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Did You Know?Virginia State Facts
- James Madison was born in Port Conway on March 16, 1751
- Woodrow Wilson was born in Staunton on December 28, 1856
Jack J. from Richmond, VA
April 11, 2011
Virginia, which is also referred as The Commonwealth of Virginia, is located in Southern United States on Atlantic coast. It is also nicknamed as the Old Dominion or Mother of Presidents as it is birthplace of eight U.S presidents. The 2009 population estimates figure show population at 7,882,590. Virginia is ranked 28th in terms of life expectancy according to the statistics released in 2000. Current data trends however show that life expectancy in Virginia is well above the national average.
The State government plays an important role in improving overall health of residents of state. The state government of Virginia keeps a close vigil on the functioning of Virginia life insurance companies to ensure consumer rights are protected in all cases. It ensures that the companies, insurance agents and consultants function within purview of insurance laws advocated by government.
Resident of Virginia has varied option when it comes to selecting life insurance. The different options available in Virginia Life insurance are Term Insurance and Permanent insurance. Permanent insurance offers three type of coverage which includes Whole Life insurance, Adjustable life insurance and variable life insurance. Lets look at these different Virginia Life insurance coverages and understand the benefits associated with them. It is important that you select a policy that will fulfill the needs of the beneficiary and help him/her build a better life.
As the name suggests, it provides coverage for a fixed period of time. The period is fixed when you sign up for the coverage. The level insurance in term insurance specifies the amount the beneficiary will receive in an event of policy holders death. The customer has the option to renew the policy after the term ends.
Whole life insurance:
It is a coverage provided for lifetime. The beneficiary receives a pecific amount in cash when the policy holders die. The biggest benefit of such life insurance policy is the premiums do not increase with time. The premiums are less if the coverage is taking at a young age.
Adjustable Life insurance:
It gives the consumer the ability to make changes in the coverages as per his/her changing needs. For example, the length of coverage can be reduced or extended. There is no immediate effect on the premiums but changes in coverage do have an effect on the benefits that the beneficiary gets.
Variable life insurance:
It is an attempt to address inflation. Variable life insurance permits the policy holder to make changes in the face amount (amount that beneficiary receives after policy holderâ€™s death) or cash value (the amount received if the policy is surrendered)
Thus, customers can choose an appropriate Virginia Life insurance policy as per their needs and their budget. It is advised that customers compare rates offered by different insurers before signing up for coverage.