What is the coverage limit provided by the Virginia Life Insurance Guaranty Association for individual policies?

The Virginia Life Insurance Guaranty Association provides a coverage limit of $300,000 for individual life insurance policies. This protection is designed to ensure that policyholders still receive some benefits in the event that their insurance company becomes insolvent.

The amount of $300,000 reflects the association's role in safeguarding consumers by guaranteeing the continuity of coverage and benefit payouts, helping to restore confidence in the insurance marketplace. It is critical for individuals to understand these limits, as it provides insight into the extent of protection available for their life insurance policies in Virginia. This coverage limit applies to various types of life insurance products, thereby benefiting policyholders broadly under the association's jurisdiction.