Stats in Your State
To help you become a more informed consumer, we have listed some Maryland life insurance statistics that could be very helpful as you consider purchasing or revising a policy.
Life Insurance in Maryland
While younger individuals might not think too much about life insurance, it can be important to the financial livelihood of your family should anything happen to you. Below are some figures about life insurance in Maryland to give you a brief overview:
|Number of Licensed Life Insurers||447|
|Total Life Insurance Coverage||$608 billion|
|Average Policyholder Coverage||$106,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$7 billion**|
|Amount of Paid Annuity Benefits in 2011||$2 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Many state residents also have life insurance coverage through government administered programs. This can be through the state or federal government and is typically offered to veterans and retired service members.
The Life Insurance Industry: Beyond Insuring You
In addition to providing protection for your family, the life insurance industry is also very important to the state economy, providing jobs and investing money in the local economy.
|Job creator||Around 29,000|
|Invested in Maryland 's Economy||Around $94 billion|
Rules in Your State
When it comes to life insurance, it's important to understand what type of policy you are buying as well as your rights as a consumer. Below are just a few important things to keep in mind as a Maryland resident.
Tips for Buying Insurance in Maryland
According to the Maryland Insurance Administration:
- Be sure to purchase your policy from a reliable insurance agency or company. They must be licensed with the Maryland Insurance Administration to sell life insurance policies in the state.
- Never sign an application until you have had time to review it carefully.
- Make sure you are ready to commit to a long term financial plan when buying a life insurance policy.
- Beware of companies advertising with claims that you “cannot be turned down.” Some companies do not ask questions about your health history, but will compensate by charging higher premiums and limiting coverage.
Representatives & Resources in Your State
If you need further information about life insurance in your state or need to report a violation, the Maryland Insurance Administration is the best resource. They have some excellent guides and information to help you make an informed decision about purchasing a life insurance policy.
Maryland Life & Health Insurance Guaranty Corporation
9199 Reisterstown Road Suite 216 C
Owings Mills, MD 21117