Best Life Insurance Companies in Roanoke

Frequently Asked Questions

• Where can Roanoke residents turn to if they are having issues with their life insurance carriers?

  Residents of Roanoke with life insurance issues can seek assistance from the State Corporation Commission (SCC). For general inquiries, they should first contact their insurance agent or company. If the problem persists, they can contact the SCC at 804-371-9691 or visit their website. The SCC will appoint an insurance examiner to review complaints and ensure that Virginia insurance laws and policy provisions are followed. When regulatory authority is insufficient for resolution, they will share their findings and recommend next steps.

• What rights do Roanoke residents have regarding life insurance according to Virginia laws?

  Residents of Roanoke have specific rights regarding life insurance under Virginia law. Insurance companies cannot discriminate unfairly in terms of rates or coverage. They must pay insurance claims on time and fairly. Furthermore, they cannot deny life insurance to military personnel based on their military status or duty assignments. Consumers also have access to certain information, including insurance companies' adverse underwriting decisions.

• If a resident of Roanoke is considering life insurance, how do term life and permanent life insurance differ?

  In Roanoke, term life insurance provides coverage for a set period of time, such as 5 to 30 years, and is generally less expensive. If the policyholder outlives this period, they can renew, though the cost will most likely be higher due to aging. Permanent life insurance, on the other hand, provides coverage for a lifetime and requires consistent premium payments. Some people choose a combination of the two, ensuring lifetime coverage while remaining affordable.

• How should a Roanoke resident approach the process of selecting beneficiaries for their policy?

  Individuals in Roanoke should choose their policy beneficiaries carefully, whether they are individuals or entities such as trusts or charities. Policyholders have the option of selecting multiple beneficiaries and must distribute the death benefit among them. It is recommended that these choices be reviewed on an annual basis. It's also critical to include contingent beneficiaries in case the primary ones die. Residents should consult their insurance agents for more information.

• Do Roanoke residents need to undergo a physical exam to obtain life insurance?

  Not necessarily. Many Roanoke life insurance companies offer non-medical policies in which applicants answer questions on an application. However, if you have serious health issues, a terminal illness, or require a large coverage amount, the insurer may request a physical exam. If you do not take the exam, the company may refuse to issue you a policy. With few exceptions, insurers can reject applicants with pre-existing conditions, which are known medical conditions prior to applying for coverage.

• 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.