Life Insurance in Nevada

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While the state of Nevada is the 7th largest in area, it is only the36th largest in population. Most of Nevada's 3 million people are concentrated in the urban areas around Las Vegas. If you are one of Nevada's residents who want to purchase life insurance, there are 509 life insurers licensed to do business in Nevada Three are domiciled in the state, including Summerlin Life and Health Insurance Company which was founded in 2003.

State residents own 670,000 individual life insurance policies, with coverage averaging $150,000 per policyholder, and they have $140 billion in death benefit coverage. Group life insurance coverage amounts to $40 billion. As of 2006, individual life insurance coverage purchased in Nevada totaled $20 billion. Life insurance is an important part of many people's personal financial security, but finding the right policy can be confusing. The following resources can be of help.

Nevada Offices Responsible for Life Insurance

Visit Nevada's Department 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 form in case you have any problems with your insurance company.

The site also offers life insurance checklist. of what all companies must offer their clients. The list includes items such as a 30-day grace period should a premium payment be late for any reason.

If your insurance company has gone out of business or declared insolvent, you may still be able to get your policies paid by contacting the Nevada Life & Health Insurance Guaranty Association, which was created by a statute in 1971. If a member company goes bankrupt, they will meet its liabilities, up to a set amount.

The legal statutes that regulate life insurance are defined in Nevada's Title 57, Chapter 679. These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Contacting the Nevada Division of Insurance