Connecticut Life Insurance

In this article...
  • Buying life insurance can be challenging, and laws differ among states. Find the resources you need to navigate the ins and outs of Connecticut life insurance.

With the right life insurance policy, you'll have the peace of mind that comes from securing your family’s financial future. However, insurance laws differ from state to state, and choosing coverage can be challenging. Before purchasing a policy, it may be helpful to understand how life insurance in Connecticut is regulated and what that means for the consumers who live there.

Connecticut Life Insurance Rules and Specifics

Connecticut life insurance coverage is regulated by Title 38a of the Connecticut State Insurance Statutes and overseen by the State of Connecticut Insurance Department. These statutes, which are designed to create a level of standardization across the state, provide various consumer protections, including:

  • A free-look period. If you purchase a life insurance policy in Connecticut, you’re entitled to a free-look period, during which policyholders may review their recently purchased coverage. Consumers have up to 10 days to cancel their policy for any reason without incurring a penalty.
  • A 60-day grace period. All life insurance policies issued in Connecticut must provide a 60-day grace period for policyholders who are late making premium payments. This grace period lets policyholders have 60 days to bring their account current before the insurance company can cancel coverage for nonpayment.
  • Nondiscrimination rules: Connecticut insurers are not permitted to discriminate between individuals who occupy the same risk class and have a similar life expectancy. Through these guidelines, individuals in the same category should be granted the same benefits, dividends and premium payments.   

Life Insurance Resources in Connecticut

Policyholders or potential purchasers who have questions or complaints or need assistance with insurance-related matters in Connecticut have several resources available:

  • State of Connecticut Insurance Department. The State of Connecticut Insurance Department offers numerous online resources, including a breakdown of current and proposed regulations and a database of articles on insurance-related topics. State residents may also sign up for e-alerts on topics of interest. The department offers multiple contact methods for consumers who have questions or complaints related to life insurance or an issuing company.
  • Connecticut Life and Health Insurance Guaranty Association. This statutory entity provides information and protection for consumers who have benefits through a Connecticut insurer that can no longer fulfill its obligations to policyholders and beneficiaries due to insolvency. The association is responsible for servicing these policies and providing coverage to eligible Connecticut residents. 
  • AM Best. AM Best is a credit rating agency that specializes in the insurance industry. The organization rates insurance providers based on their financial strength and performance history, providing information on a company's overall creditworthiness so consumers can make informed decisions. The company also offers resources that break down the advantages and disadvantages of various life insurance products.
Read More
Holding Hands Providing Comfort
Find out about the regulations governing life insurance in Nebraska, including incontestability, grace ...
Young couple uses a laptop computer at home on coffee table
Understand the rules and regulations of life insurance in California. With the right information, ...
Man points to items on legal documents while speaking with woman
Learn about the laws that regulate Michigan life insurance. Discover how state law affects life insurance ...