Life Insurance in Indiana

What is your zip code? Do you use tobacco? Yes No What is your date of birth? Month January February March April May June July August September October November December Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Year 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Indiana, part of both the Rust Belt and the Corn Belt, has 6.3 million residents. A high percentage of the state's income comes from manufacturing. Indeed, the Calumet region of northwest Indiana is the largest steel producing area in the U.S. The state has a "conservative" business climate – with low taxes on businesses, relatively low union membership, and a doctrine of at-will employment, which makes it one of the most business-friendly in the nation.

According to the American Council of Life Insurers, 599 life insurance companies are licensed to do business in Indiana, 37 of which are domiciled in the state. The life insurance industry employs about 24,000 people in Indiana of the entire insurance industry which employs 42,000 people.

Also according to the ACLI, Indiana residents have $410 billion in death benefit coverage, and own 4 million individual life insurance policies, with coverage averaging $70,000 per policyholder. Group life insurance coverage amounts to $150 billion. Individual life insurance coverage purchased in 2006 in Indiana totaled $30 billion.

Indiana Offices Responsible for Life Insurance

Indiana has set up a Department of Insurance to ensure that consumers are able to research all the information needed to choose an appropriate life insurance provider. The site contains information on all kinds of insurance offered in the state, a searchable database for consumers to find out if companies are properly licensed, consumer alerts, and, if necessary, consumer complaint forms.

If your insurance company has been declared insolvent, you may still be able to get your policies paid by contacting the Indiana Life & Health Insurance Guaranty Association, which was created by a statute in 1978. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Indiana's Insurance Code 27-1-18-2. These regulations cover every step in the life insurance process, from how companies become licensed, to how they must conduct their business.

Contacting the Indiana Department of Insurance