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Ky Life Insurance - Important Advice

by Daniel Wright

Life insurance is a highly regulated industry and in Kentucky it's no different. There is a governmental organization designed to regulate KY life insurance and that is the Kentucky Department of Insurance. This organization is designed to regulate the life insurance companies that do business in Kentucky and respond to consumer complaints.

There are also other ways that the state protects consumers and insurance company interests. All insurance companies classified as life insurance companies and licensed to sell life insurance, accident and health insurance and annuity contracts in Kentucky are required by law to be members of KLHIGA (Kentucky Life and Health Insurance Guaranty Association Act).

This act establishes maximum limits on the amount that policyholders can receive in payments to one person's insured's life when multiple policies are owned by the person trying to receive the money. Also, the act prevents certain types of KY life insurance from entering the market. These types are prevented from participating for good reason, and are generally not good products for the consumer.

Prior to getting a life insurance quote in Kentucky it would be wise to contact the Kentucky Department of Insurance to ascertain whether or not the company is reputable and operating according to the law. You can actually directly contact the department if you have a question or want a little more information on what to watch for and what different insurance products are available.

Major types of life insurance are as follows: Term life, whole life, universal life, & annuities as well as several other variations and/or additions. Any addition to an existing insurance policy is known as a rider. The most common type of rider is what we call a 'long-term care rider', which can be very helpful in the event someone is injured and needs to be housed and cared for during a long period of time.

As a KY life insurance consumer, you have many rights and should absolutely contact the department of insurance if you suspect that you are being treated unfairly in any way. Upon receipt of your formal complaint, this governing body will evaluate your claim in a timely fashion and take the appropriate action for the situation. As with any product on the market, buyer beware. Make sure you do your homework before purchasing a life insurance policy.

Learn more about KY life insurance options and receive up to 5 FREE life insurance quotes from the major life insurance providers by completing our short 4-minute form at Life-Insurance-Quoter.com. Just a few minutes of time now could save you thousands of dollars over the next few years! We've established relationships with major insurers so no matter which one you choose, you'll have a designated local agent to speak with anytime you wish. Visit us today and discover just how low your Kentucky term life quotes can be!

Published December 23rd, 2008

Filed in Insurance


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