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|
*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|
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
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
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.