Did you know that Kentucky is ranked 42nd out of 50 states in life expectancy? According to CDC report, the average life expectancy is 72 years. At Bradshaw and Weil insurance, we aim to improve yours and your loved one's lives in the event of an untimely death. If you intend to purchase a life insurance policy, here is some vital information you need to know.
Life Insurance Regulation
Life insurance coverage is tailored toward customer satisfaction while at the same time abiding by the laws and regulations set by Kentucky Department of Insurance. The insurance code of conduct is stated in Chapter 304, Title 25.
30 Day Grace Period
The 30 day grace period set by the state gives you room to make late payment without worrying that your policy may be canceled. Unlike in other states where a misstatement can lead to cancellation, in Kentucky it is corrected when noted. Non-disclosure is not condoned and may lead to policy termination.
Life Insurance Guarantee
Most life insurance policies are protected by the Kentucky Life and Health Insurance Guaranty Association. However, this is only applicable if your insurer is licensed by the state to provide insurance services to customers. As a consumer, it is vital that you check to ensure that your insurance company is licensed in Kentucky to receive benefits.
Uses of Life Insurance
There are many reasons why life insurance is essential. When you are gone, it can be used to achieve the following:
- Source of income for beneficiaries. (They can also use it to pay off debts.)
- Can be used to secure inheritance for a loved one.
- The beneficiaries can use it to offset federal or state estate taxes.
- Can be used to contribute to charity provided you name the charity beneficiary on the policy.
- Covers funeral expenses.
Do not hesitate to contact Bradshaw and Weil Life Insurance for more information on various life insurance policies. Our agents can help you pick a policy and get started.