Stats in Your State
Understanding the life insurance market in Virginia, or any state, can be complicated without the proper tools. That’s why we’ve put together a handful of useful charts and graphs to illustrate the industry’s size and scope. Beginning with this, readers can gain an appreciation of the industry’s full impact on Virginians.
Life Insurance in Virginia
With roughly $11 billion paid out to beneficiaries in 2011, the life insurance industry in Virginia has an undeniably large impact on the state’s economy each year. It’s no secret that Virginians value their life insurance policies, and many families rely upon such policies for a stable source of income after a family member has passed.
|Number of Licensed Life Insurers||449|
|Total Life Insurance Coverage||$839 billion|
|Average Policyholder Coverage||$109,000 per policyholder*|
|Amount Paid Out in 2011||$9 billion**|
|Amount of Paid Annuity Benefits in 2011||$2 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Thousands of Virginia veterans and servicemembers have life insurance policies through government-administered programed, with roughly 23,000 utilizing programs for servicemen and women and veterans throughout the state.
The Life Insurance Industry: Beyond Insuring You
According to the ACLI, the life insurance industry in Virginia contributes approximately 33,000 jobs to the state’s workforce, along with approximately $127 billion in business and bond investments.
|Job creator||33,000 jobs created|
|Invested in Virginia 's Economy||$127 billion invested in the Virginia economy|
Rules in Your State
Virginia’s insurance regulations stipulate specific unfair claims practices, which insurers are prohibited from utilizing when handling or settling insurance claims with consumers. The specific regulations can be found here and here.
Representatives & Resources in Your State
Readers can contact the Bureau of Insurance for consumer advocacy and guidance on choosing the best policy from the competing life insurance companies across Virginia. Additional links to government agencies and consumer guides can be found at the Bureau’s website below.
Virginia Bureau of Insurance
P.O. Box 1157
Richmond, Virginia 23218-1157
Consumer Guides and Brochures
The Bureau of Insurance has published several great guides to life insurance in Virginia, all of which can be found at the above link.
Click here to learn more about mandated benefits for Virginia life, health, and accident insurance policies.
Virginia Life, Accident, & Sickness Insurance Guaranty Association
8001 Franklin Farms Drive Suite 235
Richmond, VA 23229
This association serves as a safety net for insurers and guarantees your policy will remain in effect even if your particular insurer becomes insolvent or suffers financial troubles.