West Virginia Life Insurance

West Virginia 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 West Virginia life insurance regulations.

Explains the West Virginia Guaranty's protection.

Links to more information on life insurance in West Virginia

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.

West Virginia life insurance rights and regulations

The insurance industry in West Virginia is regulated under Title 39 of the West Virginia Revised Code. These statutes outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

One consumer protection required, by law, on all West Virginia life insurance policies is a 4-week grace period on late premium payments. During this window, an insurer will not cancel the policy, and coverage will continue uninterrupted so long as the account is brought current.

And while West Virginia does not specify a particular claims procedure all insurers must follow, claims should be settled in a timely manner. If they are not, the death benefit proceeds may begin accruing interest. Your policy will outline your insurer's procedure.

However, West Virginia 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 West Virginia 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 West Virginia Life Insurance Guaranty

Licensed insurance companies in West Virginia pay annual fees to the West Virginia Life and Health Insurance Guaranty Association. This organization is designed to protect insurance consumers, like you, by helping to cover policies lost through insurance company insolvency.

However, there are restrictions on this protection. In West Virginia the compensation for lost death benefits is limited to $300,000, and compensation for lost cash values is limited to $100,000. These limits are per person, and apply even in the event of multiple policies with a higher total amount of coverage.

And your insurer must be licensed in West Virginia to qualify for the guaranty's backing. To check the status of an insurer, you can call the West Virginia Insurance Commission at 304-558-3386 or 800-642-9004.

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

More WV life insurance help

If you want more help getting the best value on your WV 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 WV life insurance laws and regulations, visit the official website of the West Virginia Insurance Commission.