How much does the Guaranty Association provide for life insurance death benefits for one person?

The Guaranty Association in West Virginia provides a safety net for policyholders when an insurance company becomes insolvent. Specifically for life insurance death benefits, the limit set by the Guaranty Association is $300,000. This amount reflects the association's commitment to protecting policyholders and ensuring that they receive a portion of their benefits, despite the financial failure of their insurer.

This provision is crucial as it helps maintain consumer confidence in the insurance industry and offers financial protection to individuals and families who rely on life insurance for their security and well-being. By setting this limit, the Guaranty Association allows a higher degree of coverage than many other states, which may have lower limits, ensuring that residents of West Virginia have robust protections in place regarding their life insurance policies.

Understanding these limits is important for insurance professionals and policyholders to ensure they are adequately covered and aware of the protections available to them in case of an insurer's insolvency.