Washington Life Insurance

Washington 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 Washington life insurance regulations.

Explains the protection of the Washington Guaranty Association.

Links to more information about life insurance in Washington.

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

Use InsureME to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Washington life insurance rights and regulations

The insurance industry in Washington is regulated under Title 48 of the Washington Code. These codes outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

In Washington, life insurance companies are obligated to settle claims in a timely manner. Death benefits begin earning interest at the date of death, and this accrues until final payment is made.

However, Washinton 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.

A misstatement of age can be discovered at any time and will result in the reduction of death benefits to reflect the actual age of the insured.

Sidebar
If you are ready to apply for a Washington 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 Washington Life Insurance Guaranty

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

However, there are restrictions on this protection. In Washington, the compensation for lost death benefits is limited to $500,000.

And your insurer must be licensed in Washington to qualify for the guaranty's backing. To check the status of an insurer, you can call the Office of the Insurance Commissioner at 1-800-562-6900 or (360) 438-7697.

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

Viatical settlements

Washington law permits the marketing of viatical and life settlements, but viatical agents and brokers must be licensed.

(Viatical settlements involve the purchase a life insurance policy from the insured, where the thrird party pays the premiums and becomes the policy's beneficiary.)

More WA life insurance help

If you want more help getting the best value on your WA 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 WA life insurance laws and regulations, visit the official website of the state's Insurance Commissioner.