Life insurance in Maryland

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Even though Maryland is the 42nd smallest state in the country, it is also the wealthiest - with a median household income of $65,144. The US Census Bureau reports that 5,700,000 people lived in Maryland as of 2007.

According to the American Council of Life Insurers, Maryland residents have $470 billion in death benefit coverage. State residents own 3 million individual life insurance policies, with coverage averaging $92,000 per policyholder, and group life insurance coverage that amounts to $150 billion. Individual life insurance coverage purchased in 2006 in Maryland totaled $40 billion.

Maryland Offices Responsible for Life Insurance

Maryland's Department of Insurance is an independent state agency that "regulates Maryland's insurance industry and protects consumers by ensuring that insurance companies and health plans act in accordance with insurance laws."

If your insurance company has been declared insolvent, the Maryland Life and Health Insurance Guaranty Association may be able to help. If a member company goes bankrupt, they will meet its liabilities. This association has been in business since 1970.

The state of Maryland Insurance Statutes may be tricky to find online. To find them, go to the General Assembly page and enter the appropriate key words (such as "life insurance") in the search box.

Contacting the Maryland Department of Insurance