According to the CDC https://www.cdc.gov/nchs/pressroom/states/virginia/virginia.htm
- The number one cause of death in VA is Cancer, causing over 15,000 deaths per year.
- The second leading cause is Heart Disease, and it’s almost tied for number one.
- Respiratory diseases
- Kidney Disease
In the US, the average Life Expectancy is 79.1 years, but in VA it is 79.2 years.
There are 5 rating organizations that rate the financial strength of insurance companies. They are Standard and Poor’s, Fitch, Weiss, AM Best, and Moodys.
Each org has a different code or system so be careful when you’re interpreting the results. An “A” from one company is not necessarily an “A” from another. For example, with Standard and Poor’s, an “A” is their third best rating. Their best is a “AAA”.
You should compare 2 or 3 independent ratings before making a definitive judgment on how much you trust a particular insurance company’s financial strength.
If you’d like to read more on any one of the above rating organizations, links to their websites are provided below:
- S&P https://www.spglobal.com/ratings/en/about/understanding-ratings
- Fitch https://www.fitchratings.com/site/insurance
- Weiss https://weissratings.com/insurance
- AM Best http://www.ambest.com/home/default.aspx
- Moodys https://www.moodys.com/
State resources for insurance consumers:
Virginia Life, Accident, and Sickness Insurance Guaranty Association: https://www.valifega.org/
The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the Commonwealth of Virginia. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the guaranty association to provide protection (up to the limits set forth in the Act) to Virginia residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer. Specifically, when a member insurer is found to be insolvent and is ordered rehabilitated or liquidated, a special deputy receiver takes over the insurer under court supervision and processes the assets and liabilities through rehabilitation or liquidation. The task of providing coverage to Virginia’s resident policyholders becomes the responsibility of the guaranty association. The protection provided by the guaranty association is based on Virginia law and the language of the insolvent company’s policies at the time of insolvency.
Virginia Bureau of Insurance: https://www.scc.virginia.gov/boi/
The Bureau of Insurance serves the public by regulating, licensing, and investigating insurance companies, agencies, and agents. Our mission is to ensure that all Virginians have access to reliable insurance and that all insurance entities and professionals conduct their business in compliance with Virginia law.
Free look period:
The Virginia law states: “No individual life insurance policy shall be delivered or issued for delivery in this Commonwealth unless it has printed on it a notice stating in substance that if during a ten-day period from the date the policy is delivered to the policy owner, the policy is surrendered to the insurer or its agent with a written request for cancellation, the policy shall be void from the beginning and the insurer shall refund any premium paid for the policy. Nothing in this section shall prohibit an insurer from extending the right to examine period to more than ten days if the period is specified in the policy.”
The Virginia law states: “A. Each individual life insurance policy shall contain a provision that the insured is entitled to a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made, subject at the insurer’s option to an interest charge that is not to exceed six percent per year for the number of days of grace elapsing before the payment of the premium B. The provision shall also state that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or any overdue premium installment is paid, the amount of any earned overdue premium or installment through the policy month of death with interest may be deducted from any amount payable under the policy in settlement. The grace period shall start on the premium payment due date.”