Stats in Your State
The data below is provided to help New York residents not only make informed decisions about their long-term future, but also see how the Empire State stacks up with the rest of the 49 states in terms of life insurance coverage.
Life Insurance in New York
|Number of Licensed Life Insurers||173|
|Total Life Insurance Coverage||$2.1 trillion|
|Average Policyholder Coverage||$173,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$26 billion**|
|Amount of Paid Annuity Benefits in 2011||$6 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
More than 30,000 New York residents were enrolled in National Life Insurance as of October 2012. In addition, more than 20,000 service members held policies in administrative programs such as the Service-Disabled Veterans' Insurance, Veterans' Reopened Insurance, or Veterans' Special Life Insurance.
The Life Insurance Industry: Beyond Insuring You
|Job creator||146,000 jobs|
|Invested in New York 's Economy||Life insurance companies invest roughly $364 billion in New York's economy|
Rules in Your State
Prospective life insurance policyholders in New York are strongly encouraged to review the state laws and regulations governing various aspects of their coverage. The following rules might make all the difference with regard to the provider and policy you ultimately choose.
The state of New York mandates certain provisions and restrictions when it comes to creating life insurance policies, filing claims, honoring payments to beneficiaries. Residents are strongly urged to review the various rules and regulations governing life coverage in the Empire State before signing their name to any sort of policy.
This organization strives to maintain legislative and judicial integrity within New York’s massive life insurance industry. LICONY also facilitates collaborations between professional firms and life insurance companies with the goal of improving provisional services and optimizing customer care.
Representatives & Resources in Your State
New York State Department of Financial Services
In the absence of a state-governed insurance office, the NYDFS oversees all matters related to life insurance coverage and claims for New York residents.
Life Insurance Company Guaranty Corporation of New York
More than 70 years ago, New York became the first state to create a guaranty fund charged with overseeing life insurance coverage and implementation. Today, the LICGCNY continues to serve Empire State residents by providing information about insurance providers with good reputations, and those with spotty track records.