Stats in Your State
To help readers compare life insurance rates and better understand the need for life insurance and how residents in the Golden State get coverage, The Simple Dollar presents the essential statistics and data about California life insurance policies.
Life Insurance in California
While it may seem like an unnecessary expense to some, life insurance benefits are a crucial part of California’s economy, keeping many families in good financial standing after their loved ones have passed.
|Number of Licensed Life Insurers||446|
|Total Life Insurance Coverage||$3.1 trillion|
|Average Policyholder Coverage||$211,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$35 billion**|
|Amount of Paid Annuity Benefits in 2011||$8 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
More than 80,000 Californians have life insurance through state and federally administered programs, many of whom are veterans and retired servicemen and women.
The Life Insurance Industry: Beyond Insuring You
In addition to providing financial benefits for policyholders’ families, the life insurance industry provides a number of jobs and investment in the Californian economy, and its impact, while often overlooked, is essential to the the state’s economy.
|Job creator||193,000 jobs created by the life insurance industry|
|Invested in California 's Economy||$577 billion was invested by life insurance companies|
Rules in Your State
Tight regulations govern the industry practices of insurers and consumer rights for California life insurance policyholders. Knowing your rights is the first step to becoming an effective consumer and protecting your interests.
Read California’s Insurance Code and Code of Regulations for the requirements that agents and insurers must abide to when replacements or changes are made toa life insurance policy or annuity. Some of the rules include:
- The agent is required to provide an original or copy of all printed materials presented to the applicant.
- The agent is not allowed to recommend changes to a life insurance policy with inaccurate or misleading information
- The agent may not recommend insurers over the age of 65 to purchase unnecessary replacement annuity
Read more of the details at here.
Representatives & Resources in Your State
When dealing with something as serious as life insurance, it pays to know who to look to when you have a question, an issue, or need more information on industry practices and regulations. The following resources and representatives are great starting points to learn more about life insurance and to further pursue your questions.
California Life & Health Insurance Guarantee Association
10780 Santa Monica Blvd. Suite 401
Los Angeles, CA 90025
Fax: (323) 988-7171
Phone: (323) 782-0182
300 Capitol Mall, Suite 1700
Sacramento, CA 95814
California Department of Aging (Resources for Seniors)
Health Insurance Counseling and Advocacy program (HICAP)
Getting older puts limitations on one’s ability to get by in day to day life, not to mention the financial strains associated with the increased need for health care and assistance. The Department of Aging is a great resource for seniors and their families to help during your golden years.
Unclaimed Life Insurance Resources
Use the following resources to track down unclaimed life insurance benefits. If you suspect one of your recently deceased relatives may have had a life insurance policy, check with these agencies and with your state’s insurance regulatory body to learn more about claiming such benefits.