Vermont Life Insurance

Looking for cheap life insurance quotes? Start your search at SaveOnLifeInsuranceNow.com. There are 347 life insurance companies licensed to sell life insurance policies in Vermont. Over 1,000 people is employed in life insurance industry which invests $6 billion of its assets in Vermont’s economy.Vermont residents own 290,000 individual life insurance policies and have $50 billion in death benefit coverage. The average coverage amount is $98,000 per policyholder. The amount of group life insurance coverage is $15 billion. In 2008 over $2 billion of individual life insurance coverage was bought. Vermont residents were paid $860 million in the form of death benefits, annuities, and other payments in 2008.

Vermont Life Insurance Regulations

Title 8 of the Vermont Statutes regulates the life insurance industry and outlines policy requirements in Vermont. If a misstatement of age is discovered, it will result in the reduction of death benefits. In case of a suicide, Vermont life insurance companies will not pay the claims in the first two years.

Consumers have a 10-day “free look” period to decide to decline the cheap term life insurance coverage (a full refund of premiums is made by a life insurer during this period). Vermont insurers must settle life insurance claims within 30 days of receiving proof of death. There’s also a 30-day grace period on late premium payments. Consumer misrepresentation on a policy or application will result in its cancellation.

Vermont Health Facts

The state ranks 1th out of 50 for life expectancy. The average life expectancy is 77 years. The leading causes of death are cancer and heard diseases. The data provided by American Human Development Report (2008-2009).

600,000 people life in Vermont. 10% of the state’s population in uninsured. The median annual income is $50,000. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

SaveOnLifeInsuranceNow.com provides consumers with low cost life insurance quotes online.

Department of Insurance

89 Main Street, Drawer 20

Montpelier, Vermont 05620-3101

Web site: http://www.bishca.state.vt.us/

Phone: (802) 828-3301

Consumer Hotline for Insurance: (800) 964-1784