Life Insurance for Virginia Residents

Life Insurance for Virginia Residents

By James Tobin, CFP®


Critical Takeaways

  • The Application Process
  • Cost of Life Insurance
  •  Both Exam and "No Exam" Options
  • Consumer Protections for Virginia Residents

Expert Review Of Available Life Insurance Options For Georgia Residents

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At the Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

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Expert Review Of  Available  Life Insurance  Options For Virginia Residents

Jim Tobin promo

Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers listed on this site do not approve reviews. 

What kinds of life insurance quotes are available in Virginia?

The good news is that there is a type of life insurance available in Virginia for every situation. 

When type of life insurance is discussed, people are usually referring to either the structure of the policy or the underwriting criteria.

Regardless of your state, when it comes to the underwriting requirements of policies, there are three basic policy types: traditional (term,whole life,UL) , simplified issue "final expense", and guaranteed issue.  

Because the underwriting standards are different for each type of policy, this review of  life insurance options in Virginia  is broken into  three sections:   (click button to go directly to section)

Best Price

Strict Underwriting

Exam - Yes

Good Price

Strict Underwriting

Exam - No

More Expensive

Easy Underwriting

Exam - No

What information will insurers want to know?

In order to underwrite your VA application for  life insurance carriers will need to know about any symptoms that you  have experienced, any treatment undergone, including surgeries, prescription drugs used, and any medical follow up. For a more exhaustive discussion of the underwriting process please scroll to What Insurers Will Want to Know

What does life insurance cost in Virginia?

The rates you pay for Virginia tem insurance are dependent on the underwriting class you are graded by the carrier. If you are in great health, your rating will likely be preferred or preferred plus,

However, if you suffer from a potentially serious health condition, the ratings will likely be standard or lower. This issue is discussed,  using  skin cancer as an example, with  rating guides and  pricing samples. Sample pricing for simplified issue and  guaranteed issue policies is provided in the corresponding links.

How accurate are the VA life insurance quotes on this site?

The quotes you receive from the quote tool on this site are 100% accurate for the information inputted. That is to say, if you get the rate class correct- your rate will be correct. The problem with online tools is that people generally think they are inn better or worse condition than is reality. 

If you are unsure about rate class you should choose a range and hope to be pleasantly surprised. Alternatively, you can fill out the customized quote form and we will get in touch with you as soon as possible.

How can I improve my underwriting grade and lower my cost of life insurance in Virginia?

The most effective ways to improve your life insurance rating are to use an agent that has access to the companies that will view you most favorably and to take care of your health. 

As far as lifestyle goes, if you take diet and exercise seriously along with limiting alcohol and quitting smoking (if you smoke), it should be reflected in your blood markers. 

If you have a medical condition, like  history of skin cancer , documenting compliance with medical advice and any medications is very important. Obtaining Having a physicians letter stating that you have been compliant and improving is helpful.

Do these things and you can't help but improve your health and your life insurance rating.  

Do I need to take a medical exam for life insurance in VA?

Although the term life insurance market is quickly adopting accelerated underwriting programs that do not require a medical exam as part of the application process, this option may not be available if you have been diagnosed with a serious medical condition.

If you are required to take a pare-medical exam, it will be a  15-20 minute meeting with a  nurse. Your exam will consist of a blood draw, blood pressure reading, urine sample, and height and weight recorded.

Phone Interview

In addition to the exam, many term carriers will have the underwriting department do a telephone interview with you. The conversation will be wide-ranging, and last about 20 minutes.

The purpose of the interview will be to flesh out the information that it has from your exam, medical information, and driving history. Questions will often revolve around lifestyle. Answer as honestly as possible, but never "offer" unrequested information.

If it turns out that simplified issue or guaranteed issue policies are the best fit for your application, no exam will be required. See How Term Life Insurance Works for more on the exam

What are the consumer protection life insurance regulations in Virginia?

Insurance in Virginia is governed by the laws defined by Title 38.2 of the Code of Virginia, as outlined by the Virginia General Assembly.

This legislation is used to regulate claims and provide certain protections to Virginia consumers, for example:

Personal Information Protection: In Virginia, law protects personal information, so insurance companies need a client?s consent before sharing any personal information with third parties. This includes health information, such as medical history. Every insurance company has different policies regarding personal information protection, so be sure to double check with your insurer.

Timely Payment of Claims: In Virginia, it is required that insurance companies pay out claims in a timely manner. When a life insurance claim is filed, unlike other states, there is no specific amount of time mandated before payment must occur. If unreasonable delay occurs, the state will fine, penalize, and/or sanction the insurance company, so claims are usually paid within 60 days.

The legislature has also seen fit to empower insurers to protect against fraud by contesting information provided in the application process for up to 2 years.

What is the application process for Virginia life insurance?

Regardless of your great health or  pre existing condition, the application process is largely the same. The life insurance application process is an eight step process that includes choosing your terms, picking a carrier, submitting to the exam,  and signing documents (digital signatures accepted). The entire 8 step process is laid out for you here

Your Next Step

Now that you know the information you will need to receive the most accurate quote possible for Virginia life insurance,  it's time to gather the information and speak to an independent Agent (raising my hand). Simply give us a call or shoot an email over and we can get you started. We are committed to totally transparent pricing (we'll even share our computer screen with you if you'd like), and making the application process as painless as possible.

Thank you again for choosing the Life insurance Help Desk to  research your options for life insurance in Virginia. If you have any questions, please give us a call or contact us by email.

Bonus: The 5 most common mistakes people make buying life insurance and how to avoid them

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