Delaware Life InsuranceDelaware 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:
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Briefly describes Delaware life insurance regulations.
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Explains the protection of the Delaware Guaranty Association.
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Links to more information about life insurance in Delaware
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Delaware life insurance rights and regulations
The life insurance industry in Delaware is regulated under Title 18 of the Delaware Insurance Code. Under these laws, claims procedures and policy requirements are regulated by the state as a way of protecting you, the consumer.
One such consumer protection is guaranteed by the 30-day grace period insurers must allow for late premium payments. Life insurance companies in Delaware cannot cancel your policy until your premium payment is at least a month overdue.
In Delaware, claims settlements should be made upon receipt of proof of death and should never take longer than 2 months to finalize. (You'll find a description of the exact claims procedure followed by your insurance company within your policy.)
However, Delaware life insurance law also extends some protection to insurers. Providers may contest statements made in a policy application for up to two years from the effective date of the policy. If a misstatement is found, the policy can be cancelled and the premiums refunded.
If the claim is filed beyond two years of the policy's issue date, the company must prove fraud on the part of the applicant. Misstatement of age can be discovered at any point during the life of the policy. In this case the death benefit is simply adjusted to reflect the actual age of the insured. Sidebar
If you are ready to apply for a Delaware term life insurance policy, or if you just want a quick online quote, visit Efinancial 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 Delaware Life Insurance Guaranty
The Delaware Life And Health Insurance Guaranty Association helps protect policyholders against an insurance company's failure. An insurer pay fees to the organization, which, in turn, covers part of its policies if the company goes bankrupt.
The protection does have limits, though. The death benefit maximum in Delaware is $300,000 and the cash surrender max is $100,000. And in order to receive the protection this organization offers, your policy must be with a licensed insurance company. To find out the status of your life insurance company, contact the Delaware Insurance Hotline at 1-800-282-8611. Sidebar
Apply for a quote with confidence at Efinancial
(for Delaware term life insurance), or InsureME.
Your insurer will be licensed in Delaware.
Other notes on Delaware life insurance
Delaware regulates life insurance illustrations, which are financial projections made by an insurer. Check the Delaware Insurance Code for details and requirements.
Viatical settlements, which are third-party purchases of existing life insurance policies, are also permitted in the State of Delaware. However, legislation regulates the licensing of viatical agents and provides purchasing standards. Check with your agent. More DE life insurance help
If you want more help getting the best value on your DE 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 DE life insurance laws and regulations, visit the official website of the State of Delaware Insurance Department.
Learn even more:Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.
Our free life insurance course is designed to help you do just that.
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