Stats in Your State
The following statistics and data illustrate the impact the life insurance industry has on Washington’s economy. Lest you think of it as an afterthought, take a close look at the following information when considering the importance of a good life insurance policy.
Life Insurance in Washington
With the 2011 fiscal year seeing roughly $8 billion in payouts to residents of the state, Washington’s life insurance industry is a sizable player in the state’s economy. While it may not seem like much to Bill Gates, the impact is obvious for thousands of Washington policyholders and beneficiaries.
|Number of Licensed Life Insurers||436|
|Total Life Insurance Coverage||$557 billion|
|Average Policyholder Coverage||$176,000 per policyholder*|
|Amount Paid Out in 2011||$6 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
Nearly 17,000 Washingtonians maintain policies through government-administered life insurance programs. The majority of those policyholders are national servicemen and women, with roughly one third of them being veterans.
The Life Insurance Industry: Beyond Insuring You
The life insurance industry contributes more than just payouts to beneficiaries – for thousands of Washington residents, it also means a regular paycheck: some 30,000 direct and indirect jobs result from the life insurance industry in Washington.
|Job creator||30,000 jobs generated by the life insurance industry|
|Invested in Washington 's Economy||$99 billion invested in Washington’s economy|
Rules in Your State
Washington State’s legislature has set forth specific unfair claims practices applicable to all insurers. Additionally, readers can brush up on the regulations that govern life and health insurance companies and policies. Contact the Office of the Insurance Commissioner for assistance in understanding more about the state’s insurance regulations.
Representatives & Resources in Your State
The Office of the Insurance Commissioner serves as a great resource for both consumer advocacy support and information and education on all things insurance related in Washington.
Washington State Office of the Insurance Commissioner
PO Box 40255
Olympia, WA 98504-0255
File a Complaint
Consumer Guides and Brochures
Washington Life & Disability Insurance Guaranty Association
PO Box 2292
Shelton, WA 98584
The Life and Disability Insurance Guaranty Association works as a safety net for insurance companies around the state, and serves to make sure that your insurance policy will stay in force even in the event that your insurer experiences financial troubles.