Pennsylvania Life Insurance (PA)
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The state of Pennsylvania has laws and regulations that are meant to help financially protect both consumers and insurers.
PennsylvaniA Life Insurance Laws Protecting Consumers (PA)
Title 31 of the Pennsylvania Code is the regulating force behind the insurance industry of Pennsylvania. Both policy requirements and claims procedures are overseen here by the state in order to protect you, the insurance consumer of Pennsylvania.
A 10-day “free look” period is one of these protections. This period allows all new life insurance policyholders a minimum of at least ten days to review their policy and decline the coverage for any reason. The insurers are obliged to refund all premiums paid.
Life insurance companies in Pennsylvania are also legally required to allow you a 30-day grace period for all late payments. This guarantees policyholders one month to get caught up on a payment without worry of their life insurance policy being terminated for non payment. As long as the required payment is made within this window, coverage shall continue uninterrupted.
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Claims procedures will vary amongst insurers, but need to be settled in a timely manner. An outline of these procedures will be in the text portion of your policy. Any late settlements will result the accruement of interest on the proceeds.
Life Insurance Regulations Protecting PennsylvaniA Insurers (PA)
In Pennsylvania, insurance companies are also protected under Title 31. One such protection is related to fraudulent or misleading statements on a policy or application for coverage. Any misstatements found within the first two years of a policy’s life can result in policy termination, with no claims honored. All premium payments will, however, be refunded.
Any misstatements regarding age will result in the recalculation of death benefits to reflect the appropriate age of the insured.
Additional PennsylvaniA Life Insurance Regulations (PA)
If your life insurance policy has been purchased through a licensed Pennsylvania insurance company and your premiums are current, your policy will be backed by the Pennsylvania Life & Health Insurance Guaranty Association. In the unfortunate event that your life insurance company becomes insolvent, the Guaranty Association will help to compensate your policy.
Compensation does have limits under this protection:
- $300,000 maximum in place for lost death benefits.
- $100,000 maximum for lost cash surrender.
These limits are per insured individual and hold true even if an insured has multiple policies with a higher coverage total.
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.