Stats in Your State
Below you’ll find statistics that illustrate the life insurance industry's impact on Pennsylvania's economy, including the number of licensed providers, an estimate of how many state residents currently hold policies with administrative programs, and the amount of jobs generated by this particular sector.
Life Insurance in Pennsylvania
With more than $1.2 trillion in insurance coverage, Pennsylvanians collected over $21 billion in death benefits and annuity payouts in 2011. Additionally, Pennsylvania is one of the best insured states in the country in terms of total life insurance coverage for its residents.
|Number of Licensed Life Insurers||497|
|Total Life Insurance Coverage||$1.2 trillion|
|Average Policyholder Coverage||$99,000 per policyholder*|
|Amount Paid Out in 2011||$17 billion**|
|Amount of Paid Annuity Benefits in 2011||$4 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Close to 40,000 Pennsylvanians are covered by government-administered life insurance programs, including roughly 25,000 national service members and 10,000 veterans.
The Life Insurance Industry: Beyond Insuring You
As a player in the state’s economy, the life insurance industry generates tens of thousands of jobs, bringing income to thousands of households across the state. And with roughly $170 billion invested in terms of bonds and local business investments, the life insurance industry plays a pivotal role in keeping Pennsylvania prosperous.
|Job creator||118,000 jobs created|
|Invested in Pennsylvania 's Economy||$170 billion invested|
Rules in Your State
There are regulations in place to keep control of insurance companies’ practices across the industry. The Unfair Insurance Practices Act addresses unfair actions in terms of claims, policies, and market practices, and the 2006 amendment further addresses consumer’s rights in claims.
Representatives & Resources in Your State
Below readers will find links to the state government agencies consumers can contact for assistance, guidance, and information on life insurance. To file a complaint, seek consumer advocacy actions, or just brush up on state legislation, contact the Insurance Department at the link below.
Pennsylvania Insurance Department
1326 Strawberry Square
Harrisburg, PA 17120
Consumer Complaint Resource
Life Insurance Guide
The Insurance Department has published a guide for consumers to better understand the way life insurance works and the different types of life insurance policies in Pennsylvania.
Pennsylvania Life & Health Insurance Guaranty Association
290 King of Prussia Road
Radnor, PA 19087
The Life and Health Insurance Guaranty Association serves as a guarantor and a backup to your insurance company, and will preserve your policy even if your insurer becomes financially unstable.