Stats in Your State
The best way to shop for life insurance is to get all the facts before making a decision, especially because this policy is all that will be in place after your death and cannot be changed. This collections of statistics shed some light onto how the insurance industry affects Iowans.
Life Insurance in Iowa
Life insurance plays a vital role in Iowa's economy. It helps the families of those who have departed by making sure they have the economic means to stay afloat and continue to prosper in society. This chart displays some interesting facts about how much Iowans are covered by life insurers and where that money goes.
|Number of Licensed Life Insurers||451|
|Total Life Insurance Coverage||$290 billion|
|Average Policyholder Coverage||$102,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$17 billion**|
|Amount of Paid Annuity Benefits in 2011||$5 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
There are many government-administered programs offering life insurance relief to military veterans and others who have served the United States. There are over 9,000 Iowa residents who get life insurance through federal and state programs.
The Life Insurance Industry: Beyond Insuring You
The life insurance industry in Iowa also does much more than protect families and loved ones from financial peril-- it contributes to the state's economy. The life insurance industry provides millions of jobs to Iowa residents and invests substantial amounts of money into the economy.
|Job creator||Approximately 47,000 jobs have been created by life insurance companies in Iowa.|
|Invested in Iowa 's Economy||Life insurance companies have invested $45 billion in Iowa's economy.|
Rules in Your State
Every Iowan is free to choose a personal life insurance policy that meets their needs, but it's essential to know the state regulations that may apply to your contract before you seal the deal. Here is a list of some of the most essential rules and regulations that every Iowan should know about before purchasing a life insurance policy.
Legislation Protecting You
The primary regulating code behind the rules and regulations of life insurance in Iowa are chapters 505 to 523 of the Title 13 Iowa Code. The rules are extensive. However, below are rules that will most likely pertain to you:
- Iowa consumers have 10 days to decide whether they want to cancel their new policy in order to be eligible to receive a full refund.
- Iowa state laws mandate that consumers are entitled to know when their insurer accesses their personal information for purposes such as marketing.
- Beneficiaries for life insurance policies are not exclusive to family members. It can extend to someone whom you share a special interest with, such as a business partner.
- If a properly licensed insurer goes out of business, customers can continue to receive coverage through the Iowa Life & Health Insurance Guaranty Association as long as premiums are up-to-date and paid.
- Insurers are required to promptly pay a claim to beneficiaries within 30 days after proof of death.
Representatives & Resources in Your State
Familiarizing yourself with how life insurance works will definitely ensure that you’re taking all of the necessary steps to provide for your family even after you’re gone. If you have any additional questions about how a life insurance policy can benefit you, or if you have questions or complaints regarding your particular situation , below is a list of resources that can help provide some answers:
Company Regulation Bureau
If there is evidence that the deceased has a life insurance policy but there is no contact information for the company, the Company Regulation Bureau can help tell you whether the insurer has changed names or is no longer in business.