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Division of Insurance Regulation: Consumers

Life Insurance

Life insurance pays a death benefit if you die while the policy is in effect, in exchange for premiums you pay before your death. You can use the death benefit to protect against financial hardships such as loss of your income, funeral expenses, medical or nursing care expenses, debt repayments, and child care costs after your death.

There are a variety of types of life insurance available for purchase. Some give coverage for your lifetime, and others cover you for a specific number of years. Some build up cash values, while others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living. To learn more about life insurance, go to the National Association of Insurance Commissioners (NAIC) Life Insurance Buyer’s Guide for more information.

We have put together a list of additional publications and resources to further assist Rhode Island consumers with their life insurance questions: