Life Insurance in Washington, DC

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

In the nation's capital, there are about 500,000 residents; with daily commuters, the city's population swells to over a million. For the many people who live and work in Washington's historic neighborhoods, life insurance is a significant part of personal financial planning.

According to the American Council of Life Insurers, District of Columbia residents had $100 billion in death benefit coverage in 2006. Residents owned 340,000 individual life insurance policies, with coverage averaging $87,000 per policyholder. Group life insurance coverage amounted to $70 billion. Individual life insurance coverage purchased in 2006 totaled $4 billion, and $1 billion was paid to residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments. Annuity benefits paid in 2006 totaled $180 million.

District Of Columbia Office Responsible for Life Insurance

Consumers may visit Washington, DC's Department of Insurance, Securities and Banking to verify the licenses of any life insurance company they're thinking of doing business with. In addition, the website offers educational information about the various types of insurance, laws and regulations, and a consumer page, called the Fraud Alerts and Reporting page, where one may check to see if any life insurance company has had a complaint filed against it, or to lodge a complaint against a company if necessary.

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

The legal statutes that regulate life insurance in the District of Columbia are defined in Title 31.

Contacting the Washington, DC Department of Insurance