Massachusetts Life Insurance

The Commonwealth of Massachusetts is a populated state with hard-working communities and rich family life. When considering buying life insurance, it’s important to keep family in mind, as well as others who depend on you, and think about how they would make ends meet if you weren’t there. Life insurance not only covers medical and funeral expenses, but helps provide temporary income and the means to pay off final debt. Here’s some basic information regarding life insurance regulations and resources in Massachusetts.

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Stats in Your State

Whether or not you have considered buying life insurance yet, statistics can often shed some light on the importance of this type of coverage. To better understand the use of and demand for life insurance in Massachusetts, read through the following data and graphs.

Life Insurance in Massachusetts

As you consider what type of policy and coverage might be right for you, here is an overview of life insurance statistics in Massachusetts. Please also be sure you are purchasing from a company or agent licensed in the state to sell life insurance.

Number of Licensed Life Insurers 398
Total Life Insurance Coverage $768 billion
Average Policyholder Coverage $187,000 per life insurance policyholder*
Amount Paid Out in 2011 $11 billion**
Amount of Paid Annuity Benefits in 2011 $2 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

Servicemen and women in Massachusetts, both active and veteran, are enrolled in many administered life insurance programs. There were more than 20,000 life insurance policy holders for these programs as of October, 31 2012.

The Life Insurance Industry: Beyond Insuring You

Not only does life insurance help those left behind when an expected or unexpected death occurs, but it benefits society. Both the economy and workforce see positive results when consumers invest in this type of coverage.

Job creator About 74,000 jobs created
Invested in Massachusetts 's Economy Approx. $115 billion was invested by life insurance companies
Source: ACLI.com

Rules in Your State

The State of Massachusetts carefully regulates life insurance companies, specifically in the selling of policies. Companies must provide consumers with a buyer's guide and use illustrations that include specific information. In addition, the law restricts the types of investments that life insurance companies may make, specifically stakes in other life insurance companies. For more information on insurance laws in this state, see the following resources.

Massachusetts’ Administration of the Government Insurance Laws

The Massachusetts Administration of the Government chapter 175, addresses insurance laws, including those pertaining to life insurance. The above link will bring you directly to the section on life insurance policies, accidental death, disability benefits, and approval. Other sections address topics like life companies, life insurance policyholder discrimination, group life insurance, and more.

Buying Life Insurance and Annuities in Massachusetts

Developed by the Massachusetts Division of Insurance, this guide is purposed to aid decision makers in the life insurance and annuities buying process. Residents of Massachusetts can learn more about life insurance types, amounts, costs, benefits, terms and settlements.

Representatives & Resources in Your State

These representatives and resources can help consumers learn more about insurance regulations in Massachusetts. Consumers can also look to these resources for assistance in inquiring about an insurer's practices or filing complaints.

Massachusetts Life and Health Insurance Guaranty Association
P.O. Box 3171
Springfield, MA 01101-3171
(413) 744-8483

Office of Consumer Affairs and Business Regulation
Massachusetts Division of Insurance
1000 Washington Street, Suite 810
Get Directions
Boston, MA 02118-6200
(617) 521-7794