Life Insurance in Connecticut

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The New England state of Connecticut is ranked 29th in the nation when it comes to population, and 48th in terms of size by area, and thus it is the 4th most densely populated state, following behind New Jersey, Rhode Island and Massachusetts.

The city of Hartford - capital of Connecticut - is known as the "Insurance Capital of the World," because it is home to seven of the largest insurance firms: Aetna Inc. (Established 1870), Travelers Property Casualty Corp. (Established 1853), MassMutual (founded 1851), The Hartford Financial Services Group (founded 1810), CIGNA (begun in 1792), The Phoenix Companies (1851), and The United Health Care Company (an upstart, founded in 1974!). None of this, however, makes it easier for consumers to wend their way through the options when trying to buy life insurance.

Employees of the State of Connecticut are offered group life insurance from the Medical Life Insurance Company. For others, as is true in all states, buying life insurance is an important investment that can sometimes be confusing.

Connecticut's Offices Responsible for Life Insurance

The Connecticut Department of Insurance is responsible for issuing licenses and ensuring that life insurance companies (and indeed, all insurance companies) comply with the regulations laid down in Chapter 697 of Title 38a of the statutes of the state.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Connecticut Life & Health Insurance Guaranty Association. If a member company goes bankrupt, the association will meet its liabilities. If you have a complaint about an insurance company, the Connecticut Department of Insurance will only respond to requests in writing.

How to Contact the Connecticut Department of Insurance