10 Best Life Insurance Companies in West Virginia
Key Terms
- Life expectancy in West Virginia is lower than the national average, with leading causes of death including cancer and heart disease.
- Term and whole life insurance options are available, with consultation from a licensed agent recommended for personalized coverage.
- West Virginia insurance laws offer a 10-day Free Look period and a 30-day grace period for premium payments.
Known as the Mountain State, West Virginia is nestled in the eastern U.S., bordered by Maryland, Pennsylvania, Virginia, Kentucky, and Ohio. With a modest population of 1.08 million, Charleston emerges as the largest city, home to 47,215 residents.
According to the Centers for Disease Control and Prevention (CDC), the average life expectancy in West Virginia is approximately 72.8 years which is considerably lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in West Virginia have been cancer, heart disease, and accidents. The homicide rate in West Virginia is about 7.0 homicides per 100,000 residents, which is comparable to the national average of 7.5.
According to the U.S. Bureau of Labor Statistics, in West Virginia, the 90th percentile income is currently $78,640. The median income in the state is roughly $36,860. Most financial advisors recommend purchasing a life insurance plan that covers your loved ones for between 10X and 20X your yearly salary. In West Virginia, this amounts to around $786,400 – $1,572,800 for most individuals who earn significant incomes in the state.
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How life insurance works in West Virginia
Life insurance coverage is not as complicated as many people think. In fact, it’s really quite easy to understand. The way it works is that you pay a premium to the insurance company like you do with health insurance or auto insurance, and the company pays a benefit to your beneficiaries if you die. There are different types of insurance products, but the two most common are term life and whole life.
Term life insurance is the most basic type of life insurance. You pay premiums for a set period of time, usually 10, 20, or 30 years. If you die during that time, your beneficiaries receive a death benefit. If you don’t die during that time, the policy expires, and you’ve hopefully outlived the part of your life where dependents were counting on your income.
Whole life insurance is a more complex type of life insurance. You pay premiums for your entire life, and your beneficiaries receive a death benefit when you die. Whole life insurance also has a cash value or annuities component, which grows over time. You can use the cash value to pay premiums, or you can take it out as a loan.
In terms of purchasing life insurance, you have a few options. You can shop around online for quotes, or you can contact an insurance company. In almost all cases, it’s best to consult with a licensed independent insurance agent before signing up for a life insurance policy. An insurance company can help you understand your options and find the right policy for your needs.