Kentucky Life Insurance

It’s not an easy topic to discuss, but life insurance is a necessary part of preparing for the unknown and ensuring that your loved ones will be financially stable in the event of your death. Insurance companies consider your age, health status, and other factors when deciding whether you’re a good candidate for life insurance and how much your premium will cost. The Simple Dollar has provided a comprehensive rundown of life insurance statistics and resources in Kentucky that can be found below.

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Stats in Your State

Purchasing life insurance is a big decision that deserves a fair amount of research. The first step is identifying and understanding the insurance statistics in your state of residence. Once you know this information, you can determine the appropriate life insurance policy and the right amount of coverage for your needs. The charts and graphs below highlight important insurance figures and data for the state of Kentucky.

Life Insurance in Kentucky

Several factors contribute to the economic growth of Kentucky, including life insurance. The money that's designated to beneficiaries after you die allows them to maintain their standard of living and contribute to society, therefore giving back to the economy. The following chart details the significance of the life insurance industry on Kentuckians.

Number of Licensed Life Insurers 470
Total Life Insurance Coverage $298 billion
Average Policyholder Coverage $73,000 per life insurance policyholder*
Amount Paid Out in 2011 $4 billion**
Amount of Paid Annuity Benefits in 2011 $819 million

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

Life Insurance Administered Programs

More than 9,500 Kentucky residents hold insurance policies through state and federally administered programs. Most people obtain coverage from National Service Life Insurance and Service-Disabled Veterans' Insurance.

The Life Insurance Industry: Beyond Insuring You

The life insurance industry plays an important role in creating jobs for Kentuckians in both insurance and non-insurance-related fields. The numbers below illustrate how much life insurance companies impact the state economy and help boost employment.

Job creator Around 19,000 jobs created
Invested in Kentucky 's Economy Approximately $47 billion was invested by life insurance companies in Kentucky’s economy

Rules in Your State

Life insurance regulations vary between the states and are usually presented by the state’s legislature. Kentucky’s Insurance Department also has some documents relevant to life insurance regulatory measures. The rules for life insurance policies in Kentucky can be found through the links below.

Kentucky Revised Statutes Laws and Regulations – Insurance Code

The Kentucky Department of Insurance has the exact legislation posted to their site dictating Kentucky’s code for insurance practices. Navigating through the text, consumers can find information about standards and regulations specific to their insurance policy.

Life Insurance Buyer’s Guide

Consumers can use this state-specific guide to buy life insurance and the various life insurance products that fit their needs. Be sure to check out the comprehensive list of the two classes of life insurance — term and permanent.

Representatives & Resources in Your State

Any further questions consumers in Kentucky have may be directed toward one of the associated government offices, departments, and organizations for life insurance needs. The following resources can help Kentuckians with unresolved claims or questions they have regarding their policy.

Kentucky Department of Insurance
215 West Main St
Frankfort, KY 40601
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Kentucky Life & Health Insurance Guaranty Association
4010 Dupont Circle, Suite 232
Louisville, KY 40207
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Consumer Complaint Resource
Consumers can address any complaints or unsettled claims they have with The Kentucky Department of Insurance’s consumer complaint branch.

The Kentucky Department of Insurance: Health and Life Division
This branch of the state insurance department regulates companies and organizations offering health or life insurance products,ensuring they meet industry standards.

The American Council of Life Insurers
The ACLI are an association representing life insurance companies for lobbying purposes.