Stats in Your State
Unless you benefit first-hand from annuities or a life insurance policy, it can be difficult to see the impact it has for so many South Dakota residents, so we’ve drawn together statistics and data to illustrate the impact the life insurance industry has for South Dakota households.
Life Insurance in South Dakota
Life insurance policies paid out a total of $1.1 billion in death benefits and annuities to South Dakota residents in 2011. With this much flowing back into the South Dakota economy on a yearly basis, it’s no wonder that South Dakotans see life insurance as essential.
|Number of Licensed Life Insurers||454|
|Total Life Insurance Coverage||$85 billion|
|Average Policyholder Coverage||$128,000 per policyholder*|
|Amount Paid Out in 2011||$933 million**|
|Amount of Paid Annuity Benefits in 2011||$202 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Nearly 3,000 South Dakota residents hold life insurance policies through government-administered programs. The majority of the people who hold such policies are national servicemen and women, and over 1,000 are veterans of the armed forces.
The Life Insurance Industry: Beyond Insuring You
By contributing roughly 5,000 jobs towards the state’s workforce, the life insurance industry guarantees income for thousands of families just in the form of a steady paycheck. And with $12 billion invested in the state in the form of bonds and business investments, the life insurance industry has an undeniable impact on the well-being of the state’s economy.
|Job creator||5,000 jobs created|
|Invested in South Dakota 's Economy||$12 billion was invested by life insurance companies in South Dakota|
Rules in Your State
Below readers will find links to numerous regulations and rules governing the insurance industry in South Dakota. While these apply generally across the industry, they are certainly applicable to life insurance policies and claims handling. Particularly if you believe you are the victim of unfair treatment, check through the Unfair Trade Practices regulations and consult with an attorney to see if you have options for recourse.
Representatives & Resources in Your State
Below readers will find links to state agencies which can guide readers on their way towards getting the most out of their insurance policy. If you’re looking to learn more about how insurance works, or seeking consumer advocacy on a difficult insurance claim or other issue, use the links below to get started.
South Dakota Department of Labor and Regulation: Insurance Division
South Dakota Division of Insurance
445 East Capitol Avenue
Pierre, SD 57501
Consumer Complaint Information
South Dakota Life & Health Insurance Guaranty Association
206 W. 14th Street
Sioux Falls, SD 57104
The Life and Health Insurance Guaranty Association provides financial backing to your insurance company and your insurance policy, and guarantees that the policy you bought will be in force even if your insurer withdraws from the market or becomes financially unstable.