Maine Life Insurance

With one of the highest median ages in the country, Maine has a substantial elderly population. Many of these older adults realize too late that they should have given more thought not only to retirement savings, but to life insurance, which can be used both as an investment tool and life insurance policy. Others seek life insurance later in life to ensure their families will not be burdened with their final expenses. For younger Maine residents, life insurance provides peace of mind that their dependents will have a financial cushion should the unthinkable occur.

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Stats in Your State

Only 62% of people in the U.S. are covered by life insurance, but more than one-third of consumers don’t think they have enough coverage, according to LIMRA’s 2013 Insurance Barometer. To help you get a better grasp on both the importance of life insurance and the potential benefits of having a policy in place, The Simple Dollar has compiled the following statistics, data, and resources on getting a life insurance policy in Maine.

Life Insurance in Maine

Maine has no shortage of life insurers, who provide residents with plenty of options when it comes to comparing life insurance quotes and policies. Below, you can explore life insurance by the numbers so that you can better understand the ins and outs of life insurance in Maine.

Number of Licensed Life Insurers 338
Total Life Insurance Coverage $104
Average Policyholder Coverage $110,000 per life insurance policyholder*
Amount Paid Out in 2011 $1 billion**
Amount of Paid Annuity Benefits in 2011 $1 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

Administered programs, such as state and federal life insurance programs, play an important role in protecting Maine residents, and include programs for certain categories of veterans. As of October 31, 2012, 2,734 individuals were enrolled for National Service Life Insurance and 1,789 for Service-Disabled Veterans’ Insurance. The Simple Dollar provides a military life insurance guide for those who want to learn more about life insurance for veterans.

The Life Insurance Industry: Beyond Insuring You

Life insurance is good for more than just financial relief for your family in the event of your death. The life insurance business itself does much to boost Maine’s economy as a whole. Consider the following statistics:

Job creator Approx. 10,000 jobs
Invested in Maine 's Economy Approx. $15 billion was invested by life insurance companies
Source: ACLI.com

Rules in Your State

The insurance industry in Maine must abide by the laws set forth in Title 24 -A of the Maine Revised Statutes, also called the Maine Insurance Code. Statutes that address life insurance specifically include Chapters 13-A, 29, 31, 61, 62, and 85. These chapters explore investments of life insurers, life insurance and annuity contracts, group life insurance, and other pertinent topics.

Chapter 29 in the Maine Insurance Code outlines important life insurance concepts that consumers need to know, such as information on grace periods, timely payment of claims, and your right to examine and return a policy within 10 days for a full refund of your premium if you are unsatisfied with it in any way.

Representatives & Resources in Your State

Despite your best efforts to conduct independent research, exploring the intricacies of life insurance can be difficult. Most consumers aren’t aware of the options available to them, and understanding your rights under the law can be difficult. The good news is that Maine has a dedicated state regulatory body that can answer common consumer questions about life insurance and aid you in making smart decisions. Consider the following resources when learning about life insurance in Maine:

Maine Life & Health Insurance Guaranty Association
PO Box 881
Boothbay Harbor, ME 04538

Maine Bureau of Insurance
76 Northern Avenue
Gardiner, Maine 04345
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File a complaint

Life and Health Insurance Foundation for Education