Stats in Your State
Below you’ll find stats and data to illustrate the life insurance industry’s impact on the Nebraska economy, and readers will get a better sense of the importance of life insurance in Nebraska at a glance. Sometimes getting a visual perspective on something is the easiest way to learn about it, so read on to get a crash course on the industry’s importance in the Cornhusker state.
Life Insurance in Nebraska
Nebraskans have a significant portion of their wealth invested in life insurance policies, to the tune of nearly $200 billion in policies, for an average of roughly $114,000 per policyholder. It’s no wonder that nearly $3 billion in benefits and annuities was paid out in 2011, providing a significant boost to the state’s economy.
|Number of Licensed Life Insurers||491|
|Total Life Insurance Coverage||$193 billion|
|Average Policyholder Coverage||$114,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$2 billion**|
|Amount of Paid Annuity Benefits in 2011||$746 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
More than 5,500 retired and current U.S. service members have life insurance policies through government-run programs, as indicated in the chart below. The majority are current U.S. service members, with over 2,000 consisting of veterans.
The Life Insurance Industry: Beyond Insuring You
The life insurance industry plays a significant role in Nebraska’s economy, with roughly 19,000 jobs and $28 billion in investments in the state economy.
|Job creator||Approximately 19,000 jobs|
|Invested in Nebraska 's Economy||Roughly $28 billion is invested by life insurers in Nebraska’s economy|
Rules in Your State
Though the regulation of the insurance market is a very complex set of regulations, the rules applying to policyholders in Nebraska are fairly easy and straightforward for consumers to understand. Beyond your policy contract, the following regulation most readily applies to your relationship with your insurer, and readers can use the research tool to find other regulations.
- Unfair Life and Health Insurance Trade Practices
- This regulation outlines specific unfair trade practices in health and life insurance, and sets forth clear definitions for such acts.
- Nebraska Rules and Regulations Search Tool
- The search tool is useful for browsing the regulations database and learning more about the state legislature. Consult with an attorney or contact the Insurance Department for more guidance on particular issues.
Representatives & Resources in Your State
The following representatives and resources provide great starting points for consumers to begin to learn more about insurance and get answers to key questions about how it all works. Use the links below as a jumping off point to brush up on your policy and what consumer advocacy options are available to you through state resources.
Nebraska Department of Insurance
PO Box 82089
Lincoln, NE 68501-2089
Consumer Complaint Resource
Here consumers can file formal complaints with the Insurance Department against their insurance company for poor conduct or unfair actions.
Life and Health Insurance Information Resource
The link above provides valuable information on life insurance contracts, and how that portion of the insurance industry works for consumers.
These guides, published by the Nebraska Department of Insurance, explore auto, home, health and life insurance. Consumers will find out how the different types of insurance work in Nebraska; including consumer rights, insurance laws, and the different options each type of insurance covers.
The Nebraska Life and Health Insurance Guaranty Association
Nebraska Life and Health Insurance Guaranty Association
1900 US Bank Building
233 South 13th Street
Lincoln, NE 68508
The Life and Health insurance Guaranty Association provides financial backing to insurance companies to guarantee coverage for policyholders even in the event of financial insolvency on the original insurer’s part.