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Prior to being sold in the state, a life insurance product must first be approved by the Kentucky Insurance Department. With a myriad of this type of insurance product offered, consumers have a lot of options on what life insurance policy to purchase and maintain.

Though most insurance providers require potential policyholders to undergo physical examinations before approving their application, there are some insurers who offer life insurance product without this process. Among the biggest factors considered in purchasing life insurance policies are the cost, the stability of the insurance company, its quality of service, and having an insurance agent that can be trusted and relied on.

There is no denying the advantages given by a life insurance policy to its policyholder and the beneficiaries. In purchasing term life insurance policies, policyholders enjoy peace of mind knowing that a specified amount will be given to his or her beneficiaries on the event of untimely death within the specified term of the policy. Greater benefits are enjoyed by policyholders of permanent life insurance policies, in which the plan becomes enforced throughout the lifetime of the policyholder and can accumulate cash value apart from providing death benefits.

Should the policyholder change his or her mind upon receiving the policy, he or she can avail of the free-look period in which the policy can be returned the paid premium be refunded back. This free-look period lasts for 10 days. Under state law, exceptions to this state include credit life insurance policies and tax qualified plans.

Insurance companies and providers are also required to offer 30 days of grace period for delayed payments. Within this period, the life insurance policy remains enforced. However, insurance providers are allowed to impose interest for the number of days in which delayed payments were made. Should the policy becomes lapsed due to nonpayment, it can be reinstated within three years from the time when payment was defaulted, as long as all payments with interests are fully paid. Exceptions to this rule include the surrender of the policy for its cash value and in the instance when the cash surrender value have been exhausted. If the life insurance policy has been implemented for two years or more, it is deemed incontestable by the insurance provider.