Maryland Life Insurance

While it can be easy to get caught up in the day-to-day demands of our busy lives, it’s also important to plan for the future. And life insurance is an important topic to consider, regardless of your age. It will ensure your family and loved ones are provided for when the inevitable strikes, especially if it strikes sooner than expected. Since there can be a lot of consider when selecting a life insurance policy, The Simple Dollar has compiled this guide to go over some important facts, figures, and regulations in Maryland.

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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 Insurance Administration
200 St. Paul Place
Suite 2700
Baltimore, MD 21202
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File a complaint with the Maryland Insurance Administration here.

Maryland Life & Health Insurance Guaranty Corporation
9199 Reisterstown Road Suite 216 C
Owings Mills, MD 21117
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