West Virginia Life Insurance Policy Requirements

West Virginia law imposes specific requirements on life insurance policies sold in the state. The West Virginia Offices of the Insurance Commissioner (OIC) oversees insurance regulation.

Free Look Period

West Virginia provides a free look period for life insurance:

During the free look period, the policyholder can:

• Review the policy thoroughly
• Return it for a full refund of premiums paid
• No questions asked, no penalty

Incontestability Clause

West Virginia requires a 2-year incontestability clause in all life insurance policies:

• After 2 years from issue, the insurer cannot contest the policy based on misstatements
• Exceptions: Fraud, non-payment of premiums
• If policy is reinstated, a new contestability period may apply
• Protects beneficiaries from denied claims due to application errors

Suicide Clause

West Virginia limits the suicide exclusion:

• Suicide exclusion cannot exceed 2 years from policy issue
• After 2 years, death by suicide is covered
• If policy is reinstated, new period may apply

Grace Period Requirements

West Virginia mandates grace periods for premium payments:

During the grace period:

• Policy remains in full force
• Death benefits are payable (minus unpaid premium)
• Policy lapses at end of grace period if premium not paid

Beneficiary Protections

West Virginia has specific beneficiary protection laws:

Creditor Protection

Under West Virginia law:

• Life insurance proceeds payable to a named beneficiary may be protected from the insured's creditors
• Cash surrender values have limited protection
• Proceeds payable to the estate are subject to creditor claims

Beneficiary Designation

• Policyowner has the right to change beneficiary unless irrevocably designated
• Changes must be made in writing
• Change is effective when received by the insurer

Required Policy Provisions

Under West Virginia law, life insurance policies must include: