Connecticut Life Insurance. What you need to know

 
eTermLifeInsurance has experience in writing all types of Connecticut Life Insurance . Since we have been licensed in Connecticut, we know what consumers need to look for when they are buying a Connecticut Life Insurance policy. Let’s go over a few details regarding life insurance companies conducting business in the state, as well as the laws and regulations that affect people who own policies in the state.

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Key Regulations for Connecticut Life Insurance

Connecticut Life Insurance Policy Contestability

With the laws that exist for Connecticut Life Insurance , death claims or beneficiary claims submitted by an existing insured within two years of the policy issue date can be investigated by the issuing company. In the event that the insured’s insurance application has  misrepresentations, the  company issuing the plan can deny the claim and revoke the coverage. However, in the event that this would happen they would have to  return the premium that was paid for the entire period of the life of the plan.

Your rights as a Connecticut Life Insurance Policyholder

A contract written in the state of Connecticut consists of many policyholder rights and the responsible person who can take advantage of those rights during the of the covered person is known as the owner of the policy. Some of the most common rights of a Connecticut Life Insurance policyholder are:

• beneficiary designation
• settlement options
• policy benefits
• ownership transfers
• policy loans and cash surrender details

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Protection for Connecticut Life Insurance Policyholders

There are protections for consumers owning Connecticut Life Insurance policies if a company should happen to have financial problems, or even fold up entirely. To help protect against this scenario, the state of Connecticut Life & Health Guaranty Fund protects life insurance policies against the inability to fulfill their obligations, resulting in the failure to pay claims.

Connecticut State Resources

Connecticut Department of Insurance - The Department of Insurance exists solely to enforce the state insurance laws in a way that protects both the consumers buying life insurance policies, as well as the companies that are currently doing business in the state.
http://www.ct.gov/cid/site/default.asp

Connecticut Life & Health Insurance Guaranty Association - The guaranty associations for the state exist to provide consumers with a degree of protection  in the event that a company goes out of business or becomes insolvent.
http://www.ctlifega.org/

Connecticut Company Ratings - These ratings companies provide a view on which companies are the strongest based on financial strength and past performance
http://www.ambest.com/

Please feel free to contact us if you have any specific questions about your Connecticut Life Insurance policy.