Any life insurance company is supposed to be licensed by the state to legally sell insurance to citizens of any state in the United States. The insurance department of each state governs and authorizes the proposed value of the premium offered in each packages by different life insurance companies. The State Insurance Body has the right to decline license to any life insurance company to sell insurance in the state.
If you or me happen to purchase a policy from a company that is not licensed to sell the insurance then we are trapped in a web. The wisest approach would be to get the name and registration details of the agent and the company verified before we purchase the insurance.
A single toll-free call to the Insurance Department of your state would clarify if the company or the agent is licensed to sell the product in the state. This homework would save you lots of money drain and disappointment.
Sometimes a licensed agent can even unknowingly sell the product of an unlicensed company. So, when you are dealing with any life insurance company, be sure to have the identity of the broker and the company duly verified. Prevention is better than cure!
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