Life Insurance in Maine

According to the American Council of Life Insurers, 65 percent of Americans include life insurance in their financial plans. In Maine, in 2006, $1 billion was paid out to state residents in various forms including death benefits, matured endowments, policy dividends, surrender values, and other payments. Maine residents hold $90 billion in death benefit coverage from a combination of group and individually held policies.

If you are a Maine resident who is interested in purchasing life insurance, you have many options. Nearly 400 life insurance companies are licensed to do business in the state. One of them, UNUM Life Insurance Company, which is now a global corporation and Fortune 500 company, was first incorporated in Maine in 1848.

Office Responsible for Life Insurance in Maine

The regulation of the insurance sector in the state of Maine is in the hands of the Maine Bureau of Insurance. One of its roles is to initiate investigations and hold hearings in situations where there have been possible violations of the state laws. In addition, the Department tries to assist and educate consumers about insurance fraud. Consumers who have a complaint against an insurance company can find more information here.

Contacts for the Maine Bureau of Insurance