North Carolina Life Insurance

The North Carolina life insurance industry is one of the largest in the country. Providers must accommodate a market of enrollees with a diverse set of needs. Retirees and young families alike are buying policies to secure their family’s financial futures in the event that they are no longer to provide for them. Regardless of if you’re looking for a term life or permanent life policy, The Simple Dollar’s breakdown of how life insurance works in North Carolina can help you find what you’re looking for.

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Stats in Your State

The data below is provided to help North Carolina residents to make informed decisions about their long-term future, but to understand their rights as policyholders in the state. You’ll also find stats that illustrate the important role the life insurance industry plays in the larger scheme of the North Carolina economy.

Life Insurance in North Carolina

Number of Licensed Life Insurers 437
Total Life Insurance Coverage $887 billion
Average Policyholder Coverage $86,000 per life insurance policyholder*
Amount Paid Out in 2011 $12 billion**
Amount of Paid Annuity Benefits in 2011 $2 billion
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 11,000 North Carolina residents were enrolled in National Life Insurance as of October 2012. And more than 14,000 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 The life insurance industry generates approximately 41,000 jobs in North Carolina, including 18,000 direct employees and 23,000 non-insurance jobs.
Invested in North Carolina 's Economy Life insurance companies invest approximately $122 billion in North Carolina’s economy.
Source: ACLI.com

Rules in Your State

Life insurance policyholders in North Carolina are strongly encouraged to review the state laws and regulations governing various aspects of their coverage.

North Carolina Life & Health Insurance Guarantry Program

The NCLIFEGA is the official state guaranty program for life insurance policyholders in North Carolina. The system works like a kind of insurance for your insurance, but the Act also comes with certain coverage limitations and exclusions. Established in 1974, North Carolina’s guaranty association was one of the first of its kind in the U.S.

Regulatory Actions Division

The RAD Trust monitors troubled insurance entities and ensures that the rights of insured North Carolina residents are protected.

Representatives & Resources in Your State

For consumer advocacy, help with a claim, or to learn more about your local government’s resources, use the links below to get connected with resources in North Carolina.

North Carolina Department of Insurance
The NCDI handles all life insurance provider review and licensing in North Carolina. Consumers who have been treated unfairly can file a complaint with the Department of Insurance using the above link or they can write to:
Consumer Affairs Division
1201 Mail Service Center
Raleigh, NC 27699-1201
(919) 807-6750
Consumer Complaint Info
NCDI’s Index of Licensed Life Insurance Providers
This is the master list of carriers that are approved to sell life insurance in the state of North Carolina.
NCDI Consumer Guide to Life Insurance
This guide will cover all the essentials of life coverage for current and prospective life policyholders. It includes sections to help readers compare term life and permanent life policies, shop and apply for life policy quotes, collect death benefits and file complaints against providers registered in North Carolina.