decide to decline the coverage and still recieve a full refund of premiums, without penalty. Some insurers will even allow a longer window (so check your policy).

Rhode Island law also requires that life insurance companies settle claims in a timely manner. (Although if there are questions as to the identity of the beneficiary, settlement can take some time.) However, the final settlement must include interest earned on the proceeds beginning from the date of death.

However, Rhode Island law extends some protections to insurers, too. Consumer misrepresentation on a policy or application, if discovered within the first two years of the policy, can result in its cancellation. The insurer won't be obligated to honor any claims.

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If you are ready to apply for a Rhode Island term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The State of Rhode Island Life Insurance Guaranty

If your life insurance company is licensed in Rhode Island, your policy is backed by the Rhode Island Life and Health Insurance Guaranty Association. This organization helps protect you, the insured, should your insurance company go bankrupt.

However, there are restrictions on this protection. In Rhode Island the compensation for lost death benefits is limited to $300,000, and compensation for lost cash surrender is limited to $100,000.

And your insurer must be licensed in Rhode Island to qualify for the guaranty's backing. To check the status of an insurer, you can call the Rhode Island Department of Business Regulation at 401-222-2246.

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Apply for a quote with confidence at Insured Street
(for Rhode Island term life insurance), or InsureME.
Your insurer will be licensed in Rhode Island.

More RI life insurance help

If you want more help getting the best value on your RI life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about RI life insurance laws and regulations, visit the official website of the Rhode Island Department of Business Regulation.