Life insurance is a highly regulated industry and in Kentucky it's no different. There is a governmental organization designed to regulate life insurance in the state and that is the Kentucky Department of Insurance. This organization is designed to regulate the insurance companies that do business within the state and respond to consumer complaints.
There are also other ways that the state protects consumers and insurers interests. All companies classified as life insurance companies and licensed to sell such policies in the state are required by law to be members of KLHIGA (Kentucky Life and Health Insurance Guaranty Association Act).
Legislation has been enacted setting maximum limits on the amounts that can be paid out by an insurer to one person when that person owns more than one policy on another person. Some types of plans are also outlawed by this legislation. These are inferior products that would not benefit the consumer.
Prior to obtaining a quote in Kentucky, it would be wise to contact the Kentucky Department of Insurance to ascertain whether or not the company is reputable and operating according to the law. You can actually directly contact the department if you have a question or want a little more information on what to watch for and what different insurance products are available.
The major types of plans are: term, whole life, universal, annuities, as well as many other variations and additions to these policies. Additional coverage that's added to a policy is called a rider, and a common type is commonly referred to as the "long-term care rider." This is in addition to the death benefit and covers the insured in the event that they need to be housed and cared for in a long-term care facility.
As a Kentucky resident, you have a great deal of rights and you ought to get in touch with the state insurance department if you think you are being treated unjustly in any manner. Once your formal complaint is received, the prevailing body will assess your claim in an expedient fashion and take the proper action as dictated by the circumstances. Just like any other purchase you make, be careful. Do some research before you buy.