Utah Life Insurance

With bright futures and big plans, the breadwinners of Utah’s household know they have big families to support, and big financial responsibilities. That’s why a good life insurance policy is crucial for protecting against financial hardship in the unlikely – but inevitable – event you check out early. To help readers stay on top of their life insurance needs, The Simple Dollar has laid out a wealth of information in one easy place. Read on to make sure you’re getting the best life insurance available in Utah.

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Stats in Your State

The charts and graph below demonstrate the impact the life insurance industry has on Utah’s economy, and the benefits it brings to thousands of households across the state. Read onwards to get the big picture of this industry’s important role in Utah’s wealth.

Life Insurance in Utah

Over $3.5 billion was paid out to Utah residents from life insurance policies in 2011, from dividends, annuities, matured endowments, and death benefits, among other payouts. Utah ranks high on the average policy value, at $224,000 per policyholder, indicating a strong economy and policyholders who realize their financial worth.

Number of Licensed Life Insurers 463
Total Life Insurance Coverage $252 billion
Average Policyholder Coverage $224,000 per policyholder*
Amount Paid Out in 2011 $3 billion**
Amount of Paid Annuity Benefits in 2011 $536 million
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

According to the statistics from Data.gov, over 5,000 Utah servicemen and women and veterans hold policies through government-administered life insurance programs. It’s clear that Utah residents place importance on life insurance policies even as disabled veterans.

The Life Insurance Industry: Beyond Insuring You

The life insurance industry provides a huge impact beyond just paying out billions in dividends and benefits: approximately 16,000 Utah jobs stem from the life insurance industry, and roughly $37 billion is injected in the state’s economy in the form of business investments and bonds.

Job creator 16,000 jobs created by the life insurance industry
Invested in Utah 's Economy $37 billion invested in the Utah economy
Source: ACLI.com

Rules in Your State

Readers can find the general rules for Utah insurers at this link, and can read through the specific prohibited Unfair Claims Practices that are applicable to all insurers, as well. If you feel your rights have been compromised, be sure to contact an attorney and discuss any unfair claims practices used against you.

Representatives & Resources in Your State

Readers who are looking to find out more about insurance options in Utah can find additional resources with the Utah Insurance Department. To connect with the government agency for consumer advocacy, check through the links below to get assistance with difficult insurance issues or to learn more about your options as a consumer.

Utah Insurance Department
3110 State Office Building
Salt Lake City, UT 84114
(801) 538-3800
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Consumer Complaints
Life Insurance Information
The Insurance Department has compiled a useful consumer brochure on life insurance, and this provides a great starting point to learn more about the industry and the options available in terms of policies and different types of life insurance coverage in the state.

Utah Life & Health Insurance Guaranty Association
60 East South Temple, Suite 500
Salt Lake City, UT 84111
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Contact Information
The Life and Health Insurance Guaranty Association serves to create financial backup for your insurance company in the event it becomes financially unstable, and guarantees your policy will remain active even if your insurer experiences files bankruptcy.