Stats in Your State
Most casual consumers have never considered what a huge impact the insurance industry has on a state’s economy, so we’ve drawn together a few facts and statistics to demonstrate how much life insurance affects Rhode Island in terms of state investment, job creation, and other financial evaluators.
Life Insurance in Rhode Island
Nearly $1.4 billion dollars was paid out to Rhode Island residents in 2011 in the form of death benefits and annuities payouts. With roughly $111 billion in total coverage, a number of families depend on life insurance benefits in the case that their main breadwinner is unable to support them.
|Number of Licensed Life Insurers||387|
|Total Life Insurance Coverage||$111 billion|
|Average Policyholder Coverage||$150,000 per policyholder*|
|Amount Paid Out in 2011||$1 billion**|
|Amount of Paid Annuity Benefits in 2011||$398 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Roughly 3,500 residents benefit from government-administered life insurance plans. Approximately 2,250 of those policyholders are national servicemen and women, and roughly 1,200 are veterans.
The Life Insurance Industry: Beyond Insuring You
Beyond paying millions in benefits to Rhode Island residents each year, the life insurance industry is responsible for roughly 8,000 jobs and approximately $15 billion invested in the state’s economy in the form of bonds and business investments.
|Job creator||8,000 jobs created|
|Invested in Rhode Island 's Economy||$15 billion invested in Rhode Island’s economy|
Rules in Your State
Rhode Island has strict insurance regulations in place to address how insurers must handle claims and pay benefits to their policyholders and beneficiaries. Two of those key regulations are linked below, and readers can find out more about Rhode Island’s legislation and rules by contacting the state’s Insurance Division.
Representatives & Resources in Your State
Readers can use the resources linked below to contact their local government for assistance in consumer advocacy, help with difficult insurance issues, or just to learn more about the different types of life insurance policies available. Contact the Insurance Division for guidance on how to choose the life insurance policy that’s right for you.
Rhode Island Department of Business Regulation: Insurance Division
1511 Pontiac Avenue
Cranston, RI 02920
Consumer Information and Resources
Consumers can access information on insurance, legislation, and general guides on shopping for insurance at the above link.
Life Insurance Consumer Guide
The Insurance Division has put together a helpful guide to life insurance, and it serves as a great starting point for consumers to learn about how it all works and how to find a good policy.
Rhode Island Life & Health Insurance Guaranty Association
235 Promenade Street
Providence, RI 02908
The Life and Health Insurance Guaranty Association provides financial security to insurance companies, and makes sure that your policy will remain in place even regardless of your provider’s financial standing.