Arkansas Life Insurance

Arkansas’ large working class population and its rural, even remote, way of life can make it difficult for families to survive without a sole breadwinner providing for the household. As such, Arkansas residents understand that they need life insurance policies to provide financial security in case disaster should strike. The Simple Dollar has made learning about life insurance much easier by creating a handy set of resources and stats that teach Arkansas’ residents what true financial security looks like in their state.

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Stats in Your State

Life insurance has a bigger impact on Arkansas’ economy than you probably realized – billions of dollars in benefits are paid out each year, making the industry a crucial part of the Arkansas economy. Read on to learn more about life insurance in Arkansas.

Life Insurance in Arkansas

Nearly $2.5 billion was paid out to Arkansas beneficiaries in 2011 alone, making life insurance a silent but steady contributor to thousands of families in Arkansas.

Number of Licensed Life Insurers 518
Total Life Insurance Coverage $178 billion
Average Policyholder Coverage $68,000 per life insurance policyholder*
Amount Paid Out in 2011 $2 billion**
Amount of Paid Annuity Benefits in 2011 $475 million

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

Life Insurance Administered Programs

Over 7,000 Arkansas residents rely on government administered life insurance programs each year, with the majority of those being veterans, servicemen and women.

The Life Insurance Industry: Beyond Insuring You

Thousands of Arkansas jobs stem from the life insurance industry; life insurers regularly invest billions in Arkansas’ economy.

Job creator Roughly 9,000 Arkansas jobs are generated by the life insurance industry, which is comprised of 4,000 non-insurance employees and 5,000 direct employees.
Invested in Arkansas 's Economy Approximately $30 billion in investments have been made in Arkansas’ economy

Rules in Your State

To better understand how your life insurance policy is governed, it’s best to know the rules in your state and how they affect life insurers. The Arkansas Insurance Code sets forth specific guidelines for life insurers and their policies. Click the following links to learn more about each.

Arkansas Insurance Code: Chapter 81, Life Insurance Policies

Chapter 81 of the Insurance Code regulates life insurance policies in Arkansas and sets forth the specific rules by which insurers must operate in the state.

Arkansas Insurance Department Rules

The Arkansas Insurance Department Rules stipulate how insurers must practice their trade across all aspects of their business and their policies. Click the link above to learn more about how the industry is governed.

Representatives & Resources in Your State

Use the following links to reach out to your local government for assistance with a claim or a complaint, to learn more about life insurance policies in Arkansas, and to review the guarantors behind your life insurance policy.

Arkansas Life and Health Insurance Guaranty Association
425 West Capitol Avenue, Suite 3700
Little Rock, AR 72201
Get Directions
The Arkansas Life and Health Insurance Guaranty Association backs up your insurance policy to ensure that it will be effective even if your insurer withdraws from the insurance market or becomes financially insolvent.

Arkansas Insurance Department
1200 West Third Street
Little Rock, AR 72201-1904
Get Directions
800-282-9134 or 501-371-2600
Contact Information
Consumer Complaint Resource
Use the above link to file a complaint against a difficult insurance company and to seek assistance from the Insurance Department.
Insurance Department Consumer Brochures
The Insurance Department has published numerous consumer-friendly brochures to educate and empower consumers to better understand different types of life insurance policies in Arkansas.