Best Life Insurance Companies in Arlington

Frequently Asked Questions

• Can people cancel their life insurance policy in Arlington if they change their mind?

  Arlington residents may cancel their life insurance coverage if they change their mind since Virginia law requires insurance providers to provide a 30-day "free look" period. During this free look time, a person may carefully evaluate the terms and conditions of the contract or insurance policy before making a final decision.

• What happens to the life insurance policy if the insurer in Arlington ceases operations?

  If a licensed life insurance company in Arlington runs into financial trouble or goes out of business, the Virginia Life, Accident & Sickness Insurance Guaranty Association will maintain coverage and pay claims as long as the premium payments are up-to-date. The association also covers annuities, accident and sickness insurance, and health maintenance organization subscriber contracts.

• Do all life insurance providers in Arlington belong to the Virginia Life, Accident, & Sickness Insurance Guaranty Association?

  Life insurance companies operating in Arlington must, with only a few specific exemptions, become members of the Virginia Life, Accident & Sickness Insurance Guaranty Association. This is a requirement for conducting business within the Commonwealth of Virginia. The guaranty association is a safeguard mechanism designed to protect policyholders and annuity contract holders in the event that their insurance company encounters financial difficulties or becomes insolvent.

• Is a medical exam required to get life insurance in Arlington?

  Residents of Arlington who want to apply for life insurance coverage may need to undergo a medical examination, depending on the insurer and the type of insurance they select. There are also insurance companies that offer "no-exam" or "guaranteed issue" life insurance policies, which do not require a medical exam.

• Do Arlington residents have any options for reducing their life insurance premium costs?

  Arlington residents may save on life insurance by doing one or more of the following:

  • Comparing quotes from multiple insurers.
  • Considering premium payment frequency.
  • Joining group insurance plans from employers or organizations.
  • Applying for insurance at a young age and in good health for reduced rates.
  • Asking for a rate review after improving one's health.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.