Stats in Your State
To get a clearer understanding of the demand for life insurance in your state, read onwards through the data and graphs below. Sometimes information at a glance can be much more telling than reading through a long-winded narrative.
Life Insurance in Illinois
The life insurance industry paid out benefits totaling around $15 billion dollars in 2011. With 529 licensed life insurers, it is in your best interest to read more about what life insurance is and how you can benefit from a policy.
|Number of Licensed Life Insurers||529|
|Total Life Insurance Coverage||$1.3 trillion|
|Average Policyholder Coverage||$120,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$15 billion**|
|Amount of Paid Annuity Benefits in 2011||$4 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Over 30,000 Illinois residents maintain their life insurance policies through a state or federally administered policy. The majority of these consumers are former servicemen and women, and many are veterans.
The Life Insurance Industry: Beyond Insuring You
Life insurance is available to relieve the financial burden of losing a loved one, unexpectedly, it is also plays a significant role in Illinois' economy.
|Job creator||114,000 jobs created|
|Invested in Illinois 's Economy||$195 billion was invested by life insurance companies|
Rules in Your State
Life insurance is tightly regulated in Illinois, with a very straightforward set of mandates for insurers to abide by. Consumers will have an easy time navigating this territory, so read onwards to check through the mandates and other resources.
Mandatory Life Insurance Provisions
According to the Illinois Department of Insurance, all types of individual life insurance policies sold in Illinois must contain the following provisions:
- Incontestability Clause — An insurance company cannot void an individual life insurance policy after it has been in force for two years, except for nonpayment of premium. If a claim is filed within two years of the effective date, the company will review the application for insurance to make sure it was completed accurately. If you omitted information that would have caused the company to not issue the policy, the company may void the contract, return the premium and deny the claim. For that reason, it is extremely important that you accurately complete the application.
- Grace period — A life insurance company must give you a 30 day grace period for payment of premium.
- Free Look Period — Once a life insurance policy is delivered to you, you have a minimum of ten days to review it and decide if you want to keep it. If not, you can return the policy for a full refund.
Representatives & Resources in Your State
To reach your local regulatory committees and consumer advocates for more information on the topic of life insurance, check with the Department of Insurance or the Secretary of State, listed below.
Secretary of State
213 State Capitol
Springfield, IL 62756
Toll free inside Illinois: (800) 252-8980
Consumer Fact Sheet
The consumer information fact sheet is a general resource for data, statistics, information, definitions, lists, and other basic details around insurance in the state of Illinois. The guide covers auto, home, health, and life insurance, as well as disasters.
Unclaimed Life Insurance Resources
Use the above resources to track down unclaimed life insurance benefits. If 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.