Delaware Life Insurance and Annuities

In its most basic form, Delware life insurance is simply a way to provide some money to your loved ones following your death. However, the various types of life insurance and other products sold by Delaware life insurance companies today present many, many options—and risks.

This guide explains some of the basics of life insurance, including the two main kinds of life insurance and how they work. It also includes a discussion of annuities, which are sold as investments by many insurance companies. Please ask questions to make sure that an annuity is right for you before buying. As always, the Delaware Department of Insurance stands ready to answer questions you may have — or to step in if you believe you have been mistreated or misled by an agent or company.

The Basics

Life insurance is a way of planning to take care of your family and loved ones at the time of your death. It is considered an important part of a financial plan, and can be used to: „

  • Replace income you would have earned for your family after you are gone; „
  • Take care of debts that your family could face or be left with; „
  • Pay any estate taxes your heirs might face; or „
  • Achieve other financial goals , including paying for a child’s education, donating to charit y after your death or even supplementing your retirement income while you are alive.

How much life insurance you need in Delaware depends on your stage in life and will change over the course of your life.

Also, you will need to decide who is the beneficiary of your life insurance policy. It can be one person, more than one person, a charity or your estate. You should be as specific as possible in naming beneficiaries in order to avoid confusion and possible conflicts after your death. You should name one or more “contingent” beneficiaries, in case your primary beneficiary dies before you do or cannot be found. Read More