Connecticut Life Insurance

Connecticut residents understand the value of providing a safety net for their families in the form of a good life insurance policy. If disaster should strike, then your family could be in financial straits without it. That’s why The Simple Dollar has put together an easy to use overview of life insurance in Connecticut, as well as the rules and resources that will help readers truly understand their life insurance policy.

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Stats in Your State

The following stats will put the life insurance industry in Connecticut in perspective for consumers who might not have known the industry’s impact on the state's economy.

Life Insurance in Connecticut

With roughly $15 billion in benefits paid out in 2011 alone, Connecticut’s life insurance industry plays a major role in the economy, and in thousands of family’s financial security.

Number of Licensed Life Insurers 393
Total Life Insurance Coverage $508 billion
Average Policyholder Coverage $211,000 per life insurance policyholder
Amount Paid Out in 2011 $13 billion*
Amount of Paid Annuity Benefits in 2011 $2 billion**
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 12,000 Connecticut residents rely on life insurance plans that are administered by government agencies, with the majority of those policyholders composed of servicemen and women and veterans.

The Life Insurance Industry: Beyond Insuring You

Thousands of families stake their income on the life insurance industry, which generates roughly 90,000 jobs in the state and billions in investments in the state economy.

Job creator Roughly 90,000 jobs stem from the life insurance industry
Invested in Connecticut 's Economy $79 billion
Source: ACLI.com

Rules in Your State

Use the links below to learn more about the laws and regulations governing life insurance policies in Connecticut.

Connecticut Regulations

Connecticut Insurance Regulations: Unfair and prohibited insurance practices are defined in Chapter 704 of the Insurance Regulations. If you suspect you’ve been the victim of any of these unfair acts, contact the Insurance Department to file a complaint.

Credit Life, Accident, and Health Insurance Statutes: This section of the Insurance Regulations sets forth the general structure and standards for life insurance policies.

Life Insurance, Annuities, Burial Contracts and Life Settlements Statues: In the General Statutes of Connecticut, Title 38a, Chapter 700b, the requirement and statutes for life insurance and annuities, among other related insurance policies, are clearly stipulated.

Representatives & Resources in Your State

The following links will provide consumer advocacy and information for readers who want to learn more about life insurance in Connecticut or seek help with claims or other issues.

Connecticut Insurance Department
PO Box 816, Hartford
CT 06142-0816
(860) 297-3800 or 1 (800) 203-3447
Contact Info Page
Consumer Complaint Resource
Use the above link to contact your local government and file a complaint against a specific insurer for unfair acts or bad practices.
Life Insurance Information
The Insurance Department has provided consumers with a useful brochure to learn more about life insurance policies and choosing different types of life insurance in Connecticut.

Connecticut Life and Health Insurance Guaranty Association
PO Box 600
Manchester, CT 06045-0600
Contact Info Page
The Connecticut Life and Health Insurance Guaranty Association provides backing for life insurance providers in the state; they also are there to guarantee your policy will still be in effect even if your insurer withdraws from the market or becomes insolvent.

Unclaimed Life Insurance Resources
If you you can’t locate any paperwork to confirm a deceased loved one’s life insurance benefits, check with the resources below before giving up. These links will help you research unclaimed life insurance benefits: