Purchasing Life Insurance or an Annuity
Are you thinking about purchasing life insurance or an annuity? If you are, doing a little homework first will make for a better experience. The following suggestions and links are provided to help you.
- Determine your short and long term insurance needs. The Life Insurance Buyer's Guide and Fixed Deferred Annuities Buyer's Guide provide helpful information in determining your insurance needs and the types of products available.
- If you still have questions after reading the buyer's guides, you may want to seek the advice of an expert such as a financial planner, tax adviser, insurance producer (agent) or other professional.
- To determine if the insurance company and the producer (agent) are licensed in Utah, use our Company and Agent Search feature.
- The department's Market Share Reports lists the top twenty producing insurance companies in each line of insurance in Utah.
- Check the insurance company's own website for information about the company and available products. Some insurance companies also provide insurance calculators that can assist you in determining the amount of insurance to purchase.
- The insurance department does not rate insurance companies but private rating firms do provide this service. A link to each of the five rating firms is provided. It is recommended that at least three of the ratings be reviewed. Be sure you review the description of each company's rating categories.
- Each new life insurance policy and annuity issued in or issued for delivery in Utah is required to contain at least a ten day examination period or 30 days for a replacement policy. If you decide to return the policy during the examination period you will receive a full refund of your premium. However, the insurance company is under no obligation to return the full premium after the examination period expires.
If you have questions, please contact the Life Insurance Division