Minnesota Life Insurance

Life insurance is a crucial element for safeguarding the financial security of your family and loved ones for the long term. In case of a disaster, you’ll want to know that your family is provided for and that they are protected from financial strain. The Simple Dollar has gathered up a number of useful pieces of data, links, regulations, and resources to help guide consumers on their way to mastering their life insurance policies and getting the most out of their coverage.

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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
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

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.
Source: ACLI.com

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.

Life Insurance Statutes

These statutes specifically address the life insurance industry in Minnesota, including general business structures, financial backing requirements, and claims practices. The list of prohibited policy provisions can be found at the link below.

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
Insurance Division
85 7th Place East, Suite 500
St. Paul, MN 55101
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Contact Info Page
Complaint Resource
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
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Contact Information
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.