Montana Life Insurance

To protect your loved one’s interests, a good life insurance policy is necessary to ensure their financial security in the event disaster should strike. To make navigating the territory of life insurance policies, annuities, benefits, and policy contracts easier, The Simple Dollar has put together a one-stop resource for readers to learn about how life insurance works in Montana (and throughout the western U.S.), and get the information they need to make the most out of their policy.

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Stats in Your State

To better understand the life insurance industry, you should first understand its impact and role in the state, and how thousands of residents utilize the benefits of life insurance and annuity policies every year. The following graphs and visualizations provide valuable insight into how this industry impacts Montana every year.

Life Insurance in Montana

Readers may be surprised to learn the huge impact life insurance has on Montana’s economy each year. Roughly $64 billion is invested in life insurance policies and contracts in the state; this translated to $976 million in payouts in the form of death benefits and annuities in 2011 alone. Without that income, the absence of the life insurance industry would take a huge toll on Montana’s economy.

Number of Licensed Life Insurers 460
Total Life Insurance Coverage $64 billion
Average Policyholder Coverage $124,000 per life insurance policyholder*
Amount Paid Out in 2011 $754 million**
Amount of Paid Annuity Benefits in 2011 $222 million
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

Approximately 3,500 Montana residents hold policies through government-administered life insurance programs. They consist of roughly 2,000 U.S. servicemen and women, as well as roughly 1,500 veterans and disabled veterans.

The Life Insurance Industry: Beyond Insuring You

The impact of the life insurance industry doesn’t stop at death benefits and annuities: Roughly 6,000 jobs result from the life insurance industry, and providers have approximately $11 billion invested in Montana’s economy.

Job creator 6,000 jobs generated
Invested in Montana 's Economy $11 billion invested in the Montana economy
Source: ACLI.com

Rules in Your State

The regulations linked below apply to the insurance industry across the board, and regulate the relationship between insurance companies and consumers.The following links will provide a jumping off point to learn more about the specific regulations and to access the specific prohibited and unfair acts and practices.

Representatives & Resources in Your State

The following resources can assist consumers in learning more about how life insurance works, the types of policies available to consumers, and how to choose a good life insurance policy for Montana residents. The Department of Insurance also offers strong consumer advocacy for dispute resolution, as well as links to additional informational websites.

Montana Department of Insurance
Commissioner of Securities and Insurance
840 Helena Ave
Helena, Montana 59601
Get Directions
(406) 444-2040
Contact Information
Complaint Resource

Montana Life & Health Insurance Guaranty Association
PO Box 951
Oconomowoc, WI 53066-0951
262-965-5761
The Montana Life and Health Insurance Guaranty Association provides financial backup to your insurer, and serves as a guarantor to keep your policy in force in the event your insurer should become financially unstable.