Stats in Your State
Below readers will find some illuminating sets of data visualized and explained to give readers a better sense of the impact of the life insurance industry in Minnesota. Read on to get the full perspective on the industry’s importance for residents of the state and for the economy as a whole.
Life Insurance in Minnesota
With over $600 billion in life insurance contracts, it’s no wonder Minnesota residents collected roughly $40 billion in death benefits and annuities in 2011. The economic impact of the life insurance industry in the state is undeniable.
|Number of Licensed Life Insurers||437|
|Total Life Insurance Coverage||$619 billion|
|Average Policyholder Coverage||$147,000*|
|Amount Paid Out in 2011||$32 billion**|
|Amount of Paid Annuity Benefits in 2011||$8 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Roughly 19,000 Minnesota residents hold life insurance policies through government-administered programs, including 11,700 servicemen and women, as well as a significant number of veterans and disabled veterans.
The Life Insurance Industry: Beyond Insuring You
The life insurance industry’s impact on Minnesota’s economy cannot be understated -- with 53,000 direct and indirect jobs, the industry is crucial to the state’s economic well-being.
|Job creator||53,000 Minnesota jobs|
|Invested in Minnesota 's Economy||$80 billion is invested in Minnesota’s economy by life insurance companies.|
Rules in Your State
The rules and regulations listed below provide guidelines for insurance companies and how they must conduct business with consumers, as well as how they must generally operate their businesses. The standards for claims payment and unfair trade practices generally apply to all insurers in the state, and are a good start for consumers to learn about their rights in insurance claims.
Representatives & Resources in Your State
For consumers who want to contact their local government to learn more about how life insurance works in Minnesota, the following links provide great starting points. The Insurance Division is a great source for information and guides on how to go about shopping for and choosing a good insurance policy.
Minnesota Department of Commerce: Insurance Division
Minnesota Department of Commerce
85 7th Place East, Suite 500
St. Paul, MN 55101
Contact Info Page
Use the link above to file a complaint with the Insurance Division against an insurance company for unfair practices or difficult claims treatment.
Insurance Division Topics: Life Insurance
The Insurance Division has useful brochures and informational guides for consumers to brush up on their insurance knowledge. Click the above link for the division’s guides on life insurance.
Minnesota Life & Health Insurance Guaranty Association
4760 White Bear Parkway Suite 101
White Bear Lake, MN 55110
The Minnesota Life & Health Insurance Guaranty Association provides financial support to insurance companies across the state, and essentially backs up your insurance policy even if your particular insurer becomes insolvent.