Life Insurance in North Carolina

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According to the U.S. Census Bureau, the 2006 population in North Carolina was 8,856,505. Additionally, North Carolina is one of the fastest growing in the country, with a 12% increase in population since the year 2000. As this population ages, life insurance is more important than ever.

473 life insurers are licensed to do business in North Carolina, and the American Council of Life Insurers (ACLI) estimates that residents of North Carolina own 6 million individual life insurance policies, with coverage averaging $67,000 per policyholder. They have $660 billion in death benefit coverage as well, and group life insurance coverage amounts to $220 billion. Individual life insurance coverage purchased in 2006 in North Carolina totaled $50 billion.

Insurance companies in North Carolina that you might want to consider include North Carolina Mutual Life, Occidental Life Insurance Company, and State Farm Insurance.

North Carolina Offices Responsible for Life Insurance

In an effort to oversee the actions of the insurance industry, North Carolina's Department of Insurance was established in 1899. Now, over 100 years later, the department provides everything the consumer needs to know about life insurance offered in their state -- most offered in both Spanish and English. From this site, you can check on the license of an insurance company, learn facts about life insurance, and file a complaint if necessary.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the North Carolina Life & Health Insurance Guaranty Association, which was created by a statute in 1974. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in North Carolina's Chapter 58. These regulations cover every step in the life insurance process from how companies become licensed to how they must conduct their business.

Contacting the North Carolina Division of Insurance