If I move to a different state, can my life insurance company void my policy?

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Asked August 23, 2015

1 Answer

Unlike many types of insurance, life insurance is designed to remain in effect throughout your entire life. Under most situations, moving to a new state will not void your life insurance policy, so long as the issuing company is licensed to operate in the new state of residence. To determine whether your life insurance company is licensed in the new state, you can contact the insurance company or the Department of Insurance in your new state of residence.

The trick to buying life insurance is that you have to be physically in the state where and when the policy is purchased. So long as the policy is purchased from an agent who is licensed to sell insurance in the state where it is purchased, moving to another state later will not have any effect on the policy. There are some states with residency requirements, but those requirements generally apply to health and liability insurance, not to whole life coverage.

The only way a company can void your policy if you move to a new state is if that company is not allowed to offer insurance coverage in that particular state. For example, if you bought a policy in Delaware and then moved to Ohio, the policy would travel with you so long as you continue to pay the premiums and the insurance company that wrote the policy is licensed to provide coverage in that state. For life insurance policies, that requirement for being licensed in a particular state is not as important as it would be for other types of coverage.

It is still in your best interest to confine your insurance purchases to companies that are licensed in your state of residence. To find out whether the company you are considering buying from is licensed in your state, contact the customer service department of the insurance company, or call your state's Department of Insurance. Since insurance licensing is handled on a state by state basis, the Department of Insurance will have the licensing information for your insurance company on file.

Answered August 31, 2015 by Anonymous

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