Virginia Life Insurance [2024]
Virginia life insurance offers residents a 10-day free look period, personal information protection, and timely payment of death benefits. There are only three Virginia life insurance companies with headquarters in VA.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Sep 19, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Sep 19, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
We offer Virginia residents life insurance from several of the best VA life insurance companies. Life insurance is very similar from state to state, with a few exceptions, so expect your Virginia life insurance rates to vary.
However, this guide should help you understand the differences in Virginia life insurance as well as find resources in your state. We’ll also show you how to get the best life insurance in Virginia.
Virginia Life Insurance Quotes
We offer Virginia residents life insurance from several A-rated life insurance companies. Life insurance is very similar from state to state, with a few exceptions. This guide should help you understand the differences as well as find resources in your state.
Policy Cost – The premium (cost) you pay for your life insurance policy does not vary by state. It is the same regardless of which state you live in. Premiums are set by life insurance companies then approved by the State Insurance Department.
Company Availability – Not all companies are available in every state. For example, if a life insurance company of Virginia has not filed its product or rates with your State Insurance Department, that company won’t be available in your state. Company availability changes often due to new filings.
Product Availability – There are instances where life insurance companies offer only specific products or riders in a state. For example, a company may offer a child insurance rider on their policy, but the feature may not be available in all states. These exclusions can be viewed by clicking on the life insurance companies in the list below.
Virginia life insurance also offers residents a 10-day free look period, personal information protection, and timely payment of death benefits.
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Life Insurance Rates in Virginia
To give you an idea of what Virginia life insurance rates look like, check out the chart below to see what the top companies charge based on non-smoking status, age, marital status, and gender. Keep in mind that your Virginia life insurance quotes may be different, depending on demographics, occupation, habits, and family medical history as well as which Virginia life insurance policy you choose.
In this next chart, you can also see how many Virginia life insurance companies there are in comparison to other southern states.
Note that Virginia has three life insurance companies that operate specifically in the state, but that doesn’t mean affordable life insurance rates in Virginia are hard to come by.
Virginia Guaranty Association
State guaranty associations are committed to protecting resident policyholders and beneficiaries in the event of an insurance company insolvency. The association is made up of all insurance companies licensed to sell life insurance, health insurance and annuities in the state. If an insurance company becomes insolvent (goes out of business), the association steps in to protect policyholders by continuing coverage and paying claims, up to defined limits.
In Virginia, a life insurance policy is protected up to $300,000. This amount is the maximum benefit provided for any one life. In other words, multiple policies on any one person are limited to this amount.
Virginia Life Insurance Contacts
Here is a list of all the necessary state contacts for residents with Virginia life insurance claims and other related matters.
Guaranty Association
If you need information about a Virginia life insurance or Accident & Sickness insurance guaranty, contact the Virginia Life, Accident & Sickness Insurance Guaranty Association at 1-804-282-2240 or visit the website.
Insurance Department
For the latest updates from the Virginia Bureau of Insurance, call 1-877-310-6560 or visit the website. Here, you can learn about the Virginia Retirement System life insurance, including how to pick a VRS life insurance beneficiary, what a VRS optional life insurance policy includes, or how to pick the right VRS death benefit amount.
You can also access resources about the State of Virginia retirement benefits, i.e., the VRS FCPS, and federal retirement benefits.
Additionally, the Virginia Bureau of Insurance is your source for VRS health insurance information as well.
Legal Info
QuickQuote is licensed to sell life insurance in Virginia under Agency License Number 114798.
The licensed company principal is Tim Bain, Agent License Number 681173.
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Virginia Life Insurance Companies
American General Life Insurance Company
Fidelity Life Association
Haven Life / MassMutual
John Hancock Life Insurance Company
Lincoln National Life Insurance Company
Metlife Life Insurance Company
North American Company for Life & Health Insurance
Pacific Life & Annuity Company
Principal Life Insurance Company
Protective Life Insurance Company
Pruco Life Insurance Company (Prudential)
Sagicor Life Insurance Company
The Savings Bank Life Insurance Company of Massachusetts (SBLI)
Transamerica Life Insurance Company
United of Omaha Life Insurance Company
Frequently Asked Questions
What is Virginia life insurance?
Virginia life insurance refers to life insurance coverage available to residents of the state of Virginia. Life insurance provides financial protection to beneficiaries in the event of the insured person’s death, offering a death benefit payout to help with expenses and financial obligations.
What types of life insurance are available in Virginia?
Residents of Virginia have access to various types of life insurance, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. Each type offers different features, benefits, and premiums, allowing individuals to choose the coverage that aligns with their needs and financial goals.
Are there any specific regulations or requirements for life insurance in Virginia?
Virginia, like other states, has regulations and requirements that govern the sale and operation of life insurance. Insurance companies operating in Virginia must comply with the state’s insurance laws and regulations. Additionally, applicants for life insurance may be subject to underwriting guidelines, which include factors such as age, health, and lifestyle habits.
Can residents of Virginia purchase life insurance from any insurance company?
Virginia residents can purchase life insurance from insurance companies that are licensed to operate in the state. It is advisable to research and compare different insurance providers to find a reputable company that offers suitable coverage options and competitive premiums.
How do I determine the appropriate amount of life insurance coverage for my needs?
Determining the appropriate amount of life insurance coverage depends on several factors, including your financial obligations, income replacement needs, outstanding debts, and future expenses such as education costs or mortgage payments. It is recommended to assess your financial situation and consult with a licensed insurance professional who can help evaluate your coverage needs.
Can I change my life insurance policy in Virginia if my circumstances change?
Yes, life insurance policies can typically be changed or updated to reflect changes in circumstances. You may have the option to increase or decrease coverage, add riders or endorsements, or modify the policy’s terms. It is advisable to review your policy contract and contact your insurance provider to discuss any desired changes or updates.
Are life insurance proceeds taxable in Virginia?
In general, life insurance proceeds are not subject to income tax in Virginia or at the federal level. The death benefit paid out to beneficiaries is typically considered tax-free. However, it is important to consult with a tax professional for guidance specific to your individual circumstances.
Can I name multiple beneficiaries on my life insurance policy in Virginia?
Yes, you can typically name multiple beneficiaries on your life insurance policy in Virginia. By naming multiple beneficiaries, you can designate how the death benefit will be distributed among them. It’s important to specify the percentage or amount each beneficiary will receive and update the beneficiaries if your circumstances change.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
