New Mexico Life Insurance

Every life is sacred, but not every life insurance plan is equal. State laws determine how much insurance companies may raise their rates each year, and premiums vary dramatically from one part of the country to the next. That’s why The Simple Dollar has pulled together all the local resources you need to make sure you’re getting the best policy. Be an informed consumer and explore the stats, rules and resources for New Mexico contained in the three tabs below.

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Stats in Your State

To get an overview of how the life insurance industry works in New Mexico, and how it stands up against the country as a whole, take a look at the graphs below.

Life Insurance in New Mexico

Not only does life insurance keep individual families secure, it provides continuity and stability for the state economy as a whole.

Number of Licensed Life Insurers 472
Total Life Insurance Coverage $145 billion
Average Policyholder Coverage $103,000*
Amount Paid Out in 2011 $2 billion**
Amount of Paid Annuity Benefits in 2011 $720 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

Over 7,000 New Mexico residents are enrolled in government administered life insurance programs. The vast majority are World War II veterans in the National Service Life Insurance program and disabled servicemen and women.

The Life Insurance Industry: Beyond Insuring You

Even when people are staying alive and nobody’s collecting payouts, life insurance is helping New Mexicans every day. The industry creates roughly 4,000 jobs and invests around $25 billion in the state economy.

Job creator 4,000 life insurance-related jobs in the state
Invested in New Mexico 's Economy $25 billion invested in the state economy by life insurance companies
Source: ACLI.com

Rules in Your State

Like most insurance, it’s good to know you have it, but rarely appealing to think about using it. This is especially true with life insurance. Read the sections pertaining to life insurance in New Mexico’s two major laws governing insurance so you’re informed about your rights now. It’s the last thing you’ll want to worry about later.

Read more about some of the commonly asked questions about insurance here and be sure to take a look at the codes that govern New Mexico insurance at the following sites:

Representatives & Resources in Your State

What happens if your insurance company goes bankrupt? Or what if you feel you’re being short-changed? The resources below are where you can go to get informed about life insurance in New Mexico, and if necessary, take action to protect your rights.

New Mexico Life Insurance Guaranty Association
P.O. Box 2880
Santa Fe, New Mexico 87504-2880
505-820-7355
In case your insurance company becomes insolvent and can no longer afford to pay your benefits, know exactly how much the government will cover by contacting the New Mexico Life Insurance Guaranty Association.

New Mexico Public Regulation Commission
Consumer Relations Division (CRD)
1120 Paseo De Peralta
P.O. Box 1269
Santa Fe, NM 87504
1-888-427-5772
File a Complaint