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|
*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|
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
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.