Alaska Life Insurance

A high percentage of industrial jobs make Alaska’s breadwinners crucial to their families, and since many of these jobs require special training and expertise, it’s uncommon for a family to be able to go on without the income that goes with the positions. For this reason, life insurance policies for Alaska residents are essential to keeping peace of mind and ensuring financial stability if the unthinkable should happen. The Simple Dollar has put together an easy to use resource of data, regulations, and links so that readers can better comprehend life insurance in Alaska.

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Stats in Your State

While life insurance may seem like a luxury to some, it is in fact an essential part of Alaska’s economy and integral to many people’s livelihoods. The stats below outline some of the basic numbers to give readers a better idea of how the industry impacts Alaska's residents.

Life Insurance in Alaska

The economic impact of the life insurance industry is huge, with over $100 million in annuity benefits alone paid out in 2011, with nearly $700 million in life insurance death benefits paid to beneficiaries that year.

Number of Licensed Life Insurers 372
Total Life Insurance Coverage $58 billion
Average Policyholder Coverage $203,000 per life insurance policyholder*
Amount Paid Out in 2011 $695 million**
Amount of Paid Annuity Benefits in 2011 $111 million
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

Over 1,100 Alaska residents benefited from state and government administered life insurance programs in 2011 and 2012, with many of them veterans and former servicemen and women.

The Life Insurance Industry: Beyond Insuring You

Each year the life insurance industry invests millions in the Alaskan economy, with roughly 1,300 jobs stemming from the industry on a yearly basis.

Job creator 1,300 Alaskan jobs created
Invested in Alaska 's Economy $17 billion
Source: ACLI.com

Rules in Your State

To be sure you’re getting the proper benefits and that you’re not paying too much for life insurance, it’s best to understand the laws and regulations that affect your policy.

Understanding Alaskan Life Insurance

Life, Health, Variable, and Related Insurance: This section of the Alaska administrative code defines how life insurance companies must operate and how they must handle their customers’ policies.

Unfair Claims Life Insurance Settlement Acts or Practices in Alaska: The Alaska State Legislature sets out specific trade standards for fair insurance settlements of claims, along with prohibited practices that insurers may not use when settling claims for their customers.

Representatives & Resources in Your State

The Simple Dollar has put together an easy list of consumer-friendly resources and links to help readers learn more about life insurance in Alaska and to take advantage of their policies to the fullest extent.

Alaska Division of Insurance
9th Floor State Office Bldg.
333 Willoughby Avenue 99801
Juneau, Alaska 99811-0805
(907) 465-2515
Get Directions

Alaska Life & Health Insurance Guaranty Association

(907) 243-2311
As part of the National Organization of Life and Health Insurance Guaranty Associations, the Alaska branch provides consumer advocacy for policyholders who find their insurers have withdrawn from the market or are in financial trouble. Use this resource if your insurer has left you high and dry, or if you want assurance that your policy is properly backed up.

Consumer Complaint Resource
Use the above link to work with the Division of Insurance to file a complaint against an insurer if you feel your rights have been compromised.

Consumer Guide to Choosing an Insurer
The Division of Insurance provides this general guide for consumers to use when considering different insurance companies. It covers the range of the insurance industry and should be used as a generic strategy for shopping for insurance.