Life Insurance in Alaska

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Alaska is the largest state by area in the United States. It is also almost last in terms of population with less than a million people. Residents of Alaska who are concerned about life insurance as an important part of personal financial planning can access a number of resources provided by theit state government.

According to the American Council of Life Insurers, 402 life insurers are licensed to do business in Alaska. None are domiciled in the state.

Alaska residents own 180,000 individual life insurance policies, with coverage averaging $160,000 per policyholder, and they have $40 billion in death benefit coverage. Group life insurance coverage amounts to $10 billion.

Alaska Offices Responsible for Life Insurance

Visit Alaska's Division of Insurance in order to look up the license of any company you're thinking of doing business with. You will also find information about the different forms of life insurance programs available, consumer alerts, and a complaint information page in case you have any problems with your insurance company.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Alaska Life & Health Insurance Guaranty Association, which was created by a statute in 1990. If a member company goes bankrupt, they will meet its liabilities, up to set amount

The legal statutes that regulate life insurance are defined in Alaska's Title 21. These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Contacting the Alaska Division of Insurance