Stats in Your State
Most readers would be surprised to learn that life insurance is a multi-billion dollar industry, and nearly all would be surprised to learn that New Jersey residents have over one trillion dollars in coverage. The stats below illustrate the significant impact the industry has for New Jersey’s economy.
Life Insurance in New Jersey
As the chart below indicates, roughly $20 billion was paid out to New Jersey beneficiaries for life insurance policies and annuities in 2011. That kind of impact on the state’s economy is crucial to the overall economy.
|Number of Licensed Life Insurers||401|
|Total Life Insurance Coverage||$1.3 trillion|
|Average Policyholder Coverage||$193,000 per policyholder*|
|Amount Paid Out in 2011||$17 billion**|
|Amount of Paid Annuity Benefits in 2011||$3 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Over 27,000 New Jersey residents benefit from life insurance policies through government administered programs. The majority of those policyholders are with National Service Life Insurance and many more are veterans and disabled veterans.
The Life Insurance Industry: Beyond Insuring You
A significant portion of New Jersey’s job force owes its employment directly or indirectly to the life insurance industry, and the industry invests a significant amount in local businesses and programs through grants and bonds.
|Job creator||96,000 jobs created|
|Invested in New Jersey 's Economy||$147 billion is invested in New Jersey’s economy by life insurers|
Rules in Your State
Various legislative measures have been passed to regulate the insurance industry with regards to consumers and their interactions with companies. Below you’ll find a handful of pertinent regulations along with resources where you can find access to the New Jersey statutes and legal code.
Insurance Division: Legislative and Regulatory Affairs: The following statutes apply to insurance companies and their customers, and outline specific claims practices and trade practices which are prohibited. If you feel you’ve been discriminated against or compromised, consult with an attorney or contact the state insurance commissioner.
Representatives & Resources in Your State
Consumer advocacy is easy to come by with the following links and resources. Whether you’re looking to learn more about how life insurance policies work or different types of life insurance in New Jersey, you can get a good start at the resources below.
New Jersey Department of Banking & Insurance: Insurance Division
NJ Department of Banking and Insurance
20 West State Street
Trenton, NJ 08625
Consumer Protection Services
Life Insurance Information
The Insurance Division provides a good start for consumers to learn about life insurance and different options available for coverage.
New Jersey Life & Health Insurance Guaranty Association
11 Wharf Avenue, Suite One
Red Bank, NJ 07701
The Life & Health Insurance Guaranty Association provides financial backing to the state’s insurers and guarantees that your policy will be in force in the event your insurer withdraws from the market or becomes insolvent.