Kentucky Life Insurance (KY)

The state of Kentucky has laws and regulations in place that help financially protect consumers and insurers.

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KentuckY Laws Protecting Consumers (KY)

The life insurance industry is regulated by Title 25 of the Insurance Code of Kentucky in the state. Claims procedures and policy requirements are overseen by this title in order to protect you, the insurance consumer.

• 30 Day Grace Period: Allows all life insurance policyholders one month to catch up on a late payment without worry of their coverage being cancelled by the insurer.

• The code also extends protection to life insurance companies. For example, a life insurance company has up to two years to contest any information on an application or policy.

KentuckY Life Insurance Regulations Protecting Insurers (KY)

• Fraudulent or Misleading Statements: Any fraudulent or misleading statements found may result in the policy’s termination by the insurer. All premiums will be refunded.

• Misstatements regarding age may be found at any time, resulting in a recalculation of death benefits, corresponding to the actual age of the insured.

Additional KentuckY Life Insurance Regulations (KY)

Any life insurance policy purchased through a licensed life insurance company in Kentucky is financially backed by the Kentucky Life & Health Insurance Guaranty Association. The Guaranty Association will help to compensate your policy claim in the unfortunate event of your life insurance company becoming bankrupt. Restrictions are, however, in place with a maximum death benefit of $300,000 and cash surrender maximum of $100,000.

In order to qualify for the Guaranty Association protection, your life insurance company must be licensed in the state of Kentucky, and your premiums must be current.

Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.