Maryland Life Insurance

SaveOnLifeInsuranceNow.com is your guide to cheap term life insurance options in your state. Approximately 480 life insurers have a license to do business in Maryland. They employ over 12,000 people in Maryland. 4 out of 480 life insurance companies are domiciled in the state.

Over 4 million people in Maryland are covered by individual life insurance policies, with the average amount of policy $95,000. The state residents have $600 billion in death benefit coverage. Group life insurance coverage amounts to $200 billion. In 2008, the total amount of purchased individual life insurance was $40 billion, and about $10 billion was paid to policy holders in the form of death benefits. $2 billion was paid in annuities.

Maryland Life Insurance Regulations

Maryland’s official insurance code regulates and outlines claims procedures and policy requirements. Maryland residents have 30-day grace period on late premium payments. During this period the life insurance coverage will remain uninterrupted. All death benefits should be paid to Maryland residents within 30 days after the proper documentation is submitted. Compare cheap term life insurance quotes in Maryland!

Life insurers can cancel life insurance policies due to inaccurate statements discovered within 2 years. Misrepresentation can be considered fraud and prosecuted.

Maryland Health Facts

Life expectancy on Maryland is 76 years on average. The state ranks 35 out of 50 for life expectancy. The data was taken from the American Human Development Report (2008-2009). Approximately 13% of population (which is over 5 million people) is uninsured. The average annual income is $65,000. The main causes of death in Maryland are cancer and heart disease. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

Find cheap life insurance quotes on SaveOnLifeInsurance.com.

Maryland Department of Insurance

Maryland Insurance Administration

200 St. Paul Place, Suite 2700

Baltimore, MD 21202

Web site: http://www.mdinsurance.state.md.us/

Phone: (410) 468-2000

Fax: (410) 468-2020