Rhode Island Life Insurance Quotes
If you’re just starting to build a life for your family, you must have thought about what was going to happen to them in the unfortunate event that you were wiped out of the picture. How are they going to survive; where are they going to get food to stack the fridge; who’s going to have to pay the mortgage and the building expenses; and many more similar concerns haunt your thoughts.
This may be your ever-present concern if you are the provider for your family. It’s a serious matter and mustn’t be taken lightly, more so, if that person and his family are living in places like Rhode Island. Many New York insurance providers impose very high rates for life insurance, just so they can take advantage of the high demand for it.
When looking for Rhode Island life insurance, it’s crucial to be aware of the insurance provisions that vary according to state and city. The State Department of Insurance of Rhode Island does have a few regulations appertaining to illustration requirements, medical test requirements, underwriting, and free-look timeframes.
How badly do you need Rhode Island life insurance?
You might wonder why you need to arrange life insurance cover in Rhode Island in the first place. After all, this is a healthy place to live, although a very expensive one. To get a fair clue, take a look at the figures below.
Ranking number 9 out of the 50 states, Rhode Island has a life expectancy of 78.3%. Even though Rhode Island makes it to the top 10 on the list, this still isn’t a very good percentage, because for every 100,000 people in its population, well over 1000 people between the ages of 55 and 64 die every year. Between 65 and 74, the death ratio is twice that number. For ages 75 to 84, nearly 6000 Rhode Islanders pass away out of 100,000. The mortality varies by sex and race, age, and cause of death.
These are all the more reasons why you need Rhode Island life insurance. Even if you’re not a senior citizen, the risk of dying in Rhode Island is no different from the risk of dying in other places. It’s still a risk, and you need to be ready in case that unfortunate event really does happen.
The specifics of life insurance in Rhode Island
The local government of Rhode Island facilitates its insurance providers through the State Insurance Code of Rhode Island. This code states that purchasing insurance comes along with a handful of benefits, the first of which is what they call the “free look.” Free looking means that anybody can “look” at insurance and later change his mind for any reason he sees fit. The insurers are not allowed to force insurance on people by aggressive promotion or in any other way. All of the providers, for their part, are obligated to follow this code.
The “free look” advantage even extends to post-signup, meaning that if you decide to cancel your insurance after a contract has been agreed on, they can’t stop you from doing so. As long as the regulations are followed and the cancellations are legalized, no company may trap you with their life insurance policies.
For your part, the customer, there is a 20 day period, sometimes as long as 30 days, wherein you can do so without penalty. Others only have a 10 day period or any number in between, as there is no concrete regulation suggesting the time period to be allotted to the customer regarding cancellation and paying penalties. Death benefit processing is another benefit that Rhode Islanders are entitled to.
Getting Rhode Island insurance quotes
Having decided on the importance of insurance, the next thing to do is to find good insurance quotes. There are many ways to do this online and offline. Offline, you can pay a visit to the local insurance companies, and talk with their representatives. The advantage is that they will be able to answer your questions directly. Online, you can request automatic quotes using online calculators. Unlike the slow quote processing offline, you can accomplish this task for free for no longer than five minutes online.