Stats in Your State
According to the Life and Health Insurance Foundation for Education, 41% of U.S. adults do not have life insurance. In order to help Louisianans better understand the benefits of having life insurance, The Simple Dollar has gathered the following statistics and data about Louisiana's life insurance policies.
Life Insurance in Louisiana
Life insurance protects your dependents who will no longer be able to depend on your earnings in the event of your death. Life insurance can also pay any remaining debts you have, including a mortgage. However, the number of U.S. adults with life insurance is at an all-time low.
The statistics below are for life insurance providers and holders in the state of Louisiana.
|Number of Licensed Life Insurers||505|
|Total Life Insurance Coverage||$369 billion|
|Average Policyholder Coverage||$60,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$4 billion**|
|Amount of Paid Annuity Benefits in 2011||$829 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
The number of Louisianans enrolled in administered life insurance programs, programs created to benefit World War II and Korean War veterans, is relatively low in comparison with other U.S. states, mainly due to age demographics. As of October 31, 2012, just 4,907 individuals were enrolled for National Service Life Insurance and just 3,662 for Service-Disabled Veterans’ Insurance.
The Life Insurance Industry: Beyond Insuring You
The life insurance industry also provides several jobs and investment in Louisiana’s economy. The numbers below are from October 2011.
|Invested in Louisiana 's Economy||An estimated $67 billion was invested in local economies by life insurance companies.|
Rules in Your State
Louisiana's insurance industry is regulated under Title 22 of the state's revised statutes.
Louisiana law allows consumers a 10-day “free look” period for any Louisiana life insurance or Louisiana term life insurance policy. Consumers who decide not to become a policyholder within the 10-day timeframe are entitled to a full refund of any premiums paid.
Louisiana insurers are required by law to settle all claims within 60 days. Any benefits that are due to the claimant that have not been released within that two month time period will accrue interests at 8%.
Members of the Louisiana Life and Health Insurance Guaranty Association, a statutory entity created when the state legislature enacted the Louisiana Guaranty Association Act, include all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Louisiana.
If a member insurer is found to be insolvent, the association will provide protection to Louisiana residents who hold a policy with the insolvent insurer.
Representatives & Resources in Your State
The Louisiana Department of Insurance's Life and Annuity Division helps consumers with questions about life insurance, long-term care insurance and annuities.
Louisiana Department of Insurance
Life and Annuity Division
1702 N. Third Street
P.O. Box 94214
Baton Rouge, LA 70804
Toll Free: (800) 259-5300